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Interactive Brokers Luxembourg SARL: TOP 5 VENUE ANNUAL REPORT FOR YEAR 2019

Annual Report on the Execution Quality Obtained on all the Execution Venues Used by Interactive Brokers Luxembourg SARL and the Top Five Venue and Entities for each Instrument Class

To enable our clients and the public to evaluate the quality of Interactive Brokers Luxembourg SARL ("IBLUX")'s execution quality and to identify the top five execution venues in terms of trading volumes where IBLUX executed client orders in the preceding year, IBLUX publishes information in relation to trading venues, market makers or other liquidity providers or any entity that performs a similar function outside the European Economic Area ("EEA"). The annual report is made available on our website on 30 April.

Summary on the Execution Quality Obtained on all the Execution Venues Used by Interactive Brokers Luxembourg SARL

IBLUX provides to its clients electronic brokerage services. The orders clients submit to IBLUX through the Interactive Brokers Group's ("IB") trading platforms are executed by IBLUX on their behalf by electronically routing them to markets or dealers using IB’s proprietary order routing technology ("SmartRouting").

Relative Importance of Execution Factors

SmartRouting takes into account the relative importance of each of the execution factors as depends on:

  • the characteristics of the order, including any specific instructions a client might have given;
  • the characteristics of the financial instruments that are the subject of an order;
  • the characteristics of the execution venues (if there is more than one) to which the order can be directed.

IBLUX's order execution arrangements do not differ according to client categorization. The execution factors are applied on a trade-by-trade basis taking into account whether the order is marketable or not. A marketable order is a buy order with a price at or above the lowest offer in the market or a sell order with a price at or below the highest bid in the market.

For marketable orders, the primary execution factor is either total consideration or price depending on client's instruction. The total consideration represents the price of the financial instrument and the costs related to execution ("external cost"), which include all expenses incurred by the client which are directly related to the execution of the order, including execution fees, clearing and settlement fees and other fees paid to third parties involved in the execution of the order.

For non-marketable orders, the primary execution factor for clients on a fixed commission structure (which covers all external costs) is likelihood of execution. The primary execution factors for clients on a tiered commission structure (where clients pay for external costs) are typically a blend of cost and likelihood of execution.

Both in the case of marketable and non-marketable orders, the remaining execution factors - order size, nature of the order and any other consideration relevant to the efficient execution of you order - are generally secondary and applied where they may optimize the primary factors.

Close links

Our arrangements for best execution are designed to ensure that IBLUX acts in its clients' best interests regardless of any other interests.

Where IBLUX routes a client order and relies on a third party to access a venue, this is usually carried out through an IB affiliate. Any IB affiliate receiving a client order does not levy any additional charge on the client. IBLUX's standard charges apply as disclosed without any additional mark-up imposed by IBLUX. For certain execution venues, IBLUX may rely on a broker outside of the IB.

Venue Selection

IBLUX places significant reliance on automated venues where our SmartRouting can constantly review the bids and offers at each of the available venues and execute at the greatest speed and with the highest level of accuracy and certainty of completion.

Assessment Summary

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

Please refer to the section headed "Relative Importance of Execution Factors".

A description of any close links, conflicts of interests, and common ownership with respect to any execution venues used to execute orders. There are several factors which may potentially influence the order execution behaviour of investment firms such as close links between investment firms and execution venues. Given the potential materiality of these factors it is appropriate to require analysis of such factors in assessing the quality of execution obtained on all execution venues:

Please refer to the section headed "Close Links".

