Daintree Management use the Raymond James dealing desk as our sole trading venue. For completeness of disclosure we have attached the latest Raymond James reports which sets out the top 5 trading venues they use and includes information on the volumes of business as a percentage traded with each venue for each main order type. The Raymond James RTS 28 report, also attached, sets out a summary of their analysis of the quality of execution obtained by using their chosen execution venues. Daintree Wealth Management also sets out below our own RTS 28 report which does the same but in respect of the Raymond James dealing desk.
As an Investment firm, we are required to publish each class of financial instruments, a summary of the analysis and conclusions we draw from our detailed monitoring of the quality of execution obtained on the execution venue we have chosen. The following presents a summary prepared by Daintree Wealth Management.
(a) an explanation of the relative importance the firm gave to the execution factors of price, costs, speed, likelihood of execution or any other consideration including qualitative factors when assessing the quality of execution;
Best execution is the requirement to take all sufficient steps to obtain the best possible
result when executing transactions on your behalf. Best execution takes into account
price, speed, likelihood of execution and settlement, costs, size and nature of the
transaction or any other consideration relevant to the execution. Some of these factors
will have a higher priority than others and the relative importance may alter when
appropriate. Precedence will vary, since certain financial instruments trade within
differing conditions and alter according to the order size and available liquidity. We are
happy with the trading experience that Raymond James has provided us with through 2020.
We are satisfied through our trading experience that this trading venue meets our best
execution and order handling policy requirements. Raymond James generally considers price, likelihood of execution and settlement and overall cost to be of foremost importance but will
factor in all these components when executing a trade.
(b) a description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders;
Daintree Wealth Management does not have any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders in 2018.
(c) a description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received;
Daintree Wealth Management does not have any specific arrangements with any execution venues
regarding payments made or received, discounts, rebates or non-monetary benefits
received during 2018.
(d) an explanation of the factors that led to a change in the list of execution venues listed in the firm’s execution policy, if such a change occurred;
There was no change to the list of execution venues used in 2020.
(e) an explanation of how order execution differs according to client categorisation, where the firm treats categories of clients differently and where it may affect the order execution arrangements;
Daintree Wealth Management treats all clients as Retail clients providing the highest level of protection to its clients.
(f) an explanation of whether other criteria were given precedence over immediate price and cost when executing retail client orders and how these other criteria were instrumental in delivering the best possible result in terms of the total consideration to the client;
As mentioned above we also consider likelihood of execution and settlement alongside price and cost in our Execution Policy. The Raymond James dealing desk treat all clients as retails clients with the aim being to ensure the client is receiving the best overall outcome for each order executed.
(g) an explanation of how the investment firm has used any data or tools relating to the quality of execution, including any data published under Commission Delegated Regulation (EU) 2017/575;
Data is yet to be published by execution venues under Commission Delegated Regulation (EU) 2017/575 [RTS 27]. This is due to be published in the near future and Daintree Wealth Management will review how this data can be used to make comparisons against its own analysis. For its own analysis Daintree Wealth Management will be guided by Raymond James. Which will use Liquid Metrix to monitor execution quality. This tool has been in place for 2018 and as such data is not included in this report.