Best Execution

Slippage

Slippage is the difference between the requested price and the fill price or (more accurately) the market price at the time the order is received and the fill price.

• Slippage generally occurs for 2 reasons, either due to a delay between an action and its execution or due to a lack of liquidity depth resulting in VWAP (volume weighted average price) slippage. Signal Provider is dedicated to ensuring minimal slippage for all of its clients.
• Our extensive and diverse liquidity mix enables us to hold our trading counterparties to a high standard. We maintain fill ratios with individual LPs of greater than 90% and use ‘no last look’ when supported for improved execution and reduced slippage on your trades.
• Signal Provider selects its technology providers very specifically to ensure the highest quality for its clients. By maintaining a close relationship with all technology providers and through constant monitoring and reporting we are able to refine our trading environment to reduce slippage across the board.
• We pass on all price improvements so our positive and negative slippage is symmetrical.

Order execution

Rules per asset class

Signal Provider's

Trading Counterparties

As an ECN, STP and NDD broker, our focus is to find the best trading counterparties for your trades.

Signal Provider executes all trades on a back to back, 1:1 basis, with the group parent Gleneagle Securities Pty Ltd. Gleneagle maintains all prime broker and trading relationships for the group. Gleneagle Securities executes trades with the trading counterparties below for Signal Provider.

When you request a trade receipt from Signal Provider, one of these trading counterparties will always feature - assuming the trade is above the interbank minimum.

• We review our prices relative to other providers. For products where we do not have an ‘aggregated’ price and therefore the price is more susceptible to manipulation, e.g. Indices CFDs, we take factors such as fair value and skew into consideration to ensure the fairness and competitiveness of our prices.
• We regularly review all trading counterparties and are always adding new ones to improve our pricing and execution.

Other

We trade with you as principal

When you trade with Signal Provider, we execute your trades as principal since we issue the product to you, i.e. we are the financial services provider giving you the product.

This legal relationship does not mean your trade is not executed by one of the group's liquidity providers, it just means that Signal Provider is the legal counterparty to your trade. This legal relationship will be the same wherever you trade unless the broker is an ‘agent’, i.e. They’re a middleman between you and the real broker, who you will trade with as principal. This is generally how OTC markets operate.

Signal Provider cannot act as an agent between a trader and the market since this would require the trader to have a relationship with the prime broker, which they could not do without tens of millions of capital behind them. Signal Provider can and does facilitate such arrangements for institutional traders that have their own prime broker.

Who is the counterparty on your trades?

Signal Provider is the legal counterparty to all of your trades. We are the financial services provider issuing the product to you and we are trading with you as principal.

Signal Provider offsets 100% of its market risk with Gleneagle Securities Pty Ltd who in turn offsets most of this risk with its trading counterparties - banks, non-banks and ECNs. See the small trades section above for how small trades are executed.

Despite the fact that we are the counterparty to your trades, we are always able to demonstrate which liquidity provider filled your trades and this is the core difference between Signal Provider’s ECN, STP, NDD business model and 99.99% of other brokers.