ANNUAL TOP FIVEEXECUTION VENUE REPORT
2019

April 30th 2019

TOP 5 venue report 2019 - 2

Contents......................................................................................................................................................................................................................................... 1
INTRODUCTION .............................................................................................................................................................................................................. 3
CONTENT OF THE REPORT .......................................................................................................................................................................................... 3
Overview of the quantitative reports............................................................................................................................................................................. 3
Scope of the report....................................................................................................................................................................................................... 4
General disclosure about qualitative assessment ........................................................................................................................................................ 4
REPORTING BY INSTRUMENTS ................................................................................................................................................................................... 6
Equities – Shares & Depositary Receipts .................................................................................................................................................................... 6
Debt instruments – Bonds .......................................................................................................................................................................................... 10
Debt instruments – Money market ............................................................................................................................................................................. 11Interest Rates Derivatives – Swaps, forwards and other interest rates derivatives .................................................................................................. 12
Credit Derivatives – Futures and options admitted to trading on a trading venue .................................................................................................... 13
Credit Derivatives – Other credit derivatives .............................................................................................................................................................. 14
Currency Derivatives – Futures and options admitted to trading on a trading venue ............................................................................................... 14
Currency Derivatives – Swaps, forwards and other currency derivatives ................................................................................................................. 16
Equity Derivatives – Futures and options admitted to trading on a trading venue .................................................................................................... 18
Equity Derivatives – Swap and other equity derivatives ........................................................................................................................................... 19
Commodities Derivatives – Futures and options admitted to trading on a trding venue ........................................................................................... 20
Structure Finance instruments ................................................................................................................................................................................... 21
Securitized Derivatives............................................................................................................................................................................................... 22
Contract For Difference .............................................................................................................................................................................................. 23
Echange traded products ........................................................................................................................................................................................... 24
SECURITIES FINANCING TRANSACTIONS (SFT) ...................................................................................................................................................... 26
Repo and Reverse Repo............................................................................................................................................................................................ 26
DISCLAIMER ................................................................................................................................................................................................................. 27

TOP 5 venue report 2019 - 3

INTRODUCTION
In accordance with Markets and Financial Instruments Directive and Regulation (MIFID II/MIFIR), BNPP PARIBAS Dealing Services (“Dealing
Services”), as investment firm, is required to publish an annual report regarding the quality of execution top 5 venues in term of trading volumes forall executed clients orders per class of financial instruments.
This report is presenting the top 5 venue reports per class of instrument for the trading year 2018 as required and described in the Regulatory
Technical Standard RTS 28 of MIFIR (Delegated regulation C(2016) 3337 final) and in the COMMISSION DELEGATED REGULATION (EU)2017/576.

CONTENT OF THE REPORTOVERVIEW OF THE QUANTITATIVE REPORTS
RTS 28 requires to report per class of instruments the top 5 venues and display the following data: venue name and identifier; volume of client orders executed on that execution venue expressed as a percentage of total executed volume; number of client orders executed on that execution venue expressed as a percentage of total executed orders; percentage of the executed orders that were passive and aggressive orders; percentage of orders that were directed orders; Confirmation of whether it has executed an average of less than one trade per business day in the previous year in that class of financial
instruments.
Dealing Services provides both the services of execution and reception-transmission of orders depending on the type of instrument and /or the typeof order and/or the parameters of the order. One report must be produced per instrument and per type of investments services provided by Dealing
Services.
The following table shows all classes of instruments handled by Dealing Services in 2018 and the type of services provided by Dealing Services(execution and/or transmission):
ESMA Class of finantial instruments
Equities – Shares & Depositary
Receipts

Debt instruments
Interest rates derivatives
Credit derivatives
Currency derivatives

Tick Size liquidity band 1 to 2
Tick Size liquidity band 3 to 4
Tick Size liquidity band 5 to 6
Bonds
Money market
Futures and options admitted to trading on a trading venue
Swaps, forwards, and other interest rates derivatives
Futures and options admitted to trading on a trading venue
Other credit derivatives
Futures and options admitted to trading on a trading venue
Swaps, forwards, and other currency derivatives

Structured finance instruments
Equity derivatives
Securitized derivatives
Commodity derivatives andemission allowances
Derivatives
Contract for Difference
Exchange traded products
Emission allowances
Other instruments
SFT

Options and Futures admitted to trading on a trading venue
Swaps and other equity derivatives
Warrants and Certificate Derivatives
Other securitized derivatives
Options and Futures admitted to trading on a trading venue
Other commodities derivatives and emission allowances
derivatives

Service of execution Service of transmission
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes
yes

yes

yes
yes

yes
yes

yes

yes

yes

yes

Exchange traded funds, exchange traded notes and exchange
traded commodities

yes

yes

repo/reverse repo

yes

N.B 1: If the line is grey, it means that Dealing Services has not traded these instruments in 2018
N.B 2: Interest Rate derivatives Futures and Options are grouped with Credit Derivatives Futures and Options as they fall under the same category of instruments in Dealing
Services systems

TOP 5 venue report 2019 - 4

Equity instruments must classified according to their liquidity as determined under the tick size regime as set out in Directive 2014/65/EU of theEuropean Parliament and the Council. There are three liquidity categories known as “bands”. As Dealing Services has traded shares of the threebands either executing or transmitting, six separate Top 5 Venue tables are published in this document.

