Learn how your orders are transmitted and executed.
This order execution policy describes how NNEK works best for you.
NNEK takes all reasonable measures to achieve the best result for its customers. In doing so, NNEK will try to achieve possible results when we place orders for you with third parties for execution or to third parties. If you enter into an agreement concerning your investments through Curvo, you agree to our order execution policy.
NNEK considers the following criteria important for an optimal execution of orders:
For both listed and unlisted investment funds - taking into account the above criteria - in principle, buy and sell orders will be sent to the trust office selected by the provider of the fund. Netting shall in principle be effected on the basis of the net asset value of the fund. The selected trust office may charge fees, e.g. for exchanging currencies.
Normally, only one trade can be made per day at the net asset value applicable on that day. The fund incurs costs to allow clients to get in and out of the fund. This is because the fund has to buy or sell investments. The fund is entitled to pass on these costs to the clients who get in and out. The customers pay these costs by means of a surcharge or a write-off of the price. The price then becomes slightly higher or lower than the actual value of the fund.
Normally, it is only possible to trade once a day at the intrinsic value applicable on that day.
In the case of listed investment funds, it will be determined on an order-by-order basis whether it will be purchased on a regulated market or - if possible - directly through the trust office selected by the provider of the fund. If a choice for the regulated market will lead to the best result, NNEK has - with regard to the above criteria - selected BinckBank N.V. ("Binckbank") and InsingerGilissen N.V. ("InsingerGilissen") as order executing parties. In the case of orders in financial instruments other than investment funds, NNEK -following the above-mentioned criteria - has selected BinckBank and InsingerGilissen as order executing parties.
The most important criteria underlying the choice of BinckBank and InsingerGilissen are the price, speed and quality of order execution and the service level. BinckBank and InsingerGilissen have an independent statutory obligation to take all reasonable measures to achieve the best possible result for their clients. BinckBank and InsingerGilissen have an order execution policy to which NNEK complies. The order execution policy of BinckBank can be found here and InsingerGilissen here.
Client orders in the same type of instrument will in most cases be aggregated. If an aggregated order from multiple clients is only partially executed, the executed volume will be divided pro rata among the clients in the order.
Orders from clients who have an investment account with the investor giro will first be netted off against orders from other investment account holders with the investor giro. To the extent that an order remains after netting, it shall be executed in accordance with this order execution policy.
Where securities can be traded only in whole units or only with a minimum trading volume, a transaction may give rise to a residual position held by the NNEK investor giro in a rounding account. In the case of a subsequent order, the residual position on the rounding account may be cleared internally before the order is offered to the administrative office of the fund provider or to a regulated market. Internal settlement means that the rounding account within the investor giro acts as counterparty.
The price determined for a transaction referred to above shall be equal to the price of the relevant fund on the relevant day through the provider of the fund or on a regulated market.
NNEK annually evaluates the effectiveness of the order execution policy of BinckBank and InsingerGilissen, or so much earlier if a material change occurs in the order execution policy of BinckBank or InsingerGilissen. NNEK also evaluates annually whether the choice for BinckBank and InsingerGilissen still leads to the best possible result for Curvo customers.
This order execution page was published on the Curvo website on September 30, 2021.