Execution Venues and Quality of Execution

We are required to take all sufficient steps to achieve the best possible result on a consistent basis when we execute orders on our clients’ behalf. This is referred to as “best execution”.

Our regulatory obligations under the Markets in Financial Instruments Directive (MiFID II) require us to publish information about the quality of our order execution and the execution venues we use.

You can find out more about MiFID II and the associated implementing standards in the documents below.

https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014L0065&from=EN

https://www.esma.europa.eu/system/files_force/library/2015/11/2015-esma-1464_annex_i_- _draft_rts_and_its_on_mifid_ii_and_mifir.pdf

Infinox provides Contracts for Difference (CFDs) on an “over the counter” (OTC) basis. This means that when you trade CFDs with Infinox, you are contracting with us and we always act as the sole execution venue. This applies regardless of whether we hedge your trade with a third party in order to manage our risk. In the context of its regulatory obligations to publish information about the quality of our order execution and the execution venues we use, Infinox meets the definition of “other liquidity provider”.

Where the requirement is relevant to the way our business operates, MiFID II requires us to publish the data in a prescribed format. You can access this data via the tables below. References to “Articles” relate to articles under regulatory technical standards (RTS) 27, which can be accessed via the link above.

Table 1 – Identification information to be published as referred to in Article 3(1) – type of execution venue

Table 2 – Identification information to be published as referred to in Article 3(2) – type of financial instrument

Table 3 – Price information to be published as referred to in Article 4 point (a)

Table 4 – Price information to be published as referred to in Article 4 point (b)

Table 5 – Costs information to be published as referred to in Article 5

This table is not applicable to the way in which Infinox operates.

 

Table 6 – Likelihood of execution information to be published as referred to in Article 6

Table 7 – Likelihood of execution information to be published as referred to in Article 7(1)

This table is not applicable to the way in which Infinox operates.

 

Table 8 – information to be published as referred to in Article 7(2) and 7(3)

This table is not applicable to the way in which Infinox operates.
 

Table 9 – Information to be published as referred to in Article 8

Execution Venues

MiFID II requires us to publish on an annual basis information relating to the top five execution venues that we relied on when you traded CFDs with us. It is important to note that when you trade CFDs with Infinox, you are contracting with us and we act as the sole execution venue.

Passive orders are those which took liquidity. Aggressive orders are those which provided liquidity. Directed orders do not apply to the way in which Infinox operates as it is the sole execution venue.

You can access and download the information for 2017 below.

Link to 2017 RTS 28 Data

Link to 2017 Best Execution Summary

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64.51 % of retail investor accounts lose money when trading CFDs with INFINOX. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.