SCOPE OF THE REPORTThe report includes
 all transactions executed or transmitted by Dealing Services in 2018
 all transactions delegated to BNP PARIBAS AM UK and BNP PARIBAS DEALING SERVICES ASIA and that have been executed ortransmitted by the local dealing desk of these entities on behalf of Dealing Services orders in 2018

GENERAL DISCLOSURE ABOUT QUALITATIVE ASSESSMENTThe RTS 28 requires, for each class of instruments, a summary of the analysis and conclusions Dealing Services draw from its detailed monitoring of
the quality of execution obtained on the execution venues where it has executed all client orders in 2018.
Some of the requirements apply to all instruments and are commented below. Some will be detailed instruments by instruments.
(a) an explanation of the relative importance the firm gave to the execution factors of price, costs, speed, likelihood of execution or any otherconsideration including qualitative factors when assessing the quality of execution;
A major part of Dealing Services trading activity of Dealing Services is directly performed under the European Union regulations; as such,traders have to comply with MiFID requirements, especially those related to best selection and execution. In all local trading desks of BNP
PARISBAS Asset Management entities to which Dealing Services can delegate the execution of orders, MiFID requirements will be
respected throughout these entities as long as they are not in contradiction with local regulations.
As principles defined by its execution policies to meet MiFID II best execution requirements, executing clients' orders using either trading
venues or counterparties and brokers authorised by its clients, BNP Paribas Dealing Services generally takes into account several
parameters which can be combined or not and may vary according to the instrument types , as described below : Price of the instrument
 Potential market impact
 Market liquidity & conditions
 Order size & order type
 Likelihood of execution
 Speed of execution
 Likelihood of settlement
 Direct and/or indirect transaction costs
 Specific client instructions
 Counterparties trading capacities combined with competitive pricing & qualitative coverage as per their overall performances
defined by our detailed ranking (cf. point (d) below)
 Legal documentation
Transactions are executed with the pre-selected intermediaries that are the best match for these criteria which are ranked differently
depending on the financial instrument and the order type.
(b) a description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders;
Dealing Service is fully-owned subsidiary of BNP Paribas Asset Management. Dealing Services may use BNP Paribas group’s affiliatedbrokers/counterparties. According to internal compliance procedures, the in-house brokers will be subject to the same broker selection andevaluation process and rules as any other broker/counterparties, and receives no preferential consideration.
Dealing Services doesn’t have any links or conflict of interest with trading venues.

TOP 5 venue report 2019 - 5(c) a description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or nonmonetary benefits received;
Dealing Services doesn’t have any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or
non-monetary benefits. Dealing Services may receive minor material non-monetary benefits from execution venues and these are only accepted
after consideration has been made by Dealing Services in line with its regulatory obligations and with its own internal procedures.
(d) an explanation of the factors that led to a change in the list of execution venues listed in the firm’s execution policy, if such a change occurred;
Trading Platforms:
Platforms to be used are selected on the basis of the following criteria:
 Traded products
 Operational efficiency
 Liquidity access
Hereafter is a non-exhaustive list of the main platforms currently used within Dealing Services trading desks:
 Liquidnet (Equity and Fixed Income) ITG POSIT (Equity)
 Tradeweb (Equity and Fixed Income) TSOX (Fixed Income) Market Access (Fixed Income) FXAll (Forex)
 CBOE / LIS (Equity, added in 2018 to have a better access to the available buy side liquidity)
Counterparties and brokers:
Dealing Services doesn’t determine the list of Counterparties and Brokers with which it is authorised to work; the list is given by the clients.
Twice a year, Dealing Services evaluates the quality of the execution services provided by the brokers and the counterparties with whom it has
worked. Each intermediary is evaluated and noted according to a set of quantitative and qualitative criteria (electronic offer, market coverageand instruments, proposed prices, liquidity provided, post trade follow-up...). This evaluation is communicated to clients.
The results of this execution vote are used, among other criteria, on a daily basis as part of the best selection of the brokers/counterparties andthe best execution processes.
(e) an explanation of how order execution differs according to client categorisation, where the firm treats categories of clients differently and where
it may affect the order execution arrangements;
 All Dealing Services’ clients are professional clients. All clients’ orders are treated with the same diligence.
(f)

an indication that other criteria have been favoured, or not, over the price and the immediate costs of executing orders from retail clients, and an
explanation of how these other criteria have been decisive in achieving the best possible result in terms of total cost for the customer.
 Dealing Service has no retail client(g) an explanation of how the investment firm has used any data or tools relating to the quality of execution, including any data published under
Delegated Regulation (EU) 2017/575.
 Will be detailed instrument by instruments(h) where applicable, an explanation of how the investment firm has used output of a consolidated tape provider established under Article 65 ofDirective 2014/65/EU.
 Dealing Services does not use output of a consolidated tape provider

TOP 5 venue report 2019 - 6

REPORTING BY INSTRUMENTS
EQUITIES – SHARES & DEPOSITARY RECEIPTS
Each order is assessed by the traders who determine which execution factors are most important and therefore the strategy to employ in order toobtain the best possible result.
With the aim of getting the best execution price, Dealing Services traders takes into account the execution cost (brokerage costs) agreed between
the clients and their brokers.
Price (including implicit cost) is usually the execution factor the traders consider to be most important when dealing in equities, although speed isalso an important factor when they want to take advantage of a particular price observed in the market, or to avoid an adverse market impact if theorder is large in size or the market is volatile.
The execution factors are generally driven by the price and order size, and then market liquidity and conditions, speed of execution and likelihood ofsettlement.
The vast majority of shares orders handled by Dealing Services are transmitted to brokers and will appear in the transmission reports of the different
liquidity bands.
The shares orders that are executed directly by the trading desks corresponds to less liquid shares or larger sizes that may be executed on
conditionnel venues that matches interests on an anonymous basis or are bilaterally executed with a broker(s) that has published Indication Of
Interest, who has the reverse interests and who offers the best execution conditions.
It is up to the negotiator to use the different modes of execution offered by brokers and counterparties (algorithms, program trading...)
For the three liquidity bands and for execution and transmission services, Dealing Services uses TCA (Transaction Cost Analysis) analysis tomonitor its execution performance and control execution quality. For each transaction, execution price is compared to a benchmark price value
provided by an independent TCA data provider. Reference benchmarks have been selected by order type to obtain the most effective, fair andcoherent benchmarking results. Deviations from benchmarks above pre-determined threshold are all justified by traders.
Execution quality is regularly reviewed by Dealing Services desks (first level controls), Compliance teams (second level controls) and with the client‘s
investments strategy teams.
1.

