Ornatefx Ltd. (“OrnateFX”, “we”) is committed to providing best execution to its clients in respect of all orders it accepts. This Order Execution Policy describes how we achieve that and forms part of the Client Services Agreement.
Scope
This policy applies to all orders received from clients in respect of CFDs and spot foreign exchange instruments listed on the OrnateFX platform, across all account types (Standard, Cent, Pro and ECN).
Best-execution principle
We take all sufficient steps to obtain the best possible result for our clients when executing orders, taking into account the execution factors listed below and the relative importance of each factor based on the client's categorisation, the characteristics of the order, and the characteristics of the financial instrument concerned.
Execution factors
The factors we consider when executing client orders include:
- Price — the bid or ask available across our aggregated liquidity pool.
- Costs — explicit costs (spread, commission) and implicit costs (slippage).
- Speed — the latency between order receipt and execution.
- Likelihood of execution and settlement — fill probability at the requested level.
- Size of order — relative to typical market depth on the instrument.
- Nature of the order — market, limit, stop, or other conditional logic.
- Market impact and any other relevant factor in respect of the execution of an order.
For Retail Clients, the best possible result is determined in terms of the total consideration — the price of the instrument and the costs related to execution.
Execution venues
OrnateFX acts as principal in respect of all client trades. Trades are entered into between the client and OrnateFX directly on an over-the-counter (OTC) basis. We aggregate prices from a panel of tier-1 banks and non-bank market makers, and we route every client order against the best available inside quote at the moment of fill.
We do not operate a “last-look” window on the majority of the symbol universe. Where a last-look applies, this is disclosed in the symbol specification.
Order types
- Market orders are executed at the best available price at the time the order reaches our system.
- Limit orders are executed at the specified price or better.
- Stop orders become market orders once the trigger price is reached.
- Stop-limit orders become limit orders once the trigger price is reached.
- Trailing-stop orders adjust dynamically with favourable price movement.
Specific instructions
Where a client gives us a specific instruction, we will execute the order in accordance with that instruction. Following a specific instruction may prevent us from taking the steps we have designed in this Policy to obtain the best possible result in respect of the elements covered by the instruction.
Order aggregation
We may aggregate a client order with our own orders or with orders of other clients. We will only do this where we reasonably believe that aggregation is unlikely to work to the overall disadvantage of any client whose order is aggregated. Aggregation may, on occasion, result in a less favourable price than would have been achieved had the order been executed separately.
Out-of-hours trading
Where we permit trading outside the official hours of the underlying market, executions may be carried out at prices that diverge from the prices that prevail when the underlying market reopens. Out-of-hours pricing is provided as a courtesy and is not guaranteed.
Monitoring & review
We monitor the effectiveness of this Policy and the quality of execution on an ongoing basis. Reviews are conducted at least annually and whenever a material change occurs in our ability to obtain the best possible result for clients. Where deficiencies are identified, we take appropriate remedial action.
Client consent
By entering into the Client Services Agreement, you consent to this Order Execution Policy, including (where applicable) the execution of orders outside a regulated market or a Multilateral Trading Facility (MTF).
Contact
For questions about this Policy, contact support@ornatefx.com.