Dealing Policies
STATE ONE DEALING POLICIES - ORDER EXECUTION AND ALLOCATION
This document sets out the policies that State One Stockbroking Limited ("SOSL") adopts, in the particular context of the type of services provided by it, with respect to the execution and allocation of orders placed by clients.
By signing a SOSL account application form and/or placing an order with SOSL, you agree to the application of these policies, as amended from time to time, to dealings conducted on your behalf by SOSL. Where these policies refer to you consenting to a particular practice being adopted by SOSL with respect to the execution and allocation of orders placed by you, by signing SOSL's account opening form and/or placing an order with SOSL you consent to SOSL adopting that practice.
Where a word is shown as commencing with a capital letter (for example Principal), this means that this word is defined in the ASIC Market Integrity Rules (as amended from time to time).
1. Best Market Execution
Under ASIC MArket Integrity Rule 3.1.1 (Competition in Exachange markets) 2011, State One is required to take reasonable steps to obtain the best outcome for its clients when handling and executing orders.
State One will deal with client orders promptly, fairly, in due turn and in accordance with the rules of the relevant trading platforms.
Where an order is executed through State One’s internal crossing system, it will be crossed on the basis of time and price parameters and will be executed at a price that is equal to or better than the available markets.
The State One Best Execution Policy provides information on how we will handle and execute orders in the Multi-Market environment.
A copy of our Best Execution Policy is available on our website at
www.stateone.com.au or by obtaining a copy from your advisor.
All clients are
advised to read the Policy carefully.
2. Dealing as Principal and Crossings
2.1
From time to time SOSL, dealing as Principal, may enter into a Market Transaction with you.
2.2
Dealing as Principal means that SOSL is trading on its own behalf or on behalf of any of the following persons:
- a director, company secretary or Substantial Holder of SOSL;
- the Immediate Family, Family Company or Family Trust of a director, company secretary or Substantial Holder of SOSL; or
- any Related Body Corporate of SOSL.
Where SOSL enters into a Market Transaction with you, you authorise SOSL to charge you brokerage with respect to that transaction.
2.4
Where SOSL causes a crossing to be executed on your behalf (and whether or not SOSL is a party to that crossing) you authorise SOSL to charge you brokerage with respect to that transaction.
3. Orders placed on SOSL's Own Account – Execution and Allocation
3.1
From time to time, SOSL will trade on its Own Account at the same time that it is trading on your behalf in the same Financial Product.
3.2
With respect to trading on its Own Account by SOSL, you consent to SOSL adopting the following practices with respect to the execution and allocation of orders placed by you:
- orders, the execution of which do not involve the exercise of discretion by SOSL in relation to the time or price or quantity of the order, will be entered into the Trading Platform in the sequence in which they are received, and otherwise as expeditiously as practicable;
- orders, the execution of which do involve the exercise of discretion by SOSL in relation to the time, or price or quantity of the order, will where possible be entered into the Trading Platform in the sequence in which they are received, and otherwise as expeditiously as practicable;
- orders, the execution of which do involve the exercise of discretion by SOSL in relation to the time, or price or quantity of the order, may not automatically be given preference over orders placed on SOSL's Own Account.
4. Order Size Limits
4.1
State One may at its discretion set a minimum size of equity order which it will accept from our clients. We will not seek to impose a minimum trade size within each market.
This version of our Best Execution Policy is dated 21st October 2012.