Execution reports

Liquidity band 5 to 6 corresponds to an average daily number of transactions from 2000 trades per day (as defined under the tick size regime as set
out in Directive 2014/65/EU).

Tick Size liquidity band 5 and 6
Class of Instrument
Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)

1- Equities - Shares & Depositary Receipts
NRa
nk

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

Credit Suisse Securities (Europe) Ltd DL6FFRRLF74S01HE2M14

1

10,53%

14,79%

N/A

N/A

0,00%

EXANE SA - 969500UP76J52A9OXU27

2

9,82%

14,16%

N/A

N/A

0,00%

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

3

9,08%

9,67%

N/A

N/A

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

4

6,48%

5,72%

N/A

N/A

0,00%

UBS Limited - REYPIEJN7XZHSUI0N355

5

6,41%

4,69%

N/A

N/A

0,00%

TOP 5 venue report 2019 - 7

Liquidity band 3 to 4 corresponds to an average daily number of transactions from 80 trades to 1999 trades per day (as defined under the tick size regime as set out
in Directive 2014/65/EU).
Tick Size liquidity band 3 and 4
Class of Instrument

1- Equities - Shares & Depositary Receipts

N
Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in terms Ra
Proportion ofof trading volumes (descending order)
nk volume traded as

Proportion ofPercentage ofPercentage oforders executed Percentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

Credit Suisse Securities (Europe) Ltd DL6FFRRLF74S01HE2M14

111,37%

19,26%

N/A

N/A

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

2

10,97%

8,18%

N/A

N/A

0,00%

LIQUIDNET SYSTEMS - LIQU

3

10,30%

0,37%

N/A

N/A

0,00%

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

4

6,70%

12,55%

N/A

N/A

0,00%

Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493

5

6,02%

2,18%

N/A

N/A

0,00%

The MTF (Multilateral Trading Platform) “Liquidnet System” is ranked 3 in the report. This trading platform being a platform that matches interests onan anonymous basis to minimize the information leakage, the only intermediaries that Dealing Services is facing are the members of the MTF whoplay the role of intermediary (Liquidnet Europe Limited and Liquidnet Inc for US shares).
LIQUIDNET SYSTEMS (LIQU)
N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
Proportion of
Proportion of
volumes (descending order)
volume traded as orders executeda percentage of as percentage of
total in that class total in that class

LIQUIDNET EUROPE LIMITED- 213800ZIRB79BE5XQM68

1

LIQUIDNET, INC. 213800HSKBBO1GCVRG79

2

7,38%

0,22%

2,92%

0,15%

10,30%

0,37%

TOP 5 venue report 2019 - 8

Liquidity band 1 to 2 corresponds to an average daily number of transactions less than 80 trades per day (as defined under the tick size regime as set out in Directive
2014/65/EU).
Tick Size liquidity band 1 and 2
Class of Instrument

1- Equities - Shares & Depositary Receipts

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)Rank

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

1

12,20%

28,89%

N/A

N/A

0,00%

Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493

2

10,78%

19,89%

N/A

N/A

0,00%

3

10,69%

10,49%

N/A

N/A

0,00%

4

10,47%

0,23%

N/A

N/A

0,00%

5

9,21%

3,99%

N/A

N/A

0,00%

Credit Suisse Securities (Europe) Ltd DL6FFRRLF74S01HE2M14
Goldman Sachs International W22LROWP2IHZNBB6K528
UBS Limited - REYPIEJN7XZHSUI0N355

2.

NTransmission reports

Tick Size liquidity band 5 and 6
Class of Instrument

1- Equities - Shares & Depositary Receipts

N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
volumes (descending order)

INSTINET EUROPE LIMITED 213800MXAKR2LA1VBM44
Citigroup Global Markets
Limited XKZZ2JZF41MRHTR1V493
UBS Limited REYPIEJN7XZHSUI0N355

Proportion of
volume traded
Proportion ofas aorders executed
percentage of as percentage of
total in that
total in that class
class

Percentage of
passive orders

Percentage ofaggressiveordersPercentage ofdirected orders

1

15,11%

6,80%

9,38%

12,80%

0,00%

2

12,73%

12,15%

27,62%

7,20%

0,00%

3

8,48%

5,45%

20,10%

8,10%

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

4

7,39%

5,62%

17,14%

37,03%

0,03%

EXANE SA 969500UP76J52A9OXU27

5

6,67%

4,49%

20,31%

57,21%

0,01%

TOP 5 venue report 2019 - 9Tick Size liquidity band 3 and 4
Class of Instrument

1- Equities - Shares & Depositary Receipts

N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
volumes (descending order)

Citigroup Global Markets
Limited XKZZ2JZF41MRHTR1V493
J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32
Credit Suisse Securities(Europe) Ltd DL6FFRRLF74S01HE2M14

Proportion of
volume traded
Proportion ofas aorders executed
percentage of as percentage of
total in that
total in that class
class

