Order Execution Policy
1. Swilt Group Limited is an international business company of the Republic of Seychelles (CN：212930) , This website is owned and operated by Swilt Group Limited.
2.This Order Execution Policy (hereinafter the “Policy”) forms part of the Client Agreement. Therefore, by entering into the Client Agreement with the Firm, you are also agreeing to the terms of our Order Execution Policy relating to financial instruments provided by the Firm, the contract specifications of which are available online at https://global.ArgoFX.com (the "Financial Instruments"), as set out in this document.
1.The Policy applies to all clients, retail and professional.
2.1. This Policy applies when executing transactions in the Financial Instruments provided by the Firm. The Financial Instruments provided by the Firm are Contracts for Difference. It is at the Firm’s discretion to decide which types of Financial Instruments to make available and to publish the prices at which these can be traded. The Firm, through its trading platform, provides the client with live streaming prices, “Quotes”, along with a breakdown of the available volumes (“market depth”) as received from its third-party liquidity providers. The Firm is always the counterparty (or principal) to every trade; therefore, if the Client decides to open a position in a Financial Instrument with the Firm, that position can only be closed with the Firm.
ArgoFX receives price feeds from some of the world’s leading liquidity providers. Having multiple liquidity providers is important especially during abnormal market conditions, such as times of extreme volatility.
1.The Firm shall take all reasonable steps to obtain the best possible result for its clients taking into account the following factors when executing Clients orders against the Firm’s quoted prices.
2.Price
a) Bid – Ask Spread: For any given Financial Instrument, the Firm will quote two prices: the higher price (ASK) at which the client can buy (go long) that Financial Instrument, and the lower price (BID) at which the client can sell (go short) that Financial Instrument; collectively referred to as the Firm’s prices. The difference between the lower and the higher price of a given Financial Instrument is the spread.
b) Pending Orders: Such orders as Buy Limit, Buy Stop and Stop Loss/Take profit for opened short position are executed at ASK price. Such orders as Sell Limit, Sell Stop and Stop Loss/Take profit for opened long position are executed at BID price.
c) The Firm’s price for a given Financial Instrument is calculated by reference to the price of the relevant underlying financial instrument, which the Firm obtains from third party liquidity providers. The Firm updates its prices as frequently as the limitations of technology and communications links allow. The Firm will not quote any price outside Firm’s operations time (see execution venue below) therefore no orders can be placed by the Client during that time.
d) For ECN platforms, trades prices are obtained directly from the liquidity providers through an electronic execution system. This system automatically requests a quote from a selection of liquidity providers. In conjunction with the price, the Firm quotes the available liquidity, (or ‘market depth’), as obtained from its third-party liquidity providers.
Costs
3.For opening a position in some types of Financial Instruments the Client may be required to pay commission or other fees, if applicable; these amounts are disclosed in the contract specifications available in the Firm’s website.
a) Commissions: Commissions will be charged as a fixed amount and can be found on the Firm’s website at https://global.ArgoFX.com.
b) Financing Fee: In the case of financing fees, the value of opened positions in some types of Financial Instruments is increased or reduced by a daily financing fee “swap” throughout the life of the contract. Financing fees are based on prevailing market interest rates, which may vary. Details of daily financing fees applied are available on the Financial Instruments Contracts Specifications section in the Firm’s website.
For all types of Financial Instruments that the Firm offers, the commission and financing fees are not incorporated into the Firm’s quoted price and are instead charged explicitly to the Client account.
4.Currency Conversion
The Firm may provide a currency conversion quote from the Client’s base currency to the currency of the relevant Financial Instrument. This will not reflect an actual conversion of currency in the Client’s account and serves the purpose of calculating consideration in the base currency only.
Speed of Execution
5.The Firm places a significant importance when executing Client’s orders and strives to offer high speed of execution within the limitations of technology and communications links. The use of wireless connection or dial-up connection or any other form of unstable connection at the Client’s end, may result in poor or interrupted connectivity or lack of signal strength causing delays in the transmission of data between the Client and Firm’s when using the Firm’s electronic trading platform.
Likelihood of Execution
6.The Firm relies on third party liquidity providers for prices and available volume, therefore execution of the Client’s orders will depend on the pricing and available liquidity of the providers. Although the Firm executes all orders placed by the Clients, it reserves the right to decline an order of any type.
Orders
Market Order, Buy Limit, Sell Limit, Sell Stop, Buy Stop, Stop Loss, Take Profit on Financial Instrument are executed in the manner explained in ‘Order Execution’ section above. It should be noted that the price at which a trade is executed at may vary significantly from original requested price during abnormal market conditions. This may occur, for example, at the following cases:
a) During Market opening times, b) During news times, c) During volatile periods where prices may move significantly up or down and away from declared price, d) Where there is rapid price movement, if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange, trading is suspended or restricted, e) If there is insufficient liquidity for the execution of the specific volume at the declared price,
7.The Firm strives to provide the best possible price to its clients, and makes every effort and necessary arrangements to do so.
Likelihood of Settlement
8.The Firm shall proceed to a settlement of all transactions upon execution of such transactions.
