Statement on Payment for Order Flow

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<section class="section"> <a id="main-content" tabindex="-1"></a> <div class="region region-content"> <div data-drupal-messages-fallback class="hidden"></div> <article role="article" about="/our-statement-pfof" class="node node--type-content-page node--promoted node--view-mode-full clearfix"> <div class="node__content clearfix"> <div class="paragraph-sections field field--name-field-page-section field--type-entity-reference-revisions field--label-hidden"> <section id="paragraph-d_p_banner-1433" class="wrapper-d_p_banner margin-bottom-default margin-top-default theme-default padding-top-default padding-bottom-default"> <div class="clearfix paragraph d-p-banner paragraph--type--d-p-banner paragraph--view-mode--default"> <div class="d-media-background-wrapper"> <div class="field field--name-field-d-media-background field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 75em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/How%20we%20stand%20with%20retail%20investors_lr.jpg?itok=EB38tr5W 1x"/> <source media="all and (min-width: 62em) and (max-width: 74em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/How%20we%20stand%20with%20retail%20investors_lr.jpg?itok=83sx6neE 1x"/> <source media="all and (min-width: 48em) and (max-width: 61em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_992/public/media/image/How%20we%20stand%20with%20retail%20investors_lr.jpg?itok=ozlEUaS9 1x"/> <source media="all and (min-width: 34em) and (max-width: 47em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_768_banner/public/media/image/How%20we%20stand%20with%20retail%20investors_lr.jpg?itok=auExyMjg 1x"/> <img alt="How we stand with retail investors" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/How%20we%20stand%20with%20retail%20investors_lr.jpg?itok=EB38tr5W" typeof="foaf:Image" /> </picture> </div> </div> </div> </div> <div class="content-wrapper"> <div class="content content-inside-wrapper container"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">Equiduct does not support or provide payment for order flow</h2> </div> </div> </div> </section> <section id="paragraph-d_p_text_paged-1434" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default theme-default padding-top-default padding-bottom-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">Our commitment is to retail investors – always.</h2> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>We exist to help retail investors gain access to European markets in a fragmented landscape and to deliver user-friendly Best Execution for those investors.</p> <p>We believe that it is the responsibility of the exchanges to do more to deliver the goals set out in MiFID for retail investors.</p> <p>By democratising access to Best Execution, we are leading positive change in pan-European trading, as part of our ongoing commitment to retail investors.</p> <p> </p> <h6>Find out more about our <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="987579a6-2783-4140-829e-5d2e028442f6" href="/node/2" target="_blank">purpose and mission statement</a><br /> </h6> </div> </div> </div> </section> <section id="paragraph-d_p_text_paged-1435" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default theme-custom padding-top-default padding-bottom-default" style="background-color: #00336e; color: #ffffff;"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">What is Payment for Order Flow? </h2> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>Payment for Order Flow – also known as PFOF – is defined as an arrangement whereby a broker receives payment in exchange for sending order flow to a specific counterparty.</p> <p>PFOF has received a lot of attention as a result of news stories about trading in “meme stocks” driven by Reddit forums and lockdowns in the United States, during the Covid-19 pandemic. With this, European regulators have started to look at what this could mean for retail investors in Europe.</p> </div> </div> </div> </section> <section id="paragraph-d_p_text_paged-1436" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default theme-custom padding-top-default padding-bottom-default" style="background-color: #edf5ff; color: #00336e;"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">What is ESMA’s statement on PFOF?</h2> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p><a href="https://www.esma.europa.eu/sites/default/files/library/esma35-43-2749_esma_public_statement_pfof_and_zero-commission_brokers.pdf" target="_blank">ESMA’s public statement</a> highlighted the fact that the receipt of PFOF by firms from third parties would not be compatible with MiFID II, as it incentivises those firms to choose the third party offering the highest payment, rather than the best possible outcome for its end clients when executing their orders.</p> <p>Therefore, when choosing their execution venue, firms need to ensure that they comply with local and international rules and regulations, and deliver Best Execution.</p> <p>Brokers connected to Equiduct provide their clients with access to best execution on a multilateral, regulated market which prioritises the interests of their end clients, the retail investor.