Top 5 Trading Venues

MiFID II Regulatory Technical Standard number 28 (‘RTS 28’) requires that investment firms must publish on an annual basis, information on the top five execution venues used to execute client orders in MiFID II financial instruments.

Types of venues included are: trading venues, systematic internalisers, market makers and other liquidity providers. The information shows in percentages how trade consideration, and order count was split between those ‘top five’ venues. It also shows in percentages how many orders were ‘passive’ (entered into a ‘order book’ that provided liquidity) and how many orders were ‘aggressive’ (entered into an ‘order book’ that took liquidity).

Under the Model B arrangement Conexim have with Pershing Securities International Limited, Conexim transmits orders for execution to Pershing for execution for our retail clients where Pershing also provide those clients with custody services, as Conexim does not execute the orders for you directly.

Therefore, the up to date data required under RTS 28 may be found on Pershing’s website, at

If you should have any questions around this, please contact Conexim and request further details on this from the Compliance Officer.