Admiral Markets Cyprus Ltd Execution Quality Summary Statement 2021.pdf

During the year 2021, Admiral Markets Cyprus Ltd executed client orders on various execution venues for three classes of financial instruments: Contracts for Difference (CFDs), Shares, and Exchange-Traded Funds (ETFs). The company categorized its clients as retail and professional clients, but treated transactions initiated by either category in the same way without differentiation.

For CFD transactions, the company facilitated the reception and transmission of client orders to a liquidity provider within the same financial group. The liquidity provider acted as a market maker or entered transactions with other liquidity providers or regulated markets. The company transmitted all received trade orders based on a "first come first served" rule, with the timestamp of the received transaction request being the only factor in the orders queue.

The top execution venues for CFDs in 2021 were Admiral Markets AS for both retail and professional clients, with 100% of trading volume and orders executed. The company did not accept directed orders for CFDs, and the best possible result for order execution was determined by the total consideration, including fees and market prices.

The company considered and monitored several execution factors for CFD transactions, including total consideration, speed of execution and settlement, likelihood of execution and settlement, and market impact. The company gave the highest relative importance to the total consideration, including fees and market prices, and continuously monitored the streamed price flow for manifest errors.

The company did not accept a liquidity provider that did not provide price improvement, and considered price improvement and price slippage symmetry. The company's CFD trading service relied on a single intragroup liquidity provider, and did not operate an order book where third-party buyers and sellers listed their interests.

There were no changes to the list of available execution venues for CFDs during the year under review, and no differences in how the company obtained the best possible result for retail and professional clients. The company did not accept directed orders in respect to which a client would be able to manually specify the execution venue or a counterparty to initiated transaction in CFDs.