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Shares

Getting you the best price

Going the extra mile to get you the best price for your trade

Our focus is on you and getting you the best price on your deal.

When you ask us to place a deal for you, we source prices from multiple brokers to ensure you get the best price.

We aren’t owned by, and we don’t own, the companies we place your deals with. There are no conflicts of interest or close ties with them. And we don’t get any payments or non-monetary benefits for dealing with a specific venue or firm.

We place all overseas deals with Winterflood Securities Ltd and Peel Hunt LLP. They charge us for providing this service to you.

What we look at

Price and costs are the main things we look for in getting you the best deal. But there may be times when we need to consider other things.

For example, when prices are moving quickly, we want to place your deal as soon as possible. So speed is important.

The size and investment you’re trading may also impact who we deal with. For example, if you’re buying or selling a large quantity of an investment, or the investment isn’t frequently traded.

On these occasions we may need to focus on certain firms. These will be the ones most likely to be able to place your deal and settle it. If you give us specific instructions on how you want us to place your trade, we will follow these. But it may impact the price you get.

We treat all our clients the same; as retail clients. This means we don’t treat you as a professional investor and it gives you the best regulatory protection.

How did we do?

In 2020, 98.69% of trades were at or better than the live London Stock Exchange price.

We use an independent company to check we’ve got you the best price. We don’t give them any of your information. They only look at the trades and prices you receive.

Every day we’ll look at any trades which didn’t meet our high standards to find out why.

And we’ll match the price if we could have done better. Either by updating the price you got or by giving you money to cover the difference. We’ll always contact you to let you know what we’ve done.

We also review the quality of execution reports produced by each firm we place your deals with to make sure they’re meeting our expectations and justify our continuing relationship.

We’ll continue to check that we get the best deals for you. Each year, we’ll update our results and explain any changes.

You can see a list of the top firms used to place your deals in the reports below. For all types of investment, HL dealt on average at least 1 trade per working day during 2020.

2020

  • Equity

    In 2020, 98.65% of equity trades were at or better than the live London Stock Exchange price.

    Tick size liquidity band 1 and 2 (shares that trade between 0 to 79 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 35.04% 32.15% 100%
    Peel Hunt LLP 24.28% 40.28% 100%
    Shore Capital Stockbrokers Limited 13.35% 7.83% 100%
    Cantor Fitzgerald Europe 9.46% 2.97% 100%
    Berenberg 7.77% 2.99% 100%

    Tick size liquidity bands 3 and 4 (shares that trade between 80 – 1999 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 41.02% 39.68% 100%
    Peel Hunt LLP 40.90% 37.52% 100%
    Shore Capital Stockbrokers Limited 7.50% 7.57% 100%
    Cantor Fitzgerald Europe 4.21% 3.25% 100%
    N+1 Singer 2.21% 3.84% 100%

    Tick size liquidity bands 5 and 6 (shares that trade more than 2000 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Peel Hunt LLP 39.92% 51.63% 100%
    Winterflood Securities Ltd 35.99% 36.81% 100%
    Shore Capital Stockbrokers Limited 8.36% 5.79% 100%
    N+1 Singer 4.84% 1.85% 100%
    Investec 1.29% 1.45% 100%

    Source: HL/LiquidMetrix, correct as at 15 March 2021

    View in Excel

  • Bonds

    In 2020, 98.82% of bond trades at or better than the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Peel Hunt LLP 48.62% 48.87% 100%
    Winterflood Securities Ltd 32.71% 31.11% 100%
    Canaccord Genuity Limited 11.95% 19.12% 100%
    RIA Capital Markets Ltd 6.71% 0.85% 100%
    Investec 0.00% 0.02% 100%

    Source: HL/LiquidMetrix, correct as at 15 March 2021

    View in Excel

  • ETPs

    In 2020, 99.07% of ETP trades were at or better than the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 55.28% 51.46% 100%
    Peel Hunt LLP 43.97% 42.09% 100%
    Investec 0.46% 5.21% 100%
    Virtu Financial Ireland Ltd 0.17% 0.38% 100%
    Stifel Nicolaus Europe Ltd 0.03% 0.38% 100%

    Source: HL/LiquidMetrix, correct as at 15 March 2021

    View in Excel

  • Securitised Derivatives

    In 2020, 100% of securitised derivative trades were at or better than the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    N+1 Singer 28.58% 9.64% 100%
    Shore Capital Stockbrokers Limited 17.62% 7.86% 100%
    Peel Hunt LLP 16.22% 5.27% 100%
    SG Option Europe 16.04% 70.49% 100%
    Finncap Ltd 6.35% 2.67% 100%

    Source: HL/LiquidMetrix, correct as at 15 March 2021

    View in Excel

2019

  • Equity

    In 2019, 99.71% of equity trades were within 0.03% of the live London Stock Exchange price.