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

N/A

A description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received:

Some execution venues may offer differing fee plans to trading members depending on the volume and nature/type of a trading activity on the venue as well as fee discounts depending on average volume of trading undertaken. Such arrangements apply equally to all trading members who satisfy the relevant criteria under the execution venue rules. Information on such arrangements is publicly available on the relevant execution venues’ website. IBLUX’s decision to route orders to a particular venue for execution is determined by whether execution on such venues allows IBLUX to satisfy its best execution obligations. Further details on fees structures for all instrument classes can be found at our website: https://www.interactivebrokers.eu/en/index.php?f=39753

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 occurred;

Please refer to the section headed "Venue Selection"

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

N/A

An explanation of how the investment firm has used any data or tools relating to the quality of execution, including any data published under RTS 27:

IBLUX collected and reviewed best execution quality statistics. Among other metrics, we:

Among other metrics, we:
  1. used market data available from all venues that we connect to, in order to calculate an aggregated best bid and offer that we further use to measure price improvement and slippage;
  2. collected and examined latency data from our routed orders in order to find and correct situations where current statistics deviate from the previous period;
  3. collected and examined volume shifts from one exchange to another and determine the factors behind;
  4. collected and examined fill rates for both marketable and non-marketable, and further breakout those statistics into sub-categories that allow us to spot and work on potential anomalies.

Where applicable, an explanation of how the investment firm has used output of a consolidated tape provider established under Article 65 of MiFID II:

N/A


The Top 5 Venue Report has been completed on a best efforts basis and with data available for the year 2019.

Equities - Shares & Depositary Receipts

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 5 and 6
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 5 and 6
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 5 and 6
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 5 and 6
Notification if <1 average trade per business day in the previous year Y

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 3 and 4
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 3 and 4
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 3 and 4
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 3 and 4
Notification if <1 average trade per business day in the previous year Y

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 1 and 2
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 1 and 2
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 1 and 2
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Equities - Shares & Depositary Receipts: Tick size liquidity bands 1 and 2
Notification if <1 average trade per business day in the previous year Y

Debt Instruments: Bonds

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Debt instruments: Bonds
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Debt instruments: Bonds
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Debt instruments: Bonds
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Debt instruments: Bonds
Notification if <1 average trade per business day in the previous year Y

Debt Instruments: Money Markets Instruments

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Debt instruments: Money markets instruments
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Debt instruments: Money markets instruments
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Debt instruments: Money markets instruments
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Debt instruments: Money markets instruments
Notification if <1 average trade per business day in the previous year Y

Interest Rates Derivatives: Futures and Options Admitted to Trading on a Trading Venue

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Interest rates derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Interest rates derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Interest rates derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Interest rates derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

Interest Rates Derivatives: Swaps, Forwards and Other Interest Rates Derivatives

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Interest rates derivatives: Swaps, forwards and other interest rates derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Interest rates derivatives: Swaps, forwards and other interest rates derivatives
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Interest rates derivatives: Swaps, forwards and other interest rates derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Interest rates derivatives: Swaps, forwards and other interest rates derivatives
Notification if <1 average trade per business day in the previous year Y

Credit Derivatives: Futures and Options Admitted to Trading on a Trading Venue

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Credit derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Credit derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Credit derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Credit derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

Credit Derivatives: Other Credit Derivatives

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Credit derivatives: Other credit derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Credit derivatives: Other credit derivatives
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Credit derivatives: Other credit derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Credit derivatives: Other credit derivatives
Notification if <1 average trade per business day in the previous year Y

Currency Derivatives: Futures and Options Admitted to Trading on a Trading Venue

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Currency derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Currency derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Currency derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Currency derivatives: Futures and options admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

Currency Derivatives: Swaps, Forwards and Other Currency Derivatives

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Currency derivatives: Swaps, forwards and other currency derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Currency derivatives: Swaps, forwards and other currency derivatives
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Currency derivatives: Swaps, forwards and other currency derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Currency derivatives: Swaps, forwards and other currency derivatives
Notification if <1 average trade per business day in the previous year Y

Structured Finance Instruments

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Structured finance instruments
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Structured finance instruments
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Structured finance instruments
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Structured finance instruments
Notification if <1 average trade per business day in the previous year Y

Equity Derivatives: Options and Futures Admitted to Trading on a Trading Venue

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Equity derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Equity derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Equity derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Equity derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y
Equity Derivatives: Swaps and Other Equity Derivatives

