Toggle Cookie Control Widget Important Information COVID-19 Execution Disclosure Prior year information (2019) Information on the Top Five Execution Venues for 2020 GuardCap Asset Management Limited Class of Instrument Equities - Tick size liquidity band 1 and 2 Notification if <1 average trade per business day in the previous year N TOP 5 EXECUTION VENUES RANKED IN TERMS OF TRADING VOLUME (DESCENDING ORDER) PROPORTION OF VOLUME TRADED AS A PERCENTAGE OF TOTAL IN THAT CLASS PROPORTION OF ORDERS EXECUTED AS PERCENTAGE OF TOTAL IN THAT CLASS PERCENTAGE OF PASSIVE ORDERS PERCENTAGE OF AGGRESSIVE ORDERS PERCENTAGE OF DIRECTED ORDERS MERRILL LYNCH (INTL) (GGDZP1UYGU9STUHRDP48) 30.69% 17.75% NA NA NA RBC CAPITAL MKTS (549300QJJX6CVVUXLE15) 27.52% 20.48% NA NA NA ROBERT W. BAIRD (549300772UJAHRD6LO53) 22.10% 16.72% NA NA NA PAVILION GLOBAL MKTS (89RLTMP2WM4KXYJMWI06) 9.87% 29.69% NA NA NA MORGAN STANLEY (9R7GPTSO7KV3UQJZQ078) 8.74% 14.68% NA NA NA Class of Instrument Equities – Tick size liquidity band 3 and 4 Notification if <1 average trade per business day in the previous year Y TOP 5 EXECUTION VENUES RANKED IN TERMS OF TRADING VOLUME (DESCENDING ORDER) PROPORTION OF VOLUME TRADED AS A PERCENTAGE OF TOTAL IN THAT CLASS PROPORTION OF ORDERS EXECUTED AS PERCENTAGE OF TOTAL IN THAT CLASS PERCENTAGE OF PASSIVE ORDERS PERCENTAGE OF AGGRESSIVE ORDERS PERCENTAGE OF DIRECTED ORDERS RBC CAPITAL MKTS (549300QJJX6CVVUXLE15) 36.95% 24.63% NA NA NA MERRILL LYNCH (INTL) (GGDZP1UYGU9STUHRDP48) 24.67% 14.93% NA NA NA ROBERT W. BAIRD (549300772UJAHRD6LO53) 14.02% 14.93% NA NA NA PAVILION GLOBAL MKTS (89RLTMP2WM4KXYJMWI06) 11.57% 28.36% NA NA NA MORGAN STANLEY (9R7GPTSO7KV3UQJZQ078) 11.22% 15.67% NA NA NA Class of Instrument Equities – Tick size liquidity band 5 and 6 Notification if <1 average trade per business day in the previous year N TOP 5 EXECUTION VENUES RANKED IN TERMS OF TRADING VOLUME (DESCENDING ORDER) PROPORTION OF VOLUME TRADED AS A PERCENTAGE OF TOTAL IN THAT CLASS PROPORTION OF ORDERS EXECUTED AS PERCENTAGE OF TOTAL IN THAT CLASS PERCENTAGE OF PASSIVE ORDERS PERCENTAGE OF AGGRESSIVE ORDERS PERCENTAGE OF DIRECTED ORDERS ROBERT W. BAIRD (549300772UJAHRD6LO53) 27.43% 22.50% NA NA NA RBC CAPITAL MKTS (549300QJJX6CVVUXLE15) 20.12% 19.61% NA NA NA MERRILL LYNCH (INTL) (GGDZP1UYGU9STUHRDP48) 15.11% 12.16% NA NA NA PAVILION GLOBAL MKTS (89RLTMP2WM4KXYJMWI06) 12.57% 26.15% NA NA NA MORGAN STANLEY (9R7GPTSO7KV3UQJZQ078) 12.03% 17.63% NA NA NA Class of Instrument Equities – No tick size liquidity band Notification if <1 average trade per business day in the previous year Y TOP 5 EXECUTION VENUES RANKED IN TERMS OF TRADING VOLUME (DESCENDING ORDER) PROPORTION OF VOLUME TRADED AS A PERCENTAGE OF TOTAL IN THAT CLASS PROPORTION OF ORDERS EXECUTED AS PERCENTAGE OF TOTAL IN THAT CLASS PERCENTAGE OF PASSIVE ORDERS PERCENTAGE OF AGGRESSIVE ORDERS PERCENTAGE OF DIRECTED ORDERS PAVILION GLOBAL MKTS (89RLTMP2WM4KXYJMWI06) 79.01% 76.19% NA NA NA MERRILL LYNCH (INTL) (GGDZP1UYGU9STUHRDP48) 8.37% 9.52% NA NA NA MORGAN STANLEY (9R7GPTSO7KV3UQJZQ078) 8.21% 7.14% NA NA NA RBC CAPITAL MKTS (549300QJJX6CVVUXLE15) 4.41% 7.14% NA NA NA Note: the tick size liquidity bands are apportioned as per the MiFID II tick-size regime. As a global equity investor, many of our investments’ main pools of liquidity are outside the EU. As of the time of publishing, while ESMA has made recommendations to the European Commission regarding modifications to the tick size regime for this class of instruments, these have not yet been ratified by the Commission. Thus, in accord with the regulations as they currently stand, instruments are classified based purely on their ADNT in EU markets. We have also included an analogous table for those equities that we hold that have no EU pools of liquidity. Annual Summary: Quality of the Execution Obtained on Top Five Execution Venues VENUE INFORMATION ASSESSED CONCLUSIONS All An explanation of the relative importance the firm gave to the execution factors of price, costs, speed, likelihood of execution or any other consideration including qualitative factors when assessing the quality of execution The ability to execute the order accurately, as requested, and in a timely fashion is paramount (see explanation in 6th answer below). Overall cost for the trade is then the main determining factor, with the proviso that the broker is able to provide necessary trade summary information that we are required to report. A description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders None A description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received None, relationships are on an execution-only basis. 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 NA NA GuardCap Asset Management Limited GuardCap is a wholly-owned subsidiary of Guardian Capital Group Limited (GCG), a Canadian group which was founded in 1962 and whose shares are quoted on the Toronto Stock Exchange. 11 Charles II Street St James’s, London, UK SW1Y 4NS T : 44·20·7907·2400 F : 44·20·7907·2420 ©2021 GuardCap Asset Management Limited. All rights reserved. Privacy Policy Execution Disclosure Legal Contact Us Site Map