    Tick size liquidity band 1 and 2 (shares that trade between 0 to 79 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 34.59% 38.63% 100%
    Peel Hunt LLP 21.56% 19.58% 100%
    Cantor Fitzgerald Europe 16.23% 9.11% 100%
    Shore Capital Stockbrokers Limited 14.66% 9.60% 100%
    Stifel Nicolaus Europe Limited 7.39% 1.89% 100%

    Tick size liquidity bands 3 and 4 (shares that trade between 80 – 1999 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 33.91% 35.91% 100%
    Peel Hunt LLP 22.33% 33.80% 100%
    Shore Capital Stockbrokers Limited 13.77% 6.92% 100%
    Berenberg 9.58% 1.20% 100%
    Cantor Fitzgerald Europe 8.97% 3.26% 100%

    Tick size liquidity bands 5 and 6 (shares that trade more than 2000 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 35.50% 34.00% 100%
    Peel Hunt LLP 33.31% 50.34% 100%
    Shore Capital Stockbrokers Limited 7.99% 5.15% 100%
    Jefferies International Limited 7.44% 1.10% 100%
    Cantor Fitzgerald Europe 4.46% 0.35% 100%

    Source: HL/LiquidMetrix, correct as at 31 March 2020

    View in Excel

  • Bonds

    In 2019, 99.14% of bond trades were within 0.03% of the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Peel Hunt LLP 30.26% 39.39% 100%
    Winterflood Securities Ltd 39.66% 38.69% 100%
    Canaccord Genuity Limited 13.09% 20.09% 100%
    RIA Capital Markets Ltd 16.88% 1.35% 100%
    Panmure Gordon (UK) 0.07% 0.26% 100%

    Source: HL/LiquidMetrix, correct as at 31 March 2020

    View in Excel

  • ETPs

    In 2019, 99.87% of ETP trades were within 0.03% of the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 69.28% 52.00% 100%
    Peel Hunt LLP 14.78% 23.82% 100%
    Stifel Nicolaus 1.75% 8.79% 100%
    Flow Traders B.V. 8.79% 7.42% 100%
    Investec PLC 0.45% 4.69% 100%

    Source: HL/LiquidMetrix, correct as at 31 March 2020

    View in Excel

  • Securitised Derivatives

    In 2019, 99.93% of securitised derivative trades were within 0.03% of the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    SG Option Europe 55.51% 85.85% 100%
    Cantor Fitzgerald Europe 19.87% 4.37% 100%
    Stifel Nicolaus Europe Ltd 4.92% 2.67% 100%
    Winterflood Securities Ltd 3.86% 2.26% 100%
    Peel Hunt LLP 4.50% 1.14% 100%

    Source: HL/LiquidMetrix, correct as at 31 March 2020

    View in Excel

2018

  • Equity

    In 2018, 99.94% of equity trades were within 0.04% of the live London Stock Exchange price.

    Tick size liquidity band 1 and 2 (shares that trade between 0 to 79 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 34.98% 44.70% 100%
    Peel Hunt LLP 22.95% 23.21% 100%
    Cantor Fitzgerald Europe 17.88% 8.18% 100%
    Shore Capital Stockbrokers Limited 16.32% 7.10% 100%
    Stifel Nicolaus Europe Limited 3.74% 1.19% 100%

    Tick size liquidity bands 3 and 4 (shares that trade between 80 – 1999 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 34.78% 40.29% 100%
    Peel Hunt LLP 21.26% 25.58% 100%
    Shore Capital Stockbrokers Limited 13.42% 6.47% 100%
    Cantor Fitzgerald Europe 11.27% 4.63% 100%
    Berenberg 8.32% 1.16% 100%

    Tick size liquidity bands 5 and 6 (shares that trade more than 2000 times per day)

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 37.93% 43.73% 100%
    Peel Hunt LLP 27.63% 27.51% 100%
    Shore Capital Stockbrokers Limited 9.22% 3.60% 100%
    Virtu Financial Ireland Limited 7.91% 9.87% 100%
    Jefferies International Limited 6.53% 2.85% 100%

