Best execution — how we handle and execute Client orders, and the steps taken to obtain the best possible result on a consistent basis. By entering into the Client Agreement, you consent to this Policy.
This Order Execution Policy explains how Makeba Markets (Pty) Ltd (FSP 53160) handles and executes Client orders, and the steps taken to obtain the best possible result for Clients on a consistent basis, taking into account the nature of the products offered. By entering into the Client Agreement, the Client consents to this Order Execution Policy.
The Company may execute Client orders either as principal counterparty to the trade, by passing orders to one or more third-party liquidity providers, or a combination of both, depending on the instrument and prevailing market conditions. Details of the applicable execution model per product are available on request and are set out in the Company's trading conditions.
In executing Client orders, the Company takes into account the following factors, weighted according to the characteristics of the Client, the order, the financial instrument, and the execution venue:
For retail Clients, the best possible result is generally determined in terms of total consideration, being the price of the instrument and the costs related to execution.
The Trading Platform supports market orders, limit orders, and stop orders, along with such other order types as are made available from time to time. A market order is executed at the best available price at the time of execution; a limit order is executed only at a specified price or better; and a stop order becomes a market order once a specified trigger price is reached. Each order type carries different execution characteristics and risks, details of which are available in the Company's platform documentation.
Prices are derived from the Company's liquidity provider(s) and/or aggregated market data feeds. Spreads reflect prevailing market liquidity and volatility and may vary throughout the trading session. Applicable spreads and any commissions are summarised in our Fees, Charges and Spreads Schedule.
Market orders are executed at the best available price at the time of execution, which may differ from the price quoted at the time the order was placed (slippage), particularly during volatile market conditions, around news events, or at market open. Slippage may be positive or negative for the Client — it can result in execution at a better or worse price than requested. Limit and stop orders will generally be executed at the requested price or better where sufficient liquidity is available; however, execution at the exact requested price is not guaranteed.
In the event of abnormal market conditions, including extreme volatility, suspension or restriction of trading in an underlying instrument, or a failure of pricing feeds, the Company may widen spreads, increase margin requirements, restrict order types, or suspend trading in the affected instrument(s), acting reasonably and in accordance with its obligations to Clients.
The Company will take all sufficient steps to obtain the best possible result for Clients on a consistent basis, but does not guarantee that every individual order will be executed at the best price theoretically available in the market at that moment.
The Company monitors the effectiveness of its execution arrangements — including realised spreads, slippage, rejection rates, and requote frequency — on an ongoing basis, under the oversight framework described in our Best Execution Governance Policy. This Policy is reviewed at least annually, or upon any material change to execution arrangements, liquidity providers, or Applicable Regulations.