Best Execution Reports

At Equiduct we believe in transparency and with our Best Execution reports you see for yourself how we’re performing and how we’re providing this service for our clients.

A guide to our Best Execution Reports

Following the introduction of MiFID II regulation in January 2018, trading venues are required to publish data detailing execution quality. This will provide visibility and transparency to investors who will be able to use this data to make decisions on the best way to execute their orders. Our reports will detail the quality of executions on Equiduct when compared with the European Best Bid and Offer (EBBO), the cost of executing orders on Equiduct, the likelihood of executing orders as well as the speed of order execution.

Available Reports

Execution Venue Information

This report details all of the instruments that were available for trading in the period along with information related to Equiduct.

FIELD NAME	DESCRIPTION
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Venue Name	BOERSE BERLIN EQUIDUCT TRADING
Venue Identifier	Equiduct reporting MICs (EQTA, EQTB, EQTC)
Competent Authority	Germany
Segment Name	BOERSE BERLIN EQUIDUCT TRADING - REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - BERLIN SECOND REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - FREIVERKEHR
Market Segment MIC	EQTA, EQTB, EQTC
Trading Date	Trading Date
Outages Nature	Description of any outages
Outages Number	The number of outages in a trading day
Outages Average	The average number of outages
Nature of Scheduled Auction	Description of scheduled auctions – if any exist
Number of Scheduled Auctions	Number of scheduled auctions per day – if any exist
Ave Duration of Scheduled Auctions	Average duration of Scheduled Auctions if any
Number of Failed Transactions	Number of cancelled trades
Failed Transactions % value of Total Executions	Value of cancelled trades as a % of total daily turnover

Financial Instrument Information

Contains all of the traded instruments for the period. This will include any name changes, ISIN changes, deletions and additions. Multi listed instruments can be identified using the Equiduct Instrument ID.

FIELD NAME	DESCRIPTION
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Venue Name	BOERSE BERLIN EQUIDUCT TRADING
Venue Identifier	Equiduct reporting MICs (EQTA, EQTB, EQTC)
Competent Authority	Germany
Segment Name	BOERSE BERLIN EQUIDUCT TRADING - REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - BERLIN SECOND REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - FREIVERKEHR
Market Segment MIC	EQTA, EQTB, EQTC
Trading Date	Trading Date
Outages Nature	Description of any outages
Outages Number	The number of outages in a trading day
Outages Average	The average number of outages
Nature of Scheduled Auction	Description of scheduled auctions – if any exist
Number of Scheduled Auctions	Number of scheduled auctions per day – if any exist
Ave Duration of Scheduled Auctions	Average duration of Scheduled Auctions if any
Number of Failed Transactions	Number of cancelled trades
Failed Transactions % value of Total Executions	Value of cancelled trades as a % of total daily turnover

Intra-day Price Information

This report shows the average price and total traded value of executions for all instruments traded on Equiduct at given time periods for each day. Along with each trade price and value, the report shows what the best bid and offer were at the time of the execution. We compare our executions with the European Best Bid and Offer (EBBO) to provide true comparison against Pan-European liquidity.

In this report you will be able to see the quality of Equiduct’s true Best Execution service, Apex (Retail) and Zenith (Institutional), by comparing the execution price and size (value) on Equiduct versus the European Best Bid and Offer (EBBO).

The report is split into “Ranges” that have been defined by ESMA. These ranges relate to the size (value) of the execution compared with the SMS value and Large in Scale (LIS) value of the particular instrument.

FIELD NAME	DESCRIPTION
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Venue Name	BOERSE BERLIN EQUIDUCT TRADING
Venue Identifier	Equiduct reporting MICs (EQTA, EQTB, EQTC)
Competent Authority	Germany
Segment Name	BOERSE BERLIN EQUIDUCT TRADING - REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - BERLIN SECOND REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - FREIVERKEHR
Market Segment MIC	EQTA, EQTB, EQTC
Trading Date	Trading Date
Outages Nature	Description of any outages
Outages Number	The number of outages in a trading day
Outages Average	The average number of outages
Nature of Scheduled Auction	Description of scheduled auctions – if any exist
Number of Scheduled Auctions	Number of scheduled auctions per day – if any exist
Ave Duration of Scheduled Auctions	Average duration of Scheduled Auctions if any
Number of Failed Transactions	Number of cancelled trades
Failed Transactions % value of Total Executions	Value of cancelled trades as a % of total daily turnover

Daily Price Information

This report shows the Simple Average Transaction Price and Volume-Weighted Average Price, the highest executed price and the lowest executed price for each traded instrument for every day in the period.

When used in conjunction with the Intra-Day Price Information report you will be able to determine how our executions compare with the best prices (EBBO) available throughout Europe.

