Report Title,MiFID II Best Execution Top 5 Venues Report (RTS28 - Table 3),
Investment Firm,Citibank N.A. London Branch / E57ODZWZ7FF32TWEFA76,
Period Start,01/01/2018,
Period End,31/12/2018,
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Class of Instrument,Equities - Shares and Depositary Reciepts,
Tick Size Band,3&4,
Notification if <1 avg trade per business day in the previous year ,N,
Top 5 execution venues ranked in terms of trading volumes (descending order),Proportion of volume traded as a percentage of total in that class,Proportion of orders executed as a percentage of total in that class
EQLD | EQLD,75.39,90.91
DEUTSCHLON | 7LTWFZYICNSX8D621K86  ,3.23,0.3
MORGANLON | 4PQUHN3JPFGFNF3BB653,3.2,1.23
CGM | XKZZ2JZF41MRHTR1V493  ,3.13,0.99
CSDUBLIN| ANGGYXNX0JLX3X63JN86  ,2.42,0.41
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Execution Summary,,
"Best execution means the requirement to take all sufficient steps to obtain the best possible result for clients, taking into account price, costs , speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of an order, when executing client orders or using other affiliates to execute orders. These factors are known as the ?execution factors? and will provide the basis for us to explain how we will provide best execution.",,
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"Unless otherwise indicated in other communications, price is generally considered the key execution factor. The overall value of a particular transaction may be affected by the other execution factors and the relative importance of each of the factors will differ depending on: ",,
. the characteristics of an order including whether the order includes a securities financing transaction; ,,
. the characteristics of the financial instruments to which the order relates; and ,,
. the characteristics of the venues (if there is more than one) where we are able to execute your orders,,
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Factors that we consider in determining the execution venue for client orders in respect of a particular financial instrument include (i) general prices available; (ii) depth of liquidity; (iii) relative volatility in the market; (iv) speed of execution; (v) cost of execution3 ; (vi) creditworthiness of the counterparties on the venue or the central counterparty; (vii) quality and cost of clearing and settlement; (viii) likelihood of execution; (ix) size of the order; and (x) nature of the order.,,
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"Ordinarily, we would expect that price will merit a high relative importance in obtaining the best possible result. However, in some circumstances other execution factors may be more important than price in obtaining the best possible execution result. ",,
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Please refer to the relevant product specific policy in the Citi Securities Services Execution Policy for further discussion on the relative importance of the execution factors for specific products or asset classes.,,
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"We continue to monitor our best execution activities through routine and ad-hoc sampling and undertake remediating actions where necessary. Due to the multiplicity of formats and inconsistent structures of Execution Venue Quality Reports as well as the difficulties of reliably locating and reviewing this data, it does not form a material part of our best execution assessment, at this time",,
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"In some cases, taking into account factors such as cost and benefits of accessing multiple venues and the accessibility of the venues, we may have access to more than one venue for executing an order in a particular financial instrument. In such cases, we will endeavour to choose the best venue for the order taking into account the factors applicable to choosing execution venues.",,
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The venues listed in this report appear as a consequence of consistently providing best possible results during the reporting year. These results are verified by monitoring and comparison of the execution factors against the actual results obtained from each venue during the reporting period. ,,
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"Citi itself and/or the individual sales and/trading personnel involved the execution of client orders, may from time to time have long or short principal positions and/or actively trade, for its own account and those of its customers, by making markets to its clients, in products identical to or economically related to the products or transactions referred to in this communication. Citi may also undertake hedging transactions related to the initiation or termination of a product or transaction, that may adversely affect the market price, rate, index or other market factor(s) underlying the product or transaction and consequently its value. As noted in the report transactions may be internalised by way of a Systematic Internaliser and/or executed by other members of the Citigroup Inc. group of companies and their affiliates.˙ Additionally, Citigroup Inc. or an affiliate may from time to time have a minority equity investment in certain other trading venues not constituting a ?close link? for purposes of Directive 2014/65/EU, for which Citi does not consider there to be a conflict of interest relative to its obligations owed to clients in executing orders on such venue(s).˙ Citi may also have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, products, or other interests underlying a product or transaction or trading venues. Citi may also have potential conflicts of interest due to the present or future relationships between Citi and any asset underlying the product or transaction, any collateral manager, any reference obligations or any reference entity, or trading venues˙ ",,