Order Execution Policy
How your orders are priced and executed.
1. Scope
This policy explains how Zerventa prices instruments and executes client orders. The Company acts as principal and is the counterparty to every trade; it is not an agent routing orders to an exchange.
2. Pricing
Prices are derived from external market data sources and liquidity providers, to which the Company applies its spread. Quotes are indicative until an order is accepted. Prices may differ from those shown by other brokers or data vendors.
3. Order types
Market orders execute at the first available price after receipt. Limit orders execute at the requested price or better. Stop orders become market orders when the stop price trades and execute at the next available price, which may be worse in a gap. Stop loss and take profit attached to a position work the same way.
4. Execution factors
Orders are executed automatically with price as the primary factor, followed by speed and likelihood of execution. The Company does not execute orders manually and does not requote; an order is either filled at the available price or rejected.
5. Rejections and errors
An order is rejected when the instrument is closed, the account lacks free margin, the volume is outside the permitted range, the price has moved beyond acceptable tolerance, or the account is restricted. Trades executed on an erroneous price may be cancelled or adjusted as set out in the Client Agreement.
6. Review
This policy is reviewed at least annually and whenever a material change occurs in how orders are executed.
This document forms part of the Legal Documents of Zerventa. The current version is always the one published on this page. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.