Legal / Best Execution Policy

Best Execution refers to our obligation as a firm to execute orders on behalf of customers to ensure that the prices those orders receive reflect the optimal mix of price improvement, speed and likelihood of execution. This policy describes Investors Europe (Mauritius) Ltd’s (hereafter “IELM”) approach to best execution and describes the main factors that IELM evaluates to determine the best way to execute an order on behalf of the client. It applies both to retail and professional clients as defined in IELM’s general terms and conditions.

Best Execution In Practice

Neither IELM nor its employees and directors will not trade for themselves nor hold proprietary positions at any time to guarantee that there are never any conflicts of interest with any client.

We will take all care to obtain the best possible result for our customer with reference to price, costs born by the customer, size, nature of the transactions, time of reception of order, speed and likelihood of execution and trading venue taking into account the state of the relevant market(s).

The relevant market(s) shall be deemed to be the market(s) offering the most favourable trading conditions also in terms of transparency, liquidity and clearing and settlement arrangements in connection with the envisaged transaction. If IELM executes in another trading venue, we will demonstrate that this has been done in accordance with the customer’s best interest.

IELM will act with due skill, care and diligence and will pay due regard to its customer’s interests – selecting the most opportune time to execute the customer order. We will endeavour to take reasonable care to ascertain the price which is the best available for the customer order in the relevant market at the time for transactions of the kind and size concerned.

We shall pass on to the customer the details of the price at which the trade was executed to meet the customer order.

Where a customer order is subject to a special condition we will disclose any additional cost involved in satisfying the special condition or in respect of the non-standard element.

An example of when IELM will take particular care to assess the timing of execution of all or part of a current customer order includes when:

We receive a customer order outside the normal trading hours of the relevant market or trading platform with a view to executing that customer order on that market or other trading platform;

A foreseeable improvement in the level of liquidity in the relevant designated investment is likely to enhance the terms on which the firm executes the customer order;

Executing the customer order as a series of partial executions over a period of time is likely to improve the terms on which the customer order as a whole is executed. We may have reasonable grounds for postponing execution of a current customer order in the best interests of the customer. An example would be if the deal is part of an aggregated transaction.

IELM will occasionally execute orders in emerging markets (i.e. markets in countries with one or more of the following characteristics: political instability, uncertainty regarding financial markets and economic growth, developing financial markets and weak economies). It will only do so on behalf of clients who have a thorough understanding of such investments and the risks involved, and who have sufficient funds to assume these risks.

Execution Venues

We have included a list below of the Execution Venues which we believe best meet customer interests for the Best Execution of their orders on a consistent basis but this list may change in keeping with the liquidity, risk and availability of same.

When selecting a venue we have not only taken into account the fees and commissions when under taking a transaction but in addition we have also focused on the quality of execution available on the venue.

The list of venues is not exhaustive, may change without warning depending on liquidity, volatility and risk parameters. Execution may occur in alternative venues from time to time provided those venues are consistent with this policy.

American Stock Exchanges

Australian Stock Exchange

Austrian Stock Exchange

Bolsa de Madrid

Borsa Italiana

Brazil Stock Exchange

Bulgaria Stock Exchange

Canada Stock Exchange

China Stock Exchange

Czech Republic Stock Exchange

Danish Stock Exchange

Estonian Stock Exchange

Euronext Paris

Euronext Portugal

Euronext Brussels

Euronext Nederlands

Greek Stock Exchange

HEX Finland

Hong Kong Stock Exchange

Hungary Stock Exchange

India Stock Exchange

Indonesia Stock Exchange

Ireland Stock Exchange

Italy Stock Exchange

Japan Stock Exchange

Latvian Stock Exchange

Lithuanian Stock Exchange

London Stock Exchanges

Malaysia Stock Exchange


New Zealand Stock Exchange

Norway Stock Exchange

NYSE New York Stock Exchange

Polish Stock Exchange

Portugal Stock Exchange

Rumania Stock Exchange

Russian Stock Exchange

Singapore Stock Exchange

South Africa Stock Exchange

South Korea Stock Exchange

Spain Stock Exchange

Stockholmsborsen Sweden

Switzerland Stock Exchange

Taiwan Stock Exchange

Thailand Stock Exchange

Toronto Stock Exchange

Turkey Stock Exchange

Xetra Exchange Electronic Trading

Chicago Board Options Exchange (CBOE)

Chicago Board of Trade (CBOT)

Chicago Mercantile Exchange (CME)

Chicago Climate Exchange

Chicago Mercantile Exchange (CME)

Intercontinental Exchange (ICE)

International Monetary Market (IMM)

New York Board of Trade (NYBOT)

New York Mercantile Exchange (NYMEX)



Moscow Interbank Currency Exchange (MICEX)

Mercado Oficial Español de Futuros y Opciones (MEFF)

SOFFEX (Swiss Options & Financial Futures Exchange)

Intercontinental Exchange (ICE Futures)


London Metal Exchange (LME)

NYMEX Europe

Hong Kong Exchanges and Clearing

Hong Kong Exchanges and Clearing (HKEx)

Osaka Securities Exchange (OSE)

Osaka Mercantile Exchange (OME)

Tokyo Commodity Exchange (TOCOM)

Tokyo Stock Exchange (TSE)

Tokyo Grain Exchange (TGE)

Tokyo Finance Exchange (TFX)

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Investors Europe (Mauritius) Limited is authorised and regulated by the FSC Mauritius, license C112011088. Registered address: 4th Floor, Les Jamalacs Building, Vieux Conseil Street, Port-Louis 11328, Republic of Mauritius. Registered Number: 113933.

Any information contained on this website is provided to you for informational purposes only and should not be regarded as an offer or solicitation of an offer to buy or sell any investments or related services that may be referenced here. Investing in certain instruments, including stocks, options, futures, foreign currencies, and bonds involve a high level of risk. Trading on margin comes with substantial risk as well. You must be aware of these risks before opening an account to trade. The income you may get from online investing may go down as well as up.