Percentage of
passive orders

Percentage ofaggressiveordersPercentage ofdirected orders

1

14,60%

15,73%

37,64%

14,47%

0,03%

2

13,49%

6,93%

26,93%

45,68%

0,00%

3

9,09%

17,70%

38,68%

18,42%

0,00%

DEUTSCHE BANKAKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

4

8,51%

8,89%

50,00%

34,63%

0,00%

INSTINET EUROPE LIMITED 213800MXAKR2LA1VBM44

5

8,29%

4,48%

35,92%

24,40%

0,00%

Tick Size liquidity band 1 and 2
Class of Instrument

Notification if <1 average
trade per business day in theprevious year
Top five execution venues
ranked in terms of trading
volumes (descending order)

1- Equities - Shares & Depositary Receipts
N

Ra
nk

Proportion of
volume tradedas apercentage of
total in thatclass

Proportion oforders executed
as percentage of
total in that class

Percentage of
passive orders

Percentage ofaggressiveordersPercentage ofdirected orders

Citigroup Global Markets
Limited XKZZ2JZF41MRHTR1V493

116,96%

11,47%

23,83%

13,83%

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

2

13,09%

5,82%

9,66%

16,43%

0,00%

INSTINET EUROPE LIMITED 213800MXAKR2LA1VBM44

3

13,03%

6,24%

30,61%

24,20%

0,00%

DEUTSCHE BANKAKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

4

10,25%

16,47%

44,73%

39,17%

0,00%

Merrill Lynch International GGDZP1UYGU9STUHRDP48

5

7,86%

4,75%

13,70%

12,96%

0,00%

TOP 5 venue report 2019 - 10

DEBT INSTRUMENTS – BONDS
1.

Execution report
Class of Instrument

2- Debt Instruments - Bonds
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)Rank

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

Bloomberg Multilateral Trading Facility BMTF

1

26,61%

49,99%

N/A

N/A

0,01%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

2

7,84%

3,92%

N/A

N/A

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

3

6,88%

2,41%

N/A

N/A

0,29%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

4

6,47%

2,76%

N/A

N/A

0,08%

Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493

5

5,13%

5,10%

N/A

N/A

0,00%

Executions on Debt instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of execution andlikelihood of settlement.
The MTF Bloomberg TSOX is ranked first in the report. This trading venue enables to perform electronic STP (Straight Through Processing) Request
For Quotes to a broad range of counterparties that are authorized by the clients. The use of trading plateforms minimizes operationnal errors andenhances the access to liquidity and the execution quality.
Less liquid bonds, orders with larger size or other specific orders may have to be traded off venue (telephone or IB Chat) as they requires moreinteraction between the traders and the counterparties. As much as possible, the traders perform an RFQ process if it doesn’t lead to information
leakage on the market.
In some cases, Dealing Services may not be in a position to organise a request for quotes or may consider that it is inappropriate to do so in theclient's interests, which provides a de facto justification that the price criterion has been adhered to.
Without drawing up a comprehensive list, this may occur in the following circumstances:
 a need to guarantee maximum confidentiality; the illiquidity of the financial instrument;
 any situation where the request for quotes is contrary to the clients' interests.
For Bonds, Dealing Services uses two kinds of report to perform controls and monitor its execution performance.
 A ‘RFQ’ report highlighting competing quotes received from counterparties and justifications when execution prices differ from best quotes
of if there have been insufficient number of quotes.
 A report based on TCA (Transaction Cost Analysis) analysis. For each transaction, execution price is compared to a benchmark pricevalue provided by an independent TCA data provider.
Execution quality is regularly reviewed by Dealing Services desks (first level controls), Compliance teams (second level controls) and with the client‘s
investments strategy teams.

TOP 5 venue report 2019 - 11

Top 5 counterparties on Bloomberg TSOX :Bloomberg Multilateral Trading Facility (BMTF)
N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Ra
Proportion of
Proportion of
ranked in terms of tradingnk
volume traded as orders executed
volumes (descending order)
a percentage of as percentage of
total in that class total in that class
J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

1

2,00%

3,66%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

2

1,80%

3,42%

Barclays Bank Plc G5GSEF7VJP5I7OUK5573

3

1,61%

2,65%

Goldman Sachs International W22LROWP2IHZNBB6K528

4

1,61%

2,44%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

5

1,57%

2,65%

DEBT INSTRUMENTS – MONEY MARKET
1.

Execution report
Class of Instrument

3- Debt Instruments - Money Market
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in terms Raof trading volumes (descending order)nk

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofaggressive Percentage of directed orders
a percentage of as percentage of passive orders
orderstotal in that class total in that class

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

1

21,68%

9,81%

N/A

N/A

12,71%ING BANK N.V. - 3TK20IVIUJ8J3ZU0QE75

211,77%

11,70%

N/A

N/A

0,00%

Barclays Bank Plc G5GSEF7VJP5I7OUK5573

3

9,80%

7,74%

N/A

N/A

0,00%

BRED Banque Populaire NICH5Q04ADUV9SN3Q390

4

7,94%

14,54%

N/A

N/A

0,00%

CREDIT AGRICOLE SA 969500TJ5KRTCJQWXH05

5

6,92%

2,13%

N/A

N/A

0,00%

TOP 5 venue report 2019 - 12

Executions on Money Market instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of
execution and likelihood of settlement.
Main activity is done off venue (telephone , IB Chat), due to the nature of the Money Markets instruments. As much as possible, the traders perform
an RFQ process if it doesn’t lead to information leakage on the market.
In some cases, Dealing Services may not be in a position to organise a request for quotes or may consider that it is inappropriate to do so in theclient's interests, which provides a de facto justification that the price criterion has been adhered to.
Without drawing up a comprehensive list, this may occur in the following circumstances:
 a need to guarantee maximum confidentiality; the illiquidity of the financial instrument;
 any situation where the request for quotes is contrary to the clients' interests.
To perform its controls for Money Market, Dealing Services uses a ‘RFQ’ report highlighting competing quotes received from counterparties(including justifications when execution prices differ from best quotes of if there have been insufficient number of quotes).
Execution quality is regularly reviewed by Dealing Services desks (first level controls), Compliance teams (second level controls) and with the client‘s
investments strategy teams.

