Clear Commitments on Order Execution

This commitment is founded on five rules:

• Implementation of procedures to ensure the best possible result for customers;
• Communication of appropriate information to customers about the order execution policy;
• Application of the order execution policy in an appropriate manner according to the different categories of customer, financial instrument and transaction;
• Demonstration to customers at their request that orders executed on their behalf have been executed in accordance with the aforementioned policy;
• Review of the policy on a regular basis, at least annually and also when there is any significant change affecting the markets covered, ensuring the efficiency of the policy.

Commitments that Comply with European Standards

This approach complies with the application of the Markets in Financial Instruments Directive (MiFID), in force since 1 November 2007.