Order Execution Policy

Order Execution Policy

 

1. Purpose

The purpose of this policy (followed by the duly regulated and licensed – in Vanuatu, by the VFSC – Forex Tigon LTD) is to provide information to the clients of the company with regards to client transaction execution, performed by Forex Tigon LTD.

2. Legal framework

In compliance with the required provisions set by the VFSC (Vanuatu Financial Services Commission) and regulated market law of 2017 (Law 11/2017), Issued by the VFSC, in the republic of Vanuatu.

Please note: Investment firms are required to establish, implement and maintain an order execution policy, and hereby take all reasonable steps to obtain the best possible results when receiving, transmitting & executing orders for its clients.

3. Policy

The company, Forex Tigon LTD will take all the necessary precautions in order to project to the client the best execution results to its ability; taking into account the price, costs, speed, likelihood of execution/settlement, size, nature or any other consideration relevant to the order.
Execution: Forex Tigon LTD acts as an initiate to the clients’ transactions, however it may transmit or place orders with other markets.

3.Participants

Forex Tigon LTD takes into consideration the following factors when determining the relative importance of the best possible execution.

The characteristics of the client, including without limitation to the categorization of the client as retail, professional or a counterparty. The characteristics of the order which the client has made. The characteristics of the financial instrument that is subject to the order. The characteristics of the execution venues or entities in which that order may be directed.

4. Execution criteria

Forex Tigon LTD will execute client orders based on the skill and experience, taking also in to consideration the current conditions of the market(s).

5.Execution

The company acts as an initiate of client transactions however, please note:Different financial instruments and different order types are affected differently by various factors, and are therefore taken into consideration when an order made by a client is executed.

Trading with financial instruments may be subject to price volatility, hereby changing the venue for the liquidity and illiquidity of such markets. The ‘time’ and ‘price’ are the core factors which relate to the best execution venue for liquid markets, while illiquid markets’ best execution of orders may be considered.

On the other hand, the extreme volatility in price of such instruments may require different execution process to be incorporated by the company and as such, may cause delays when executing clients’ orders. Numerous factors may include without limitation to:
– Cost (Execution fees, clearing and settlement).

– Size.

– Liquidity of the market in question.

– Speed.

– Likelihood of execution and settlement.

Price

Forex Tigon LTD provides its’ clients with the prices generated by the company itself, relative to the data obtained from its’ liquidity providers.
The prices offered to clients may vary from time to time with regards to what is offered by other investment firms.

Costs:The costs which relate to the execution of clients’ orders are related to the specifications of the financial instruments in question. Some financial instruments may be subject to commissions or fees, spreads, swaps, roll over, storage, inactive account, exchange or similar/relevant charges. The clients are provided with more detailed information related to the costs.

Execution: Forex Tigon LTD maintains a record of all the orders which have been executed for the clients.

Please note: The speed of execution is based on the frequency and intensity of the fluctuations of such markets, and more.

Market conditions:Related to the specific instruments and internet connectivity, the prices offered to clients through the platforms available when trading with Forex Tigon LTD may vary, due to miscommunication between the clients and the company.

Please note: the company does not accept responsibility for delays related to the speed of execution of clients’ orders, which are beyond the companies’ control.

Probability of execution:The likelihood that an execution relates to the availability of the prices for the specific financial instrument at the specific time, E.g. – Volatile markets, new announcements,  etc.

Orders

Orders are instructions which relate to transactions and are subject to different execution methods, accordingly.
Based on the nature of such transactions/orders, the outcomes may differ. Forex Tigon LTD may project orders to Liquidity Providers which relate to the company itself, if the company believes that such activity would provide the best execution results for clients.

Order types

Market order: A request to buy/sell a financial instrument at the market price available, at the time that the request is received by Forex Tigon LTD, as well as in accordance with the conditions or the relevant market(s). therefore, a confirmation price of the market order may be less, or more in favor from the price which is displayed on the clients’ trading platform (at the time of request).
Limit order: Is the request to buy or sell a financial instrument at a specific price, in order to buy or sell at the more convenient price. E.g. – Buy at lower, or sell at higher.
The limit orders are initiated at the time that the market level reaches that pre-defined level of order. The pre-defined price of such orders is almost guaranteed, but Forex Tigon LTD does not guarantee the execution of such orders, at such pre-defined times, at all times.

Stop order

A stop order is a request type which instructs a buy, or a sell of an instrument at a specific price, specifically to buy above or sell below the current market price of said instruments.
Stop orders are triggered at the time that the market level reaches the pre-defined level of the order when such an order becomes a market order, and hereby is executed at the market price at the time of request. As a result of this, the execution policy may or may not be in less favor to the client I comparison to the price which was requested when the order was placed, especially in cases where the market opens with gaps, or high volatility.
The execution of orders is guaranteed, however Forex Tigon LTD reserves the right to not guarantee such price executions.
Slippage: This defines the change in price between the price requested by the client through an order and the price that the order was executed at. The market volatility, and gaps may have substantial impact on the price of an order;
The executed price may or may not be less in favor of the clients request, but please note that Forex Tigon LTD attempts to acquire the best possible rates and results for its clients when executing orders as such.

Aggregation

Forex Tigon LTD does not aggregate clients funds in to one single order.
Specific instruction:Forex Tigon LTD may accept specific instructions from clients which may differ from the conditions included within this policy.
In such occasions, the specified instruction shall be more prioritized than the other aspects of this policy.Reviewing & monitoring:The company is monitoring the effectiveness of the policy on an endless basis, in order to allow the company to provide the best possible execution at the time. Any relevant changes to the policy are provided to clients through the Forex Tigon LTD website (www.forextigon.com)

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