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Equity derivatives: Swaps and other equity derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Equity derivatives: Swaps and other equity derivatives
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Equity derivatives: Swaps and other equity derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Equity derivatives: Swaps and other equity derivatives
Notification if <1 average trade per business day in the previous year Y

Securitized Derivatives: Warrants and Certificate Derivatives

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Securitized derivatives: Warrants and certificate derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Securitized derivatives: Warrants and certificate derivatives
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Securitized derivatives: Warrants and certificate derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Securitized derivatives: Warrants and certificate derivatives
Notification if <1 average trade per business day in the previous year Y

Securitized Derivatives: Other Securitized Derivatives

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Securitized derivatives: Other securitized derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Securitized derivatives: Other securitized derivatives
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Securitized derivatives: Other securitized derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Securitized derivatives: Other securitized derivatives
Notification if <1 average trade per business day in the previous year Y

Commodities Derivatives and Emission Allowances Derivatives: Options and Futures Admitted to Trading on a Trading Venue

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Options and futures admitted to trading on a trading venue
Notification if <1 average trade per business day in the previous year Y

Commodities Derivatives and Emission Allowances Derivatives: Other Commodities Derivatives and Emission Allowances Derivatives

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Other commodities derivatives and emission allowances derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Other commodities derivatives and emission allowances derivatives
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Other commodities derivatives and emission allowances derivatives
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Commodities derivatives and emission allowances derivatives: Other commodities derivatives and emission allowances derivatives
Notification if <1 average trade per business day in the previous year Y

Contracts for Difference: Stock Underlying

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Contracts for difference: Stock underlying
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Contracts for difference: Stock underlying
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Contracts for difference: Stock underlying
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Contracts for difference: Stock underlying
Notification if <1 average trade per business day in the previous year Y

Contracts for Difference: Index Underlying

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Contracts for difference: Index underlying
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Contracts for difference: Index underlying
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Contracts for difference: Index underlying
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Contracts for difference: Index underlying
Notification if <1 average trade per business day in the previous year Y

Contracts for Difference: Cash Underlying

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Contracts for difference: Cash underlying
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Contracts for difference: Cash underlying
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Contracts for difference: Cash underlying
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Contracts for difference: Cash underlying
Notification if <1 average trade per business day in the previous year Y

Contracts for Difference: Other

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Contracts for difference: Other
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Contracts for difference: Other
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Contracts for difference: Other
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Contracts for difference: Other
Notification if <1 average trade per business day in the previous year Y

Exchange Traded Products (Exchange Traded Funds, Exchange Traded Notes and Exchange Traded Commodities)

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Exchange traded products (exchange traded funds, exchange traded notes and exchange traded commodities)
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Exchange traded products (exchange traded funds, exchange traded notes and exchange traded commodities)
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Exchange traded products (exchange traded funds, exchange traded notes and exchange traded commodities)
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Exchange traded products (exchange traded funds, exchange traded notes and exchange traded commodities)
Notification if <1 average trade per business day in the previous year Y

Emission Allowances

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Emission allowances
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Emission allowances
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Emission allowances
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Emission allowances
Notification if <1 average trade per business day in the previous year Y

Other Instruments

The Top Five Execution Venues to which Client Orders were Routed

IBLUX-Executed Orders, Retail Clients

Class of Instrument Other instruments
Notification if <1 average trade per business day in the previous year Y

IBLUX-Executed Orders, Professional Clients

Class of Instrument Other instruments
Notification if <1 average trade per business day in the previous year Y

The Top Five Entities to which Client Orders were Routed

IBLUX-Transmitted Orders, Retail Clients

Class of Instrument Other instruments
Notification if <1 average trade per business day in the previous year Y

IBLUX-Transmitted Orders, Professional Clients

Class of Instrument Other instruments
Notification if <1 average trade per business day in the previous year Y