</p> </div> </div> </div> </section> <section id="paragraph-d_p_text_paged-1447" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default theme-default padding-top-default padding-bottom-small"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">How we stand with retail investors in support of ESMA’s position</h2> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>Improving execution quality and the investment experience is at the heart of everything we do.</p> <p>So how do we stand with retail investors in light of ESMA’s position regarding PFOF?</p> </div> </div> </div> </section> <section id="paragraph-d_p_group_of_text_blocks-1440" class="wrapper-d_p_group_of_text_blocks our-purpose group-of-blocks-with-icons broke-benefits margin-bottom-default full-width margin-top-default theme-default padding-top-small padding-bottom-small"> <div class="clearfix paragraph d-p-group-of-text-blocks paragraph--type--d-p-group-of-text-blocks paragraph--view-mode--default"> <div class="container d-p-group-of-text-blocks-header-wrapper"> </div> <div class="d-p-tiles-wrapper container expandable-content"> <section > <div class="field field--name-field-d-p-tb-block-reference field--type-entity-reference-revisions field--label-hidden subparagraphs-wrapper single-boxes-wrapper row"> <div class="single-box-wrapper list-item-wrapper col-lg-4 col-sm-4 col-12"> <section id="paragraph-d_p_single_text_block-1437" class="wrapper-d_p_single_text_block our-purpose group-of-blocks-with-icons theme-default margin-bottom-default margin-top-default padding-top-default padding-bottom-default"> <div class="clearfix paragraph d-p-text-block paragraph--type--d-p-single-text-block paragraph--view-mode--default"> <div class="content-wrapper"> <div class="field field--name-field-d-media-icon field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img width="500" height="260" alt="Number 1" loading="lazy" class="lazyload" data-src="/sites/default/files/media/image/number1_0.png" typeof="foaf:Image" /> </div> </div> </div> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">We do not support or provide Payment for Order Flow</h2> </div> </div> </section> </div> <div class="single-box-wrapper list-item-wrapper col-lg-4 col-sm-4 col-12"> <section id="paragraph-d_p_single_text_block-1438" class="wrapper-d_p_single_text_block our-purpose group-of-blocks-with-icons theme-default margin-bottom-default margin-top-default padding-top-default padding-bottom-default"> <div class="clearfix paragraph d-p-text-block paragraph--type--d-p-single-text-block paragraph--view-mode--default"> <div class="content-wrapper"> <div class="field field--name-field-d-media-icon field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img width="260" height="260" alt="Number 2" loading="lazy" class="lazyload" data-src="/sites/default/files/media/image/number2_1.png" typeof="foaf:Image" /> </div> </div> </div> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">Our Fee Schedule is public, transparent and available for all to see</h2> </div> </div> </section> </div> <div class="single-box-wrapper list-item-wrapper col-lg-4 col-sm-4 col-12"> <section id="paragraph-d_p_single_text_block-1439" class="wrapper-d_p_single_text_block our-purpose group-of-blocks-with-icons theme-default margin-bottom-default margin-top-default padding-top-default padding-bottom-default"> <div class="clearfix paragraph d-p-text-block paragraph--type--d-p-single-text-block paragraph--view-mode--default"> <div class="content-wrapper"> <div class="field field--name-field-d-media-icon field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <img width="500" height="260" alt="Number 3" loading="lazy" class="lazyload" data-src="/sites/default/files/media/image/number3_0.png" typeof="foaf:Image" /> </div> </div> </div> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">Apex is a multilateral service on a regulated market</h2> </div> </div> </section> </div> </div> </section> </div> </div> </section> <section id="paragraph-d_p_side_by_side-1443" class="wrapper-d_p_side_by_side margin-bottom-default margin-top-default theme-default padding-top-default padding-bottom-default"> <div class="clearfix paragraph d-p-side-by-side with-forced-long-text-margin paragraph--type--d-p-side-by-side paragraph--view-mode--default without-header"> <div class="side-header container"> </div> <div class="d-p-tiles-wrapper expandable-content"> <div class="container items"> <section class="row"> <div class="field field--name-field-d-p-sbs-items field--type-entity-reference-revisions field--label-hidden w-100 items-wrapper d-flex flex-wrap"> <div class="list-item-wrapper col-sm-6 item-1"> <section id="paragraph-d_p_single_text_block-1441" class="wrapper-d_p_single_text_block user-image-background theme-default margin-bottom-default margin-top-default padding-top-default padding-bottom-default"> <div class="clearfix paragraph d-p-text-block paragraph--type--d-p-single-text-block paragraph--view-mode--default"> <div class="d-media-background-wrapper"> <div class="field field--name-field-d-media-background field--type-entity-reference field--label-hidden field__item"><div> <div