the reliability of quotes from the marketplace or counterparty.the certainty of execution, taking into account:.the price at which the trade would occur.More specifically, it means that in determining “best execution”, PI will take into consideration a number of general factors including but not limited to: This means that PI will diligently pursue the execution of each client order on the most advantageous execution terms reasonably available under the circumstances. PI is committed to use all reasonable efforts to ensure that our clients achieve “best execution” of their orders for securities that are quoted or traded on all marketplaces. A marketplace may be unprotected because its bids and offers are not public, because tradeable orders are not executed immediately on entry, or because its share of trading is too small. Note - * protected (as of the date of this disclosure).Īll orders for listed securities entered into Canadian marketplaces are subject to the Order Protection Rule, under which a dealer cannot execute a purchase at a lower price or a sale at a higher price than the best available bid or offer on any protected marketplace. The alternative Canadian electronic marketplaces which PI accesses, or may access, are: Orders for Canadian-listed securities may be executed on the Toronto Stock Exchange (“TSX”), the TSX Venture Exchange (“TSXV”), the Canadian Securities Exchange (“CSE”), the NEO Stock Exchange (“NEO”), a number of alternative Canadian electronic marketplaces, or on a foreign organized regulated market. For institutional customers, PI may not have a best execution obligation if an institution asks PI for a bid or offer or if PI contacts an institution seeking a bid or offer such that PI and the institution will be acting as counterparties rather than the institution using PI as its agent to fill an order. These policies and procedures apply to all trading conducted for retail and as agent for institutional clients. These policies and procedures may affect the manner in which client trades are conducted. and its affiliates (collectively PI) designed to provide best execution to clients. This document provides a summary of the policies and procedures of PI Financial Corp. Multiple Marketplaces & Best Execution Policy – July 2021