Common use of Execution Factors Clause in Contracts

Execution Factors. In situations outlined above where ▇▇▇▇▇▇ executes Client Orders and owes a duty of Best Execution, all reasonable steps will be taken to obtain the best possible execution result on a consistent basis taking into account the following Execution Factors: • price, • cost, • speed of execution, • likelihood of execution and settlement reliability, • order size, • nature of Client Order or any other consideration relevant to the execution of the Client Order. While the weighting and relevance of these factors may vary, price will ordinarily merit a high relative importance in obtaining the best possible result (‘BPR’) for a Client. ▇▇▇▇▇▇ will give precedence to factors affording the best possible result in terms of total consideration to the client i.e. price of the financial instrument and the costs related to execution, including all expense incurred by the client which are directly related to the execution of the order and execution venue fees, clearing and settlement fees paid to third parties involved in the execution of the order, will determine best execution. However, markets, instruments and transaction types vary greatly in terms of liquidity, depth, transparency, certainty, ease and speed of execution etc. ▇▇▇▇▇▇ may therefore take into consideration other Execution Criteria that alter the relative importance of execution elements (execution criteria other than price may assume equal or greater importance) and thereby permit Cantor the required flexibility to cater for Clients differing priorities and execute orders based on other factors that will result in ▇▇▇▇▇▇ acting in the best interest of the client. Such criteria may include, but are not limited to: • The clients status as a retail client or a professional client; • Prevailing market conditions • Characteristics of the Client, • Characteristics and size of the Client Order, • Characteristics of the financial instruments that are subject of the Client Order, • Characteristics of the execution venues to which that Client Order can be directed; and • Whether the client has provided any specific instruction. Based on the above Execution Factors and Execution Criteria, and subject to any specific client instruction, ▇▇▇▇▇▇ will exercise discretion, based on market experience, knowledge, commercial judgement, the relevant Security and the type of Client Order to obtain the BPR with regards to the execution of a Client Order.

Execution Factors. In situations outlined above where ▇▇▇▇▇▇ executes Client Orders and owes a duty of Best Execution, all reasonable steps will be taken to obtain the best possible execution result on a consistent basis taking into account the following Execution Factors: • price, • cost, • speed of execution, • likelihood of execution and settlement reliability, • order size, • nature of Client Order or any other consideration relevant to the execution of the Client Order. While the weighting and relevance of these factors may vary, price will ordinarily merit a high relative importance in obtaining the best possible result (‘BPR’) for a Client. ▇▇▇▇▇▇ will give precedence to factors affording the best possible result in terms of total consideration to the client i.e. ie. price of the financial instrument and the costs related to execution, including all expense incurred by the client which are directly related to the execution of the order and execution venue fees, clearing and settlement fees paid to third parties involved in the execution of the order, will determine best execution. However, markets, instruments and transaction types vary greatly in terms of liquidity, depth, transparency, certainty, ease and speed of execution etc. ▇▇▇▇▇▇ may therefore take into consideration other Execution Criteria that alter the relative importance of execution elements (execution criteria other than price may assume equal or greater importance) and thereby permit Cantor the required flexibility to cater for Clients differing priorities and execute orders based on other factors that will result in ▇▇▇▇▇▇ acting in the best interest of the client. Such criteria may include, but are not limited to: • The clients status as a retail client or a professional client; • Prevailing market conditions • Characteristics of the Client, • Characteristics and size of the Client Order, • Characteristics of the financial instruments that are subject of the Client Order, • Characteristics of the execution venues to which that Client Order can be directed; and • Whether the client has provided any specific instruction. Based on the above Execution Factors and Execution Criteria, and subject to any specific client instruction, ▇▇▇▇▇▇ will exercise discretion, based on market experience, knowledge, commercial judgement, the relevant Security and the type of Client Order to obtain the BPR with regards to the execution of a Client Order.