Information on the top five execution venues and quality of execution obtained for Prosperity Capital Management (UK) Limited.

Class of Instrument

Equities

<1 average trade per business day in the previous year

N

Top five execution venues ranked in terms of trading volumes (descending order)

Proportion of volume traded as a percentage of total in that class

Proportion of orders executed as percentage of total in that class

Percentage of passive orders

Percentage of aggressive orders

Percentage of directed orders

ISSUER

37.85%

1.68%

100%

0%

0%

Strategic sale

24.8%

0.21%

100%

0%

0%

Strategic sale

24.36%

0.21%

100%

0%

0%

VTB Capital

4.11%

33.16%

100%

0%

0%

SIB (Cyprus) Limited

1.94%

6.82%

100%

0%

0%

An explanation of the relative importance the firm gave to execution factors or price, costs, speed, likelihood of execution or any other consideration including qualitative factors when assessing the quality of execution.

Prosperity Capital Management (UK) Limited (“PCMUK”) had for the time period of 2017 two clients, one mandate client (a sovereign wealth fund) and a SICAV-fund.

Based on the investment strategy, when executing trades for clients, PCMUK take into account the execution factors price, cost, speed of execution, likelihood of execution, speed of settlement, likelihood of settlement, size of the order, nature of the order; and any other considerations relation to the execution of the order. PCMUK generally determines the order of importance in the order that they are presented. PCMUK also factors in negotiated commission rates and spreads; the nature of the security or instrument being traded; the size and type of the transaction; the nature and character of the markets for the security or instrument to be purchased or sold; the desired timing of the trade; the activity existing and expected in the market for the particular security or instrument; confidentiality; the execution, clearance, and settlement capabilities as well as the reputation and perceived soundness of the broker selected and other brokers considered; knowledge of actual or apparent operational problems of any broker; the broker’s or dealer’s execution services rendered on a continuing basis and in other transactions; the reasonableness of spreads or commissions.

Description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute order

Not applicable, PCMUK has no close links and or common ownership with respect to any of these venues 

A description of any specific arrangement with any execution venue regarding payments made or received, discounts, rebates or non-monetary benefits received.

Not applicable

An explanation of the factors that led to a change in the list of execution venues listed in the firm’s execution policy, if such a change has occurred

Not applicable

An explanation of how order execution differs according to client categorisation, where the firm treats categories of clients differently and where it may affect the order execution arrangements

Not applicable

An explanation of whether other criteria were given precedence over immediate price and cost when executing retail client order and how these other criteria were instrumental in delivering the best possible result in terms of the total consideration to the client

Not applicable

An explanation of how the investment firm has used any data or tools relating to the quality of execution, including any data published by execution venues on the quality of execution of transactions.

PCMUK monitors best execution by conducting monitoring exercises where we do a comparison of the prices achieved and the relevant volume weighted average price (VWAP).

Where applicable, an explanation of how the investment firm has used output of a consolidated tape provider established under Article 64 of Directive 2014/65/EU

Not applicable (there were no consolidated tape providers in operation during 2017).  

April 2018