class="field field--name-field-media-image field--type-image field--label-hidden field__item"> <picture> <source media="all and (min-width: 75em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_2000/public/media/image/AdobeStock_393652002_landing%20page%20banner%202.jpg?itok=Q9Ud5IW6 1x"/> <source media="all and (min-width: 62em) and (max-width: 74em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_1200/public/media/image/AdobeStock_393652002_landing%20page%20banner%202.jpg?itok=xU7dCutP 1x"/> <source media="all and (min-width: 48em) and (max-width: 61em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_992/public/media/image/AdobeStock_393652002_landing%20page%20banner%202.jpg?itok=gmXwuSu8 1x"/> <source media="all and (min-width: 34em) and (max-width: 47em)" type="image/jpeg" data-srcset="/sites/default/files/styles/responsive_image_768/public/media/image/AdobeStock_393652002_landing%20page%20banner%202.jpg?itok=ge8vNDYd 1x"/> <img alt="PFOF statement" class="lazyload" data-src="/sites/default/files/styles/responsive_image_2000/public/media/image/AdobeStock_393652002_landing%20page%20banner%202.jpg?itok=Q9Ud5IW6" typeof="foaf:Image" /> </picture> </div> </div> </div> </div> <div class="content-wrapper"> </div> </div> </section> </div> <div class="list-item-wrapper col-sm-6 item-2"> <section id="paragraph-d_p_single_text_block-1442" class="wrapper-d_p_single_text_block with-long-text remove-accent theme-custom margin-bottom-default margin-top-default padding-top-default padding-bottom-default" style="background-color: #00336e; color: #ffffff;"> <div class="clearfix paragraph d-p-text-block paragraph--type--d-p-single-text-block paragraph--view-mode--default"> <div class="content-wrapper"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">Download our statement regarding PFOF</h2> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>Read in detail how we support ESMA’s position on PFOF and stand with retail investors – always.</p> </div> <div class="mt-4"> <div class="field field--name-field-d-cta-link field--type-link field--label-hidden field__item"><a href="/sites/default/files/documents/Equiduct-PFOF-Statement.pdf" target="_blank" class="btn btn-primary">DOWNLOAD NOW</a></div> </div> </div> </div> </section> </div> </div> </section> </div> </div> </div> </section> <section id="paragraph-d_p_text_paged-1444" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default theme-default padding-top-default padding-bottom-small"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">Our credentials and regulatory operation</h2> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>We are a pan-European exchange and Regulated Market. We operate under the regulatory license of Börse Berlin and provides pan-European Best-Execution services and market data on fragmented Equities and ETFs.</p> <p>We operate as a regulated market (commonly referred to as an Exchange) in the context of a post MiFID II trading environment, offering access to all major primary and secondary market liquidity in Europe using a single exchange connection.</p> <p>Our clients receive daily Best Execution reports in accordance with MiFID best practices.</p> <p>Furthermore, we operate under a highly regulated ecosystem:</p> </div> </div> </div> </section> <section id="paragraph-d_p_text_paged-1445" class="wrapper-d_p_text_paged with-long-text remove-accent margin-bottom-default margin-top-default theme-default padding-top-small padding-bottom-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><img alt="Our regulatory framework" data-entity-type="file" data-entity-uuid="34b1e063-181c-4934-bbb3-43ca0a8ef0e4" src="/sites/default/files/inline-images/regulatory%20framework_7.png" class="align-center" width="4259" height="2471" loading="lazy" /><p> </p> </div> </div> </div> </section> <section id="paragraph-d_p_block-1446" class="wrapper-d_p_block margin-bottom-default margin-top-default theme-custom padding-top-default padding-bottom-default" style="background-color: #edf5ff; color: #00336e;"> <div class="clearfix paragraph paragraph--type--d-p-block paragraph--view-mode--default"> <div data-id="paragraph-d_p_block-1446"> <div class="content-wrapper"> <div class="content container"> <div class="field field--name-field-block field--type-d-block-field field--label-hidden field__item"> <div class="block block-block-content block-block-content85fb7110-548e-439d-bcd2-e2bd249d98a3"> <div class="content"> <div class="field field--name-field-paragraphs field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <section id="paragraph-d_p_text_paged-111" class="wrapper-d_p_text_paged with-long-text margin-bottom-default margin-top-default padding-bottom-default padding-top-default theme-default"> <div class="clearfix paragraph text-page paragraph--type--d-p-text-paged paragraph--view-mode--default"> <div class="container"> <h2 class="field field--name-field-d-main-title field--type-string field--label-hidden">Become a member</h2> <div class="clearfix text-formatted field field--name-field-d-long-text field--type-text-long field--label-hidden field__item"><p>Interested in joining us? 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