Report Title*,MiFID II Best Execution Top 5 Venues Report (RTS28 - Table 2),,,,
Investment Firm*,CITIGROUP GLOBAL MARKETS LIMITED / XKZZ2JZF41MRHTR1V493,,,,
Period Start*,01/01/2019,,,,
Period End*,31/12/2019,,,,
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Class of Instrument,Equities - Shares and Depositary Receipts Band 1_2,,,,
Notification if <1 avg trade per business day in the previous year ,N,,,,
Top 5 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 a percentage of total in that class,Percentage of passive orders,Percentage of aggressive orders ,Percentage of Directed Orders
CITIGROUP GLOBAL MARKETS LIMITED: CGML,32.69%,12.33%,,,0.00%
LONDON STOCK EXCHANGE: XLON,9.96%,31.07%,,,0.00%
CBOE EUROPE - CXE ORDER BOOKS: CHIX,9.87%,13.97%,,,18.33%
SIX SWISS EXCHANGE: XSWX,7.88%,4.69%,,,0.00%
CBOE EUROPE - BXE PERIODIC: BATP,7.27%,2.59%,,,0.00%
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Execution Summary,,,,,
"Best execution means the requirement to take all sufficient steps to obtain the best possible result for clients, taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of an order, when executing client orders or using other affiliates to execute orders. These factors are known as the “execution factors” and will provide the basis for us to explain how we will provide best execution.",,,,,
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"Unless otherwise indicated in other communications, price is generally considered the key execution factor. The overall value of a particular transaction may be affected by the other execution factors and the relative importance of each of the factors will differ depending on: ",,,,,
. the characteristics of an order including whether the order includes a securities financing transaction; ,,,,,
. the characteristics of the financial instruments to which the order relates; and ,,,,,
. the characteristics of the venues (if there is more than one) where we are able to execute your orders,,,,,
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Factors that we consider in determining the execution venue for client orders in respect of a particular financial instrument include (i) general prices available; (ii) depth of liquidity; (iii) relative volatility in the market; (iv) speed of execution; (v) cost of execution ; (vi) creditworthiness of the counterparties on the venue or the central counterparty; (vii) quality and cost of clearing and settlement; (viii) likelihood of execution; (ix) size of the order; and (x) nature of the order.,,,,,
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"Ordinarily, we would expect that price will merit a high relative importance in obtaining the best possible result. However, in some circumstances other execution factors may be more important than price in obtaining the best possible execution result. ",,,,,
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"In some cases, taking into account factors such as cost and benefits of accessing multiple venues and the accessibility of the venues, we may have access to more than one venue for executing an order in a particular financial instrument. In such cases, we will endeavour to choose the best venue for the order taking into account the factors applicable to choosing execution venues.",,,,,
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The venues listed in this report appear as a consequence of consistently providing best possible results during the reporting year. These results are verified by monitoring and comparison of the execution factors against the actual results obtained from each venue during the reporting period. ,,,,,