Legal framework: The FaceOption Company (Hereinafter, “the Company” or “FaceOption”) is a company engaged to act towards its client or prospective client (Hereinafter, “the Client”), in accordance with this “Best Interest and Order Execution” policy (“the Policy”).
This Policy aims to ensure compliance with the following legislative requirements: Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law 144(I)/2007, as periodically amended (Hereinafter, “the Law”).
In accordance with the Law, the Company will proceed to the establishment and maintenance of an Order Execution Policy, in order to ensure compliance with the obligation to execute orders on terms most favorable to the clients and to achieve the best possible results for its clients, taking into consideration its clients’ ability, needs and trading policies, when applicable and possible.
Scope : This Policy is applicable for both Retail and Professional Clients (as defined in the Company’s Client Classification Policy). If the Company classifies a Client as an Eligible Counterparty, this Policy shall not apply to such an Eligible Counterparty.
This Policy applies when receiving and transmitting Client Orders or executing Client Orders for the Client for all the types of Binary Options offered by the Company.
We will be executing orders “on your behalf” where you legitimately rely on us to protect your interests in relation to the pricing or other aspects of the transaction that may be affected by how we execute the Order..
Factors : The Company shall take all reasonable steps to provide the best possible results for its Clients taking into account the following factors when executing Clients’ Orders against the Company’s quoted prices:
Price: The price for a given type of Binary Option is calculated by reference to the price of the relevant underlying asset, which the Company obtains from third party external reference sources.
Prices are fixed on the Company’s online trading Platform. The Company shall update the prices as frequently as the limitations of technology and communications links allow. The Company reviews its third party external reference sources periodically, to ensure that the data remains competitive. The Company will not quote any price outside the Company’s operations time, therefore no Orders can be placed by the Client during that time.
Rapidity of Execution: The Company does not execute the Client Order in Binary Options as a principal to principal against the Client, i.e. the Company is not the Execution Venue (as defined in Commission Directive 2006/73/EC implementing MiFID) for the execution of the Client’s Order. The Company transmits Client Orders or arranges for their execution with third party (ies). However, the Company will make its best efforts to execute Client’s Orders with celerity, taking into account technology and communications links limitations.
Probability of Execution: When the Company transmits Orders for Execution or executes them with another party, execution may sometimes be delicate. The probability of execution depends on the availability of prices of other markets, makers/financial institutions.
It may not be possible to arrange an Order for execution in some cases. In the event that the Company is unable to proceed with an Order with regard to price or size or other reason, the Order will not be executed.
The Company is entitled, in accordance with the Client’s Agreement/General Terms and Conditions, at any time and at its discretion, without any notice, to decline, refuse to transmit any Order or to arrange for the execution of any Order, Request or Client’s Instruction.
Size of Order.
Probability of settlement.
Market Impact: Some factors may rapidly affect the price of the underlying assets from which the Company’s quoted price is derived and may also affect other factors listed herein. The Company will take all reasonable steps to provide the best possible result for its Clients.
The above factors list is not exhaustive. When there is a specific instruction from the Client, the Company shall make sure that the Client’s Order shall be executed according to this specific instruction.
Professional criteria : The Company is engaged to act in accordance with the above factors and engagements in order to provide the Best Execution, by using its professional experience in the light of the available market information, and taking into account the following criteria:
The characteristics of the Client Order.
The characteristics of the Binary Options that are the subject of that Order.
The characteristics of the execution venue to which that Order is directed. For Retail Clients, the best possible result shall be determined considering globally: the price of the Binary Options, the costs related to execution, (including all expenses incurred by the Client directly related to the execution of such Order), execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the Order.
Tailor made binary options: For a specific instruction from or on behalf of a Client (e.g. fills in the required parts on the Company’s trading platform when placing an Order), the Company shall endeavour to execute the Client Order strictly in accordance with the specific instruction.
Such specific instruction can impact the Best Interest policy and therefore, not lead to the “best possible result” for the Client. Trading regulations for specific markets or/and market conditions may prevent the Company from following certain of the Client’s instructions.
Client’s engagement: The Client acknowledges and accepts that the transactions in Binary Options with the Company are not undertaken on a recognized exchange market, but are undertaken over the counter (OTC) and as such, the Client understand that such transactions are riskier than transactions made on regulated exchange markets
Professional Execution of Orders : The Company shall have the following business conduct when carrying out Client Orders:
Ensures that Orders executed on behalf of Clients are promptly and accurately recorded and allocated; Carries out otherwise comparable Client Orders sequentially and promptly unless the characteristics of the Order or prevailing market conditions make such execution impracticable; Informs a retail Client of any material difficulty immediately after becoming aware of such difficulty.
Execution Venues: Execution Venues are the entities with which the Orders are placed. For the purposes of Orders for the Binary Options, some third Financial Institution(s) will be the Execution Venue and not the Company. Clients shall be informed of such financial institution(s) or, the main website of the Company shall name them. The list can change at the Company’s discretion by giving at least one working day prior notice to the Client.
By entering into an Agreement/accepting the Terms and Conditions (with/of) the Company for the provision of Investment Services, the Client is bounded by the Policy terms.
Miscellaneous: The Company reserves the right to review and/or amend its Policy and arrangements at its entire discretion, without any prior notice.
For further information and/or questions, please send your request and/or questions to the following e-address: [email protected] .