|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 sets out that price has been determined to be the most important execution factor for 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. 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||Capital Ventures International and Susquehanna Financial Group LLLP are affiliates of SIS|
|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 orders, subject to SIS’ Order Execution policy, on a client's behalf to a particular trading venue or execution venue which would infringe the requirements on conflicts of interest or inducements. In relation to any trading, SIS’ Order Execution policy sets out that any venue rebates received are paid back to the client to whom SIS owes a duty of best execution|
|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||Venues added to SIS' Order Execution policy were due to an expansion of the strategies used|
|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 – SIS does not have any retail clients.|
|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||Execution quality is considered in venue selection criteria including where a venue offers reliable and liquid markets. Note that due to the implementation of MiFID II Quickfix - RTS 27 reporting is currently suspended.|
|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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