FIELD NAME	DESCRIPTION
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Venue Name	BOERSE BERLIN EQUIDUCT TRADING
Venue Identifier	Equiduct reporting MICs (EQTA, EQTB, EQTC)
Competent Authority	Germany
Segment Name	BOERSE BERLIN EQUIDUCT TRADING - REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - BERLIN SECOND REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - FREIVERKEHR
Market Segment MIC	EQTA, EQTB, EQTC
Trading Date	Trading Date
Outages Nature	Description of any outages
Outages Number	The number of outages in a trading day
Outages Average	The average number of outages
Nature of Scheduled Auction	Description of scheduled auctions – if any exist
Number of Scheduled Auctions	Number of scheduled auctions per day – if any exist
Ave Duration of Scheduled Auctions	Average duration of Scheduled Auctions if any
Number of Failed Transactions	Number of cancelled trades
Failed Transactions % value of Total Executions	Value of cancelled trades as a % of total daily turnover

Likelihood of Execution Per Instrument

This report is intended to show how likely it is for an order entered to Equiduct is to be executed. However, as the report doesn’t give details on the marketability of orders entered, the report should be used in conjunction with the Daily Price Information report and Intra-day Information Report to get a truer indication of execution quality.

FIELD NAME	DESCRIPTION
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Venue Name	BOERSE BERLIN EQUIDUCT TRADING
Venue Identifier	Equiduct reporting MICs (EQTA, EQTB, EQTC)
Competent Authority	Germany
Segment Name	BOERSE BERLIN EQUIDUCT TRADING - REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - BERLIN SECOND REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - FREIVERKEHR
Market Segment MIC	EQTA, EQTB, EQTC
Trading Date	Trading Date
Outages Nature	Description of any outages
Outages Number	The number of outages in a trading day
Outages Average	The average number of outages
Nature of Scheduled Auction	Description of scheduled auctions – if any exist
Number of Scheduled Auctions	Number of scheduled auctions per day – if any exist
Ave Duration of Scheduled Auctions	Average duration of Scheduled Auctions if any
Number of Failed Transactions	Number of cancelled trades
Failed Transactions % value of Total Executions	Value of cancelled trades as a % of total daily turnover

Order Book Information Per Instrument

This report is intended to show the liquidity available on Equiduct and therefore the likelihood of orders being executed. The report shows the best bid and offer prices, sizes and book depth to 3 price increments at given times during the trading day.

FIELD NAME	DESCRIPTION
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Venue Name	BOERSE BERLIN EQUIDUCT TRADING
Venue Identifier	Equiduct reporting MICs (EQTA, EQTB, EQTC)
Competent Authority	Germany
Segment Name	BOERSE BERLIN EQUIDUCT TRADING - REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - BERLIN SECOND REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - FREIVERKEHR
Market Segment MIC	EQTA, EQTB, EQTC
Trading Date	Trading Date
Outages Nature	Description of any outages
Outages Number	The number of outages in a trading day
Outages Average	The average number of outages
Nature of Scheduled Auction	Description of scheduled auctions – if any exist
Number of Scheduled Auctions	Number of scheduled auctions per day – if any exist
Ave Duration of Scheduled Auctions	Average duration of Scheduled Auctions if any
Number of Failed Transactions	Number of cancelled trades
Failed Transactions % value of Total Executions	Value of cancelled trades as a % of total daily turnover

Average Spread Per Instrument

FIELD NAME	DESCRIPTION
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Venue Name	BOERSE BERLIN EQUIDUCT TRADING
Venue Identifier	Equiduct reporting MICs (EQTA, EQTB, EQTC)
Competent Authority	Germany
Segment Name	BOERSE BERLIN EQUIDUCT TRADING - REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - BERLIN SECOND REGULATED MARKET BOERSE BERLIN EQUIDUCT TRADING - FREIVERKEHR
Market Segment MIC	EQTA, EQTB, EQTC
Trading Date	Trading Date
Outages Nature	Description of any outages
Outages Number	The number of outages in a trading day
Outages Average	The average number of outages
Nature of Scheduled Auction	Description of scheduled auctions – if any exist
Number of Scheduled Auctions	Number of scheduled auctions per day – if any exist
Ave Duration of Scheduled Auctions	Average duration of Scheduled Auctions if any
Number of Failed Transactions	Number of cancelled trades
Failed Transactions % value of Total Executions	Value of cancelled trades as a % of total daily turnover

Execution Cost Per Instrument

The following fields are available in the report:

Field Name	Description
ISIN	ISIN Code
Instrument ID	Equiduct Symbol
Date	Trade Date
Rebates and discounts %	Total value of all rebates discounts expressed as a % of total traded value
Execution Fees %	Total value of costs expressed as a % of total traded value
Fee URL	Link to Equiduct's fee schedule - www.equiduct.com/en/fee-structure-professional-investor

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Transparent Best Execution reports