Order Execution Policy
We execute orders using the No Dealing Desk model: without dealer intervention and conflicts of interest. On Composite Liquidity accounts, orders are routed to the best available liquidity sources considering price, volume, and trade acceptance probability. On regular accounts, execution occurs directly with the selected liquidity provider.
NDD Execution Principles
Transparent, fair, and efficient order execution without conflicts of interest
No Conflict of Interest
We don't take the opposite side of your trades. Client orders are routed to external liquidity providers (A-book).
Market Execution
No requotes. Trades are executed at the best available market price considering available volume and order settings.
Transparency
Logging of every execution stage, post-trade analytics, and quality reports (aggregated).
Price & Probability Priority
We select routes with optimal combination of price, depth, and acceptance stability (considering LP last look policies).
Price Formation & Liquidity
Understanding the difference between Composite Liquidity and Direct LP connections
Sources
Multiple LP/ECN sources. Quotes are normalized and cleaned of outliers; best price BBO and depth of book are formed.
Algorithms
Smart Order Routing (SOR) compares price, available volume, response speed, rejection statistics (last look rejection rate), historical markouts.
Result
Narrower spreads, higher probability of full execution, lower slippage in typical market conditions.
Source
One liquidity provider, quotes and depth depend on them.
Risk
Higher chance of slippage/partial fills during fast volatility; spreads may be wider than on Composite.
Advantages
Predictable flow from specific LP, simple connection model.
Order Lifecycle
Typical steps and latencies in order execution process
Order Creation
0-2 msTrader initiates trade in platform
Gateway Entry
1-3 msOrder enters our trading gateway in colocation; parameter validation
Routing
2-5 msComposite: SOR selects 1-N sources, possible order split by depth (2-5 ms). Direct: order sent to selected LP (2-4 ms)
LP/ECN Response
1-8 msConfirmation/execution/partial execution or rejection
Client Confirmation
<1 msConfirmation to client and logging with detailed execution metrics
Note: Latencies are indicative and depend on market conditions, network, and selected provider.
Execution Policies Comparison
Detailed comparison of execution characteristics between account types
| Metric | Composite Liquidity | Direct LP |
|---|---|---|
| Price Sources | Multiple LP/ECN, aggregator forms BBO and depth | One LP, prices and depth from them |
| Routing | Smart Order Routing, split and sweep across best levels | Single route to LP |
| Slippage | Typically lower, positive passed to client | Higher during volatility; positive also passed to client |
| Fill Probability | Higher due to combined depth | Depends on LP |
| Last Look/Rejections | We consider rejection statistics and LP ranking | Depends on specific LP policy |
| Partial Fills | Allowed, remainder redistributed to next source | Possible, remainder may be cancelled by LP |
| Timeouts | Hard timeouts on LP response; auto-retry on alternative source | Single LP timeout; retry if backup connection available |
Slippage, Requotes & Rejections Policy
We apply a symmetric slippage policy. If the actual execution price is better than expected — the entire positive effect is passed to the client. If the actual price is worse — the size of negative slippage is limited by maximum deviation settings per instrument. Requotes are not used.
Positive Slippage
100% passed to client
Negative Slippage
Limited by max deviation settings
We do not act as counterparty to your trades and do not benefit from your losses. Client orders are routed to external liquidity providers (A-book). This eliminates dealer intervention and conflicts of interest.
Some LPs use last look. We measure and consider rejection probability when selecting routes. Statistics are included in post-trade reports (aggregated). All rejections are logged and analyzed. Possible during extreme volatility periods or parameter mismatches.
Order Types & Time In Force
Market
Immediate execution at best available price
Limit
Execution at limit price or better
Stop
Becomes Market when trigger reached
Stop-Limit
Becomes Limit when trigger reached
IOC
Immediate or Cancel - default for external routes
FOK
Fill or Kill - by request, may reduce fill probability
GTC
Good Till Cancelled - for pending orders
Day
Valid until end of trading day
Trading Hours & Maintenance
24/5 trading (Sunday 22:00 UTC to Friday 22:00 UTC). Instrument-specific breaks possible.
Low activity windows, advance notification in client portal/email.
Notification procedures, post-mortem reports, critical event prioritization, SLA recovery.
Execution Quality Monitoring & Reporting
Average Route Latency
Fill Ratio
Average Slippage
Rejection Rate by LP
Spread Distribution
Execution Quality Score
Monthly aggregated reports. On request — selective TCA exports (without counterparty disclosure).
Any client can request clarification on specific trades through support.
Execution Policy FAQ
Important Disclaimers
Risk Warning: CFDs are complex instruments and carry high risk of rapid money loss due to leverage. Ensure you understand the risks and execution features.
No Guarantees: Metrics and examples on this page are for reference and do not constitute promises of results. Actual conditions depend on market and counterparties.
LP Availability: Access to liquidity providers may differ depending on jurisdiction and client status.
Compliance: Account opening requires KYC/AML procedures.