INTEREST RATES DERIVATIVES – SWAPS, FORWARDS AND OTHER INTEREST RATES DERIVATIVES
1.

Execution report
Class of Instrument

4- Interest rates Derivatives - OTC
Y

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)

Ra
nk

HSBC France - F0HUI1NY1AZMJMD8LP67

151,49%

9,30%

N/A

N/A

0,00%

Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493

2

17,28%

33,02%

N/A

N/A

0,00%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

3

10,61%

16,28%

N/A

N/A

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

4

8,79%

12,09%

N/A

N/A

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

5

6,95%

6,05%

N/A

N/A

0,00%

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

Executions on Interest Rates Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions,
speed of execution and likelihood of settlement.
All the trading activity is done off venue (telephone, IB Chat), due to the nature of the instruments. As much as possible, the traders perform an RFQ
process if it doesn’t lead to information leakage on the market.
In some cases, Dealing Services may not be in a position to organise a request for quotes or may consider that it is inappropriate to do so in theclient's interests, which provides a de facto justification that the price criterion has been adhered to.
Without drawing up a comprehensive list, this may occur in the following circumstances:
 a need to guarantee maximum confidentiality; the illiquidity of the financial instrument;
 any situation where the request for quotes is contrary to the clients' interests.

TOP 5 venue report 2019 - 13

CREDIT DERIVATIVES – FUTURES AND OPTIONS ADMITTED TO TRADING ON A TRADING VENUE
Executions on Credit Listed Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions, speedof execution and likelihood of settlement.
The majority of Credit Listed Futures and Options are transmitted to brokers for execution.
Execution services done by the traders correspond to the case when the trader has to rollover a position: depending on different factors, the dealer
may organize an RFQ process to get the best possible results.
1.

Execution report
Class of Instrument

4- Credit Derivatives - Listed
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)

2.

Ra
nk

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

124,21%

67,42%

N/A

N/A

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

2

15,80%

17,47%

N/A

N/A

0,00%

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

3

14,94%

7,02%

N/A

N/A

0,00%

TRADITION SECURITIES AND FUTURES 969500ULC0Y1IG0A4O72

413,42%

1,57%

N/A

N/A

0,00%

GFI SECURITIES LIMITED GUNTJCA81C7IHNBGI392

5

6,43%

0,90%

N/A

N/A

0,00%

Transmission report
Class of Instrument

Notification if <1 average
trade per business day in theprevious year
Top five execution venues
ranked in terms of trading
volumes (descending order)

4- Credit Derivatives - Listed
N

Ra
nk

Proportion of
volume tradedas apercentage of
total in thatclass

Proportion oforders executed
as percentage of
total in that class

Percentage of
passive orders

Percentage ofaggressiveordersPercentage ofdirected orders

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

1

22,03%

19,73%

0,00%

0,00%

0,00%

TRADITION SECURITIES AND
FUTURES 969500ULC0Y1IG0A4O72

2

21,92%

12,61%

0,00%

0,00%

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

3

18,55%

42,46%

0,00%

0,00%

0,00%

GFI SECURITIES LIMITED GUNTJCA81C7IHNBGI392

4

13,27%

2,33%

0,00%

0,00%

0,00%

DEUTSCHE BANKAKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

5

4,80%

5,52%

0,00%

0,00%

0,00%

TOP 5 venue report 2019 - 14

CREDIT DERIVATIVES – OTHER CREDIT DERIVATIVES
1.

Execution report
Class of Instrument

5- Credit derivatives - OTC
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)Rank

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

129,94%

22,01%

N/A

N/A

0,00%

Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493

226,34%

25,62%

N/A

N/A

0,00%

Goldman Sachs International W22LROWP2IHZNBB6K528

3

14,56%

16,89%

N/A

N/A

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

4

11,71%

25,62%

N/A

N/A

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

5

9,39%

5,69%

N/A

N/A

0,00%

Executions on Credit Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of
execution and likelihood of settlement.
All the trading activity is done off venue (telephone, IbChat), due to the nature of the instruments. As much as possible, the traders perform an RFQ
process if it doesn’t lead to information leakage on the market.
In some cases, Dealing Services may not be in a position to organise a request for quotes or may consider that it is inappropriate to do so in theclient's interests, which provides a de facto justification that the price criterion has been adhered to.
Without drawing up a comprehensive list, this may occur in the following circumstances:
 a need to guarantee maximum confidentiality; the illiquidity of the financial instrument;
 any situation where the request for quotes is contrary to the clients' interests.

CURRENCY DERIVATIVES – FUTURES AND OPTIONS ADMITTED TO TRADING ON A TRADING VENUE
Executions on Currency Listed Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions,
speed of execution and likelihood of settlement.
The majority of Currency Listed Futures and Options are transmitted to brokers for execution.
Execution services done by the traders correspond to the case when the trader has to rollover a position: depending on different factors, the dealer
may organize an RFQ process to get the best possible results.

TOP 5 venue report 2019 - 15

1.

Execution report
Class of Instrument

6- Currency derivatives - Listed
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in terms Raof trading volumes (descending order)nk

2.

