RTS28-2021

Introduction

As required by the Markets in Financial Instruments Directive (“MIFID II”), investment firms such as CiliaFormosa Financial Advisors Ltd (“CFFA”) are required to summarise and make public the top five execution venues used in relation to the volume of trades placed across a range of financial instruments for all executed client orders on an annual basis.

 

This report provides the information required above in respect of trades executed in calendar year 2021. CFFA confirms that no execution or Receipt and Transmission of Orders (“RTO”) was carried out in 2021 and thus there is nothing to report.

Retail Clients

Class of Instrument Equities
Notification if < 1 average trade per business day in the previous year N/A
Top five execution venues ranked in terms of trading volumes (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
Name and Venue Identifier (MIC or LEI) NIL NIL NIL NIL NIL

Class of Instrument Debt Securities
Notification if < 1 average trade per business day in the previous year N/A
Top five execution venues ranked in terms of trading volumes (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
Name and Venue Identifier (MIC or LEI) NIL NIL NIL NIL NIL
Class of Instrument Exchange Traded Securities
Notification if < 1 average trade per business day in the previous year N/A
Top five execution venues ranked in terms of trading volumes (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
Name and Venue Identifier (MIC or LEI) NIL NIL NIL NIL NIL

Professional Clients

Class of Instrument Equities
Notification if < 1 average trade per business day in the previous year N/A
Top five execution venues ranked in terms of trading volumes (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
Name and Venue Identifier (MIC or LEI) NIL NIL NIL NIL NIL
Class of Instrument Debt Securities
Notification if < 1 average trade per business day in the previous year N/A
Top five execution venues ranked in terms of trading volumes (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
Name and Venue Identifier (MIC or LEI) NIL NIL NIL NIL NIL
Class of Instrument Exchange Traded Securities
Notification if < 1 average trade per business day in the previous year N/A
Top five execution venues ranked in terms of trading volumes (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
Name and Venue Identifier (MIC or LEI) NIL NIL NIL NIL NIL

Commentary as required by Commission Delegated Regulated (EU) 2017/576 (RTS 28)

The below commentary is applicable to all classes of financial instruments, unless otherwise specified:

  1. 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:
    No execution or RTO was carried out for 2021. Nothing to report.
  2. Description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders.
    Nothing to report.
  3. Description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received.
    Nothing to report.
  4. 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.
    Nothing to report.
  5. 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.
    Nothing to report.
  6. 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.
    Nothing to report.
  7. Explanation of how the investment firm has used any data or tools relating to the quality of execution.
    Nothing to report.
  8. Explanation of how the investment firm has used output of a consolidated tape provider.
    Nothing to report.