Susquehanna International Securities Ltd's Execution Venue Analysis 2017

MiFID II RTS 28 - Article 3 (3) - Summary of the analysis and conclusions drawn from the detailed monitoring of the quality of execution obtained
Question Analysis and conclusions
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 Susquehanna International Securities Limited's (SIS) Order Execution policy (which covers activities other than the provision of Direct Market Access (DMA)) sets out that price has been determined to be the most important execution factor for all decisions to deal irrespective of the trading strategy, financial instrument or execution venue being traded, in most circumstances. Minimisation of cost of execution is also an important execution factor. The other execution factors are deemed to be less important than price and minimisation of cost of execution
A description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders N/A
A description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received SIS does not receive any remuneration, discount or non-monetary benefit for routing decisions to deal on a client's behalf to a particular trading venue or execution venue which would infringe the requirements on conflicts of interest or inducements. SIS’ Order Execution policy sets out that any venue rebates received in the executing of decisions to deal on behalf of a client’s portfolio are paid back to the client
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 N/A
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 N/A
An explanation of whether other criteria were given precedence over immediate price and cost when executing retail client orders and how these other criteria were instrumental in delivering the best possible result in terms of the total consideration to the client N/A
An explanation of how the investment firm has used any data or tools relating to the quality of execution, including any data published under RTS 27 N/A [Information not yet available]
Where applicable, an explanation of how the investment firm has used output of a consolidated tape provider established under Article 65 of Directive 2014/65/EU N/A [Information not yet available]

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