Pricing and Order Routing Discolsures
Order Execution Policy
The MidChains FZE (the “Firm”) trading team manually places orders through voice-broking with liquidity providers, and orders will generally be routed based on the best available price, taking into account the relevant Execution Factors.
The Firm determines the all-in client price by reference to executable market prices obtained from its liquidity providers and relevant market data. The price may be adjusted through mark-up to reflect factors including:
- Price
- Order size and available liquidity
- Market conditions and volatility
- Execution and hedging costs
- Client trading volume
- Available venue balances and credit limits
- Settlement timing and associated risks
The relative impact of these factors will vary depending on the circumstances of the individual transaction. Where multiple liquidity providers or venues are available, the Firm compares available pricing and liquidity and may split an order across multiple venues where this is expected to achieve the best overall execution outcome for the Client.
Best Execution and Order Routing
MidChains is committed to delivering Best Execution by aggregating pricing across a minimum of two liquidity venues, ensuring we do not list token pairs reliant on a single venue. Our all-in client pricing dynamically accounts for order size, market conditions, client trading volume, available venue balances/credit, and settlement timing. Orders may be split across multiple venues whenever necessary to achieve the optimal outcome for the client.
- OTC & Voice Brokering: Orders are primarily routed based on best price, while taking into account execution costs, venue balance availability, and settlement speed.
- API Trading: Pricing is dynamically aggregated, with order routing determined by the client’s selected order type (RFQ, Market, or Limit) and real-time order book depth.
Routing practices
Routing practices are determined on the basis of Best Execution, including the best available price and liquidity at the time of execution. MidChains does not maintain any arrangements or established practices to route a specific proportion of client orders to a single liquidity provider. Where a liquidity source receives 20% or more of client orders as a result of the application of the Firm’s Best Execution and fair allocation principles, this does not, in itself, represent a deliberate or preferential allocation. MidChains monitors its routing activity and will make any disclosures required under applicable regulatory requirements.