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

148,71%

43,14%

N/A

N/A

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

2

27,46%

14,30%

N/A

N/A

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

3

20,24%

38,37%

N/A

N/A

0,00%

TULLETT PREBON 549300BMVW85YF9FGN67

4

2,52%

0,47%

N/A

N/A

0,00%

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

5

1,07%

3,72%

N/A

N/A

0,00%

Percentage of
passive orders

Percentage ofaggressiveordersTransmission report
Class of Instrument

6- Currency derivatives - Listed

N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
volumes (descending order)

Proportion of
volume traded
Proportion ofas aorders executed
percentage of as percentage of
total in that
total in that class
class

Percentage ofdirected orders

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

142,74%

47,75%

0,00%

0,00%

0,00%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

242,16%

47,24%

0,00%

0,00%

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

3

10,71%

1,90%

0,00%

0,00%

0,00%

UNICREDIT, SOCIETA' PERAZIONI 549300TRUWO2CD2G5692

4

2,39%

0,06%

0,00%

0,00%

0,00%

DEUTSCHE BANKAKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

5

1,97%

3,02%

0,00%

0,00%

0,00%

TOP 5 venue report 2019 - 16

CURRENCY DERIVATIVES – SWAPS, FORWARDS AND OTHER CURRENCY DERIVATIVES
1.

Execution report
Class of Instrument

6- Currency derivatives - OTC
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)Rank

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

FXALL Multilateral Trading Facility - TRAL

1

44,15%

52,60%

N/A

N/A

0,00%

Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493

2

15,47%

9,38%

N/A

N/A

0,00%

Goldman Sachs International W22LROWP2IHZNBB6K528

3

4,83%

3,52%

N/A

N/A

0,00%

SOCIETE GENERALE O2RNE8IBXP4R0TD8PU41

4

4,51%

5,60%

N/A

N/A

0,00%

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

5

4,46%

1,18%

N/A

N/A

0,00%

Dealing Services predominantly execute transactions in FX forwards, swaps, non-deliverable forwards (NDF) and OTC currency options.
Executions on Forex instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of execution andlikelihood of settlement.
The main part of the activity is done on the FXALL platform which is ranked first in the report.
This trading venue enables to perform electronic STP (Straight Through Processing) Request For Quotes to a broad range of counterparties that are
authorized by the clients. The use of trading plateforms minimizes operationnal errors and enhances the access to liquidity and the execution
quality.
Less liquid currency pairs, orders with larger size or other specific orders may have to be traded off venue (telephone, IB Chat) as they requires moreinteraction between the traders and the counterparties. As much as possible, the traders do an RFQ process if it doesn’t lead to information leakage
on the market.
In some cases, Dealing Services may not be in a position to organise a request for quotes or may consider that it is inappropriate to do so in theclient's interests, which provides a de facto justification that the price criterion has been adhered to.
Without drawing up a comprehensive list, this may occur in the following circumstances:
 a need to guarantee maximum confidentiality; the illiquidity of the financial instrument;
 any situation where the request for quotes is contrary to the clients' interests.
For Currency OTC derivatives, Dealing Services uses two kinds of report to perform controls and monitor its execution performance.
 A ‘RFQ’ report highlighting competing quotes received from counterparties and justifications when execution prices differ from best quotes
of if there have been insufficient number of quotes A report based on TCA (Transaction Cost Analysis) analysis. For each transaction (except for OTC currency Options), execution price iscompared to a benchmark price value provided by an independent TCA data provider. Deviations from benchmark are monitoredaccording to pre-determined thresholds.
Execution quality is regularly reviewed by Dealing Services desks (first level controls), Compliance teams (second level controls) and with the client‘s
investments strategy teams.

TOP 5 venue report 2019 - 17

Top 5 counterparties on FXALLClass of Instrument

6- Currency derivatives - OTC

FXALL Multilateral Trading Facility (TRAL)
N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
Proportion of
Proportion of
volumes (descending order)
volume traded as orders executeda percentage of as percentage of
total in that class total in that class
DEUTSCHE BANKAKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

1

9,01%

1,73%

Citigroup Global Markets
Limited XKZZ2JZF41MRHTR1V493

2

7,10%

8,35%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

3

6,84%

16,43%

Goldman Sachs International W22LROWP2IHZNBB6K528

4

5,67%

3,83%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

5

3,31%

4,58%

TOP 5 venue report 2019 - 18

EQUITY DERIVATIVES – FUTURES AND OPTIONS ADMITTED TO TRADING ON A TRADING VENUE
Executions on Equity Listed Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions, speedof execution and likelihood of settlement.
The majority of Equity Listed Futures and Options are transmitted to brokers for execution.
Execution services done by the traders correspond to the case when the trader has to rollover a position: depending on different factors, the dealer
may organize an RFQ process to get the best possible results.
1.

Execution report
Class of Instrument

8- Equity derivatives - ListedN

2.

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)Ra
nk

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

1

27,45%

11,69%

N/A

N/A

0,00%

TRADITION SECURITIES AND FUTURES 969500ULC0Y1IG0A4O72

2

17,50%

9,81%

N/A

N/A

0,00%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

3

16,27%

12,01%

N/A

N/A

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

4

10,79%

40,56%

N/A

N/A

0,00%

J.P. Morgan Securities plc K6Q0W1PS1L1O4IQL9C32

5

9,19%

3,14%

N/A

N/A

0,00%

Percentage of
passive orders

Percentage ofaggressiveorders

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

Transmission report
Class of Instrument

Notification if <1 average
trade per business day in theprevious year
Top five execution venues
ranked in terms of trading
volumes (descending order)

