Best Execution Policy

Scope

This policy applies to all clients across our securities trading and brokerage activities, including equity, fixed-income and derivative instruments traded on regulated venues we have access to.

Execution factors

When executing an order on a client's behalf we consider price, costs, speed, likelihood of execution and settlement, size, nature of the order and any other relevant consideration.

For retail clients the total consideration — the price of the instrument plus the costs of execution — is generally the most important factor.

Execution venues

We typically execute through regulated exchanges and licensed counterparties in the markets we cover (including the Nigerian Exchange, FMDQ and the Ghana Stock Exchange). We periodically review the venues we use to ensure they continue to deliver best outcomes.

Monitoring & review

Execution quality is monitored by our trading and compliance teams. The policy is reviewed at least annually and whenever a material change occurs that affects our ability to obtain best execution.

Client instructions

Where a client gives a specific instruction in relation to all or part of an order, we will execute the order in line with that instruction. Specific instructions may prevent us from following parts of this policy.