The internal oversight framework by which we monitor and evidence compliance with our client-facing Order Execution Policy.
This Best Execution Governance Policy sets out the internal oversight framework by which Makeba Markets (Pty) Ltd (FSP 53160) monitors and evidences compliance with its client-facing Order Execution Policy. It should be read together with the Order Execution Policy, which describes the execution factors and arrangements applicable to Client orders.
Responsibility for the design, implementation, and ongoing monitoring of the Company's execution arrangements rests with the Company's directors, supported by the compliance function. Execution quality is reviewed at a frequency proportionate to the Company's trading volumes, and no less than quarterly.
The Company maintains a list of approved execution venues and/or liquidity providers, selected and periodically reviewed against criteria including pricing competitiveness, execution speed, reliability, and financial standing. The current list is available to Clients on request.
The Company monitors, on an ongoing basis, indicators of execution quality including realised spreads, slippage (positive and negative), rejection rates, and requote frequency, and investigates any material adverse pattern identified.
Where the Company acts as principal counterparty to Client trades, execution quality monitoring is conducted independently of any function with a financial interest in trading outcomes, consistent with our Conflicts of Interest Policy.
The Company will, on reasonable request, demonstrate to a Client that their orders have been executed in accordance with this Policy and the Order Execution Policy.
This Policy is reviewed at least annually, and upon any material change to execution arrangements, liquidity providers, or Applicable Regulations.