    Source HL/LiquidMetrix, correct as at 29 March 2019

    View in Excel

  • Bonds

    In 2018, 99.73% of bond trades were within 0.04% of the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 40.86% 36.89% 100%
    Cantor Fitzgerald Europe 23.00% 6.33% 100%
    Peel Hunt LLP 15.63% 33.31% 100%
    Canaccord Genuity Limited 13.82% 21.71% 100%
    RIA Capital Markets Ltd 6.47% 1.42% 100%

    Source HL/LiquidMetrix, correct as at 29 March 2019

    View in Excel

  • ETPs

    In 2018, 99.98% of ETP trades were within 0.04% of the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 60.70% 56.24% 100%
    Peel Hunt LLP 21.24% 21.31% 100%
    Flow Traders B.V. 15.22% 10.40% 100%
    Stifel Nicolaus 1.50% 5.12% 100%
    Susquehanna International Securities Limited 0.68% 3.17% 100%

    Source HL/LiquidMetrix, correct as at 29 March 2019

    View in Excel

  • Securitised Derivatives

    In 2018, 99.98% of securitised derivative trades were within 0.04% of the live London Stock Exchange price.

    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Societe Generale SA 88.54% 86.47% 100%
    finnCap Ltd 3.80% 2.63% 100%
    N+1 Singer Capital Markets Limited 3.22% 1.72% 100%
    Cantor Fitzgerald Europe 1.98% 1.86% 100%
    Winterflood Securities Ltd 0.94% 2.44% 100%

    Source HL/LiquidMetrix, correct as at 29 March 2019

    View in Excel

2017

  • Equity
    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 37.65% 42.51% 100%
    Peel Hunt LLP 19.35% 16.82% 100%
    Cantor Fitzgerald Europe 17.66% 5.38% 100%
    Shore Capital Stockbrokers Ltd 14.35% 5.54% 100%
    Stifel Nicolaus Europe Ltd 3.70% 1.15% 100%

    Source HL/LiquidMetrix, correct as at 30 April 2018

    View in Excel

  • Bonds
    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Gilts Ltd 42.68% 47.13% 100%
    Canaccord Genuity Ltd 17.99% 20.22% 100%
    Cantor Fitzgerald Europe 14.85% 5.13% 100%
    Peel Hunt LLP 13.54% 24.47% 100%
    RIA Capital Markets Ltd 8.74% 1.67% 100%

    Source HL/LiquidMetrix, correct as at 30 April 2018

    View in Excel

  • ETPs
    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    Winterflood Securities Ltd 62.76% 54.53% 100%
    Peel Hunt LLP 17.29% 21.39% 100%
    Susquehanna Intl Securities Ltd 8.18% 7.19% 100%
    Flow Traders BV 7.2% 7.63% 100%
    KCG Europe Ltd 2.94% 3.77% 100%

    Source HL/LiquidMetrix, correct as at 30 April 2018

    View in Excel

  • Securitised Derivatives
    Top 5 venues ranked in terms of volume (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders traded as a percentage of total in that class Percentage of Aggressive Orders
    SG Option Europe 70.4% 57.01% 100%
    Panmure Gordon (UK) Ltd 5.06% 2.73% 100%
    Canaccord Genuity Ltd 4.40% 6.78% 100%
    Winterflood Securities Ltd 3.14% 9.43% 100%
    Stifel Nicolaus Europe Ltd 2.61% 6.45% 100%

    Source HL/LiquidMetrix, correct as at 30 April 2018

    View in Excel

Counterparty

Arden Partners PLC
Joh. Berenberg, Gossler & Co. KG
BMO Capital Markets Limited
Canaccord Genuity Limited
Cantor Fitzgerald Europe
Cenkos Securities PLC
J&E Davy (UK) Limited
FinnCap Ltd
Flow Traders B.V.
Goodbody Stockbrokers
Guy Butler Limited
Investec Bank PLC
Jefferies International Limited
JP Morgan Securities plc
King and Shaxson Limited
Liberum Capital Limited
Marex Financial
Numis Securities Limited
Panmure Gordon (UK) Limited
Peel Hunt LLP
RBC Europe Limited
RIA Capital Markets Limited
Shore Capital Stockbrokers Limited
Singer Capital Markets Securities Limited
Societe Generale International Limited
Stifel Nicolaus Europe Limited
Susquehanna International Securities Limited
The Seaport Group Europe LLP
Virtu Financial Ireland Limited
WH Ireland Limited
Winterflood Securities Limited
Winterflood Gilts Limited