8- Equity derivatives - Listed
N

Ra
nk

Proportion of
volume tradedas apercentage of
total in thatclass

Proportion oforders executed
as percentage of
total in that class

Percentage ofdirected orders

TRADITION SECURITIES AND
FUTURES 969500ULC0Y1IG0A4O72

1

26,90%

6,52%

0,00%

0,00%

0,00%

UBS Limited REYPIEJN7XZHSUI0N355

221,75%

28,25%

0,00%

0,00%

0,00%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

3

14,60%

9,53%

0,00%

0,00%

0,00%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

4

13,73%

20,72%

0,00%

0,00%

0,00%

DEUTSCHE BANKAKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

5

8,82%

13,94%

0,00%

0,00%

0,00%

TOP 5 venue report 2019 - 19

EQUITY DERIVATIVES – SWAP AND OTHER EQUITY DERIVATIVES
Executions on Equity Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of
execution and likelihood of settlement.
All the trading activity is done off venue (telephone, IB Chat), due to the nature of the instruments. As much as possible, the traders perform an RFQ
process if it doesn’t lead to information leakage on the market.
In some cases, Dealing Services may not be in a position to organise a request for quotes or may consider that it is inappropriate to do so in theclient's interests, which provides a de facto justification that the price criterion has been adhered to.
Without drawing up a comprehensive list, this may occur in the following circumstances:
 a need to guarantee maximum confidentiality; the illiquidity of the financial instrument;
 any situation where the request for quotes is contrary to the clients' interests.

1.

Execution report
Class of Instrument

8- Equity derivatives - OTC
Y

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in terms Raof trading volumes (descending order)nk

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that classGoldman Sachs International W22LROWP2IHZNBB6K528

1

50,76%

40,00%

N/A

N/A

0,00%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

2

46,05%

20,00%

N/A

N/A

0,00%

HSBC France - F0HUI1NY1AZMJMD8LP67

3

3,19%

40,00%

N/A

N/A

0,00%

TOP 5 venue report 2019 - 20

COMMODITIES DERIVATIVES – FUTURES AND OPTIONS ADMITTED TO TRADING ON A TRDING VENUE
Executions on Commodities Listed Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions,
speed of execution and likelihood of settlement.
The majority of Commodities Listed Futures and Options are transmitted to brokers for execution.
Execution services done by the traders correspond to the case when the trader has to rollover a position: depending on different factors, the dealer
may organize an RFQ process to get the best possible results.
1.

Execution report
Class of Instrument

Notification if <1 average
trade per business day inthe previous year
Top five execution venues
ranked in terms of trading
volumes (descendingorder)

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

2.

10- Commodity derivatives and emission allowances Derivatives
Y

Ra
nk

1

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

100,00%100,00%

N/A

N/A

0,00%

Transmission report
Class of Instrument

10- Commodity derivatives and emission allowances Derivatives

Y
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
volumes (descending order)

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

1

Proportion of
volume traded
Proportion ofas aorders executed
percentage of as percentage of
total in that
total in that class
class

100,00%100,00%Percentage of
passive orders

0,00%

Percentage ofaggressiveorders0,00%

Percentage ofdirected orders

0,00%TOP 5 venue report 2019 - 21

STRUCTURE FINANCE INSTRUMENTS
For all the Structure Finance Instruments, the clients direct the order to one of their intermediaries or counterparties, which is considered as a
specific instruction. Dealing Services will handle the order or the specific aspect of the order in accordance with the client's instruction, and may
therefore be exempt from its best selection and best execution obligations within the limit of the restrictions included in the specific instruction.
1.

Execution report

Class of Instrument

7- Structured finance instruments
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)Rank

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

188,40%

79,82%

N/A

N/A

99,63%

SOCIETE GENERALE SA O2RNE8IBXP4R0TD8PU41

2

8,06%

13,62%

N/A

N/A

99,27%GROUPE LA FRANCAISE 9695009QE0Z4VM7RYX50

3

2,16%

0,30%

N/A

N/A

100,00%

NATIXIS - KX1WK48MPD4Y2NCUIZ63

4

0,72%

0,89%

N/A

N/A

100,00%Morgan Stanley & Co. International Plc 4PQUHN3JPFGFNF3BB653

5

0,31%

0,60%

N/A

N/A

100,00%TOP 5 venue report 2019 - 22

SECURITIZED DERIVATIVES
Executions on Securitized Derivatives instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of
execution and likelihood of settlement.
All Securitized Derivatives are transmitted to brokers for execution.
1.

Transmission report
Class of Instrument

9- Securitized derivatives

Y
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
volumes (descending order)

Proportion of
volume traded
Proportion ofas aorders executed
percentage of as percentage of
total in that
total in that class
class

Percentage of
passive orders

Percentage ofaggressiveordersPercentage ofdirected orders

UBS Limited REYPIEJN7XZHSUI0N355

178,00%

41,67%

0,00%

0,00%

0,00%

Merrill Lynch International GGDZP1UYGU9STUHRDP48

2

21,22%

52,78%

0,00%

0,00%

0,00%

Credit Suisse International E58DKGMJYYYJLN8C3868

3

0,77%

2,78%

0,00%

0,00%

0,00%

ODDO BHF 9695002I9DJHZ3449O66

4

0,00%

2,78%

0,00%

0,00%

0,00%

TOP 5 venue report 2019 - 23

CONTRACT FOR DIFFERENCE
Executions on CFD instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of execution andlikelihood of settlement.
Depending on the parameters of the orders (Buy, Sell, Open or Close of position), traders may have to deal with the prime brokers.
1.

Execution report
Class of Instrument

11- CFDY

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in terms Raof trading volumes (descending order)nk

2.

