Find out how we aim to consistently achieve the best possible result when handling your orders and executing your trades.
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The absence of manual orders increases the speed of execution you receive and improves the likelihood of us being able to execute your order at the specified price.
In instances where a greater period of time has elapsed from the order being requested to it being filled, there is an increased likelihood of the price deviating from the one requested.
In the chart below you can see how many active1 orders we handled manually, as a proportion of all our accepted electronic orders, in 2016. We have not handled a single order manually since April 2016.
What is best execution?
At its heart, best execution refers to our obligation to take all reasonable steps to consistently obtain the best possible result when executing orders on our clients’ behalf.
Best execution is a requirement of the EU Markets in Financial Instruments Directive (MiFiD) and the Financial Conduct Authority (FCA), and applies to all firms regulated in Europe who execute orders on behalf of retail and professional clients.
What do you consider when executing my orders?
When executing your orders, our intelligent execution technology will automatically consider your individual request and the characteristics of the underlying market, including the fairness of price and likelihood of execution.
We offer over 15,000 markets to 185,000 clients (May 2017) across the globe. With more than 40 years’ experience of interacting with and learning from the markets, we have taken great care to determine the best approach when executing orders for every product we offer.
What is an OEP?
An OEP, or order execution policy, is a document produced by each regulated financial services firm in the EU. It details all the execution parameters that a firm deems important to obtain the best possible result for its clients.
This includes the steps taken to achieve best execution – taking into account the nature of the client’s order, the priorities the client gives in filling that order and the market in question.
How does best execution affect me?
All financial services firms in the EU that execute orders on behalf of retail clients are required to offer best execution. However, it is up to individual firms to install systems and procedures that deliver, review and monitor this. Best execution will therefore vary between firms, and an order executed by one could achieve a different result to another.
We aim to be transparent in our approach and provide you with information that enables you to assess both our execution practices and their results. You can find this information within our customer agreement and summary order execution policy. You’ll also be able to see details of our execution quality over time, and understand how our practices can benefit you.
If you’d like to see full details of all our products, please visit the individual ‘product details’ pages on our website.
Has best execution always been important?
Delivering best execution has always been important, and we monitor our execution statistics each month to ensure we’re doing all we can to achieve the best possible result for our clients. By publishing these statistics, we’re being completely transparent about our performance.
How do you monitor best execution?
We monitor a variety of execution performance metrics through a monthly report. In the report, we focus on monitoring the execution factors that are deemed the most important for achieving the best possible outcome for our clients. You can find these execution factors in our summary order execution policy.