Size of Order
9.The minimum size of an order is 0.01 lots on the trading platforms. Although there is no maximum size of an order where the Client can place with the Firm, the Firm reserves the right to decline an order as explained in the agreement entered with the Client.
The Firm makes every effort to fill the order of the client irrespective of the volume. To achieve this, the fill may be at a price which reflects market conditions and liquidity at the time of execution.
10.ArgoFX reserves the right to place a cap on the number of contracts and/ or limit on the total net position value per profile for a specific instrument. In such an event, the Firm will undertake all possible efforts to notify clients prior to such an event.
Market Impact
11.Some factors may affect rapidly the price of the underlying financial instruments from which the quoted firm price for its Financial Instruments is derived. These factors may influence some of the factors listed above. The Firm will take all reasonable steps to obtain the best possible result for its Clients.
The Firm does not consider the aforementioned factors to be exhaustive and the order in which the above factors are presented shall not be taken as priority factor.
Nevertheless, whenever there is a specific instruction from the client the Firm shall make sure that the Client’s order shall be executed following the specific instruction.
The Firm will determine the relative importance of the above factors by using its commercial judgment and experience in the light of the information available on the market and taking into account the criteria described below:
(a) the characteristics of the client including the categorisation of the client as retail or professional (b) the characteristics of the client’s order (c) the characteristics of the underlying financial instruments that are the subject of that order (d) the characteristics of the execution venues to which that order can be directed
The best possible result for a client shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs related to execution, which shall include all expenses incurred by the client which are directly related to the execution of the order.
Execution Venues are the entities with which the orders are placed or to which the Firm transmits orders for execution. For the purposes of orders for the Financial Instrument provided by the Firm, the Firm acts as Principal and not as Agent on the Client’s behalf at all times. The Firm is the sole counterparty to your trades and any execution of orders is done in the Firm’s name, therefore the Firm is the sole Execution Venue for the execution of the Client’s orders.
1.The Firm operation time: round–the–clock from 22:00:01 GMT Sunday through to 22:00:00 GMT Friday. Non-working periods: from 22:00:01 GMT Friday through 22:00:00 GMT Sunday. Holidays will be announced through the internal mail of the trading terminal supplied by the Firm.
2. It is the Firm’s policy to maintain such internal procedures and principles in order to determine the relative importance of the execution factors and to act for the best interest of its Clients and provide them the best possible result (or “best execution”) when dealing with them.
3.The Client acknowledges that the transactions entered in Financial Instruments with the Firm are not undertaken on a recognised exchange, rather they are undertaken through the Firm’s Trading Platform and, accordingly, they may expose the Client to greater risks than regulated exchange transactions. Therefore, the Firm may not execute an order, or it may change the opening or closing price of an order in certain cases including but not limited to instances of a technical failure of the trading platform. The terms and conditions and trading rules are established solely by the Firm. The Client is obliged to close an open position of any given Financial Instruments during the opening hours of the Firm’s Trading Platform. The Client also has to close any position with the Firm.
1.The Firm will monitor and assess on a regular basis the effectiveness of this Policy and the order of its order execution arrangements and, in particular, the execution quality of the procedures explained in the Policy in order to deliver the best possible result for the client, and, where appropriate, the Firm reserves the right to correct any deficiencies in this Policy and make improvements to its execution arrangements.
2.In addition, Firm will review the Policy as well as its order execution arrangements at least annually. A review will also be carried out whenever a material change occurs that affects the ability of the Firm to continue to the best possible result for the execution of its client orders on a consistent basis using the venues included in this Policy.
The Firm will notify its affected clients on any material changes in its Policy or order execution arrangements.
1.When establishing a business relation with the Client, the Firm is required to obtain the Client’s prior consent to this Policy.
2.By entering into the Client Agreement, the Client consents that any orders placed with the Firm for the Financial Instruments offered by the Firm, the Firm acts as the principal and the Firm is the sole Execution Venue which is a non- regulated market.
1.There may be specific leverage limits on the instruments available. For more information please visit our website.
2.In some cases hedging may not be permitted. In the event a Client opens a second position on the same instrument, this will be netted-off against the existing open position
Example: If client has an open BUY position of 2 lots EURUSD and then enters a sell position of 1 lot EURUSD, these positions will net as they are the same currency pair, resulting in the client having a remaining position of BUY 1 lot EURUSD and a realized P/L from the 1 lot position closed due to the netting.
3.CFDs are not eligible for sale in certain jurisdictions or countries. The Policy is not directed to any jurisdiction or country where its publication, availability or distribution would be contrary to local laws or regulations, including the United States of America. The Policy does not constitute an offer, invitation or solicitation to buy or sell CFDs. It may not be reproduced or disclosed (in whole or in part) to any other person without prior written permission. The Policy is not intended to constitute the sole basis for the evaluation of the client’s decision to trade in Contracts for Difference (CFDs).
1.Questions regarding the Policy should be addressed, in the first instance, to the Customer Support Department.
2.Customer Support Department
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1.ArgoFX Compliance Department
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