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493

152,71%

84,70%

N/A

N/A

0,00%

Morgan Stanley & Co. International Plc 4PQUHN3JPFGFNF3BB653

247,29%

15,30%

N/A

N/A

0,00%

Percentage of
passive orders

Percentage ofaggressiveordersTransmission report
Class of Instrument

11- CFD

N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
volumes (descending order)

Proportion of
volume traded
Proportion ofas aorders executed
percentage of as percentage of
total in that
total in that class
class

Percentage ofdirected orders

Morgan Stanley & Co.
International Plc 4PQUHN3JPFGFNF3BB653

191,21%

83,91%

6,09%

2,63%

0,00%

Citigroup Global Markets
Limited XKZZ2JZF41MRHTR1V493

2

7,83%

16,05%

34,54%

8,47%

0,00%

BNP PARIBAS SA R0MUWSFPU8MPRO8K5P83

3

0,97%

0,04%

0,00%

0,00%

0,00%

TOP 5 venue report 2019 - 24

ECHANGE TRADED PRODUCTS
Executions on Exchange Traded Products are generally driven by the price and order size, and then market liquidity and conditions, speed of
execution and likelihood of settlement.
A part of the ETP orders are transmitted to brokers. Depending on the parameters of the orders, traders may have to execute and in this case they
perform an RFQ process to get the best possible results. This is the case, in particular, for ETF with the type of order "NAV guaranteed”.
To perform its controls for ETF, Dealing Services uses a ‘RFQ’ report highlighting competing quotes received from counterparties (including
justifications when execution prices differ from best quotes of if there have been insufficient number of quotes).
Execution quality is regularly reviewed by Dealing Services desks (first level controls), Compliance teams (second level controls) and with the client‘s
investments strategy teams.
1.

Execution report

Class of Instrument

12- Exchange traded products
N

Notification if <1 average trade perbusiness day in the previous year
Top five execution venues ranked in termsof trading volumes (descending order)Rank

Proportion of
Proportion ofPercentage ofvolume traded as orders executed Percentage ofPercentage ofaggressivea percentage of as percentage of passive orders
directed orders
orderstotal in that class total in that class

BNPP ARBITRAGE SNC 6EWKU0FGVX5QQJHFGT48

1

24,64%

29,05%

N/A

N/A

0,00%

NATIXIS - KX1WK48MPD4Y2NCUIZ63

2

19,72%

20,03%

N/A

N/A

0,00%

Jane Street Financial Ltd 549300ZHEHX8M31RP142

3

12,53%

0,67%

N/A

N/A

0,00%

DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86

4

7,61%

7,18%

N/A

N/A

0,00%

Goldman Sachs International W22LROWP2IHZNBB6K528

5

7,09%

0,83%

N/A

N/A

0,00%

TOP 5 venue report 2019 - 25

2.

Transmission report

Class of Instrument

12- Exchange traded products

N
Notification if <1 average
trade per business day in theprevious year
Top five execution venues
Raranked in terms of tradingnk
volumes (descending order)

Proportion of
volume traded
Proportion ofas aorders executed
percentage of as percentage of
total in that
total in that class
class

Percentage of
passive orders

Percentage ofaggressiveordersPercentage ofdirected orders

KEPLER CHEUVREUX 9695005EOZG9X8IRJD84

122,80%

6,96%

0,00%

0,00%

0,00%

BNPP ARBITRAGE SNC 6EWKU0FGVX5QQJHFGT48

2

10,76%

5,99%

0,00%

0,00%

0,00%

3

10,14%

10,87%

27,94%

5,39%

0,00%

4

8,04%

0,91%

0,00%

0,00%

0,00%

5

7,27%

39,18%

0,01%

92,74%

0,00%

Citigroup Global Markets
Limited XKZZ2JZF41MRHTR1V493
BRYAN GARNIER & CO.
LIMITED 213800QFPP8QFI9PUP95
NATIXIS KX1WK48MPD4Y2NCUIZ63

TOP 5 venue report 2019 - 26

SECURITIES FINANCING TRANSACTIONS (SFT)REPO AND REVERSE REPO
1.

Execution report

Executions on Repo/Reverse repo instruments are generally driven by the price and order size, and then market liquidity and conditions, speed of
execution and likelihood of settlement.
All the activity is done off venue (telephone, IB Chat), due to the nature of the instruments. As much as possible, the traders do an RFQ process if it
doesn’t lead to information leakage on the market.
In some cases, Dealing Services may not be in a position to organise a request for quotes or may consider that it is inappropriate to do so in theclient's interests, which provides a de facto justification that the price criterion has been adhered to.
Without drawing up a comprehensive list, this may occur in the following circumstances:
 a need to guarantee maximum confidentiality; the illiquidity of the financial instrument;
 any situation where the request for quotes is contrary to the clients' interests.
To perform its controls on repo/reverse repo transactions, Dealing Services uses a ‘RFQ’ report highlighting competing quotes received fromcounterparties (including justifications when execution prices differ from best quotes of if there have been insufficient number of quotes).
Execution quality is regularly reviewed by Dealing Services desks (first level controls), Compliance teams (second level controls) and with the client‘s
investments strategy teams.

DISCLAIMER
BNP Paribas Dealing Services, a French limited company (“société anonyme”) registered with the Paris Trade and Companies Register under number 454 084 237,
is authorised and supervised by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) and the Autorité des Marchés Financiers (“AMF”).
This material is issued and has been prepared by BNP Paribas Dealing Services.
This material is produced for information purposes only and does not constitute:
An offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or an investment
advice.
The information about the passive or aggressive nature of an order is provided by the brokers and counterparties. The quality of these information cannot be verified
by Dealing Services which shall not be responsible or liable in any way for the content of these information.