Orders and Execution

Market Orders

Market Order

A Market order is a traditional ‘at best’ instruction to trade as much of the order as possible on the best available terms in the market. A Market order will be treated as good for the day. If Saxo believes it is able to execute a Market order immediately from its own liquidity then it will do so. Otherwise it will route the order to a third party to attempt execution. If the order cannot be filled in full immediately, Saxo will continue to work the order until the official close of the relevant market.

Immediate or Cancel (IOC) Market Order

An Immediate or Cancel (IOC) Market order is similar to a standard Market order (described above). It is an instruction to trade immediately on the best available terms, however Saxo will not continue to work the order if it is unable to fill it immediately. If Saxo believes it is able to execute a Market IOC order immediately from its own liquidity then it will do so, otherwise it will route the order to a third party to attempt execution. Where an order has not been filled immediately it will be cancelled.

Limit Orders

Immediate or Cancel (IOC) Limit Order

An Immediate or Cancel (IOC) Limit order is an order to trade at the price that you see on your screen if it is still available subject to a defined tolerance. Tolerance enables you to control price range by defining the minimum price differential (when selling) or the maximum price differential (when buying) that you are comfortable accepting. Tolerance can be specified either as a fixed price increment or as a percentage of the current market price. Saxo may fill the order at a worse price than you had seen on the screen, provided the price difference does not exceed the specified tolerance. If a better price is available, Saxo will give you the full benefit of the available improvement by filling the order at the better price. As with a Market IOC order, if Saxo is unable to supply sufficient liquidity from its own book, then it may route the order externally. Where an order has not been filled immediately it will be cancelled.

Limit Order

A Limit order is an order to trade at a specified price or better if it is possible to do so within a specified time. The following order durations are available:

Day Order (DO): Valid until the official close of trading on the day the order is placed (or on the subsequent business day for orders accepted during the weekend).
Good Till Date (GTD): Valid until the official close of trading on a date of the your choice.
Good Till Cancelled (GTC): Valid indefinitely unless or until specifically cancelled by the you.

A Limit order will be triggered when the market price reaches the limit price. If Saxo believes it is able to execute a Limit order immediately from its own liquidity then it will do so. Otherwise it will route the order to a third party to attempt execution. At any time when there is not enough liquidity available from Saxo’s own book or externally, to fill the order in full at the specified price or better, the remaining order will revert to a ‘resting order’.

Stop Orders

Stop Order

A Stop order is usually used to close a position when the market is going against it with a view to prevent further losses. It may also be used to open a position when the market moves through a chosen level. A Stop order may have a duration similar to a Limit order (see above). A Stop order placed to buy is treated as a Stop if Bid. A Stop order placed to sell is treated as a Stop if Offer.

A Stop order to sell will be triggered when the offer price at which you could undertake a transaction of equivalent size reaches the specified price level. Once triggered, the order will be treated as a Market order.
A Stop order to buy will be triggered when the bid price at which you could undertake a transaction of equivalent size reaches the specified price level. Once triggered, the order will be treated as a Market order.

This arrangement is designed to protect you from the risk that a Stop order is executed as a result of spreads widening without the market actually moving. This can happen around the release of economic statistics or at times of reduced liquidity such as during a value date roll or during the close and opening of the market. You should note that this means a Stop order will never be executed at their specified level but always at the spread away from the stop level. Where an order is attached to an open position, it will automatically be cancelled if the position is closed. The trigger level for a Stop order can be specified to trail the market. In this case, when the market moves in your favour, the trigger level for the order moves the same way. The trigger level for a trailing stop moves in steps which are defined when the order is placed.

Stop Limit Order

A Stop Limit order rests in the same way as a Stop order. However, once triggered, rather than execute at the next available price it converts to a Limit order at a pre-agreed Limit price. From that point on, the order is treated as a Limit order. This type of order gives you some protection from a bad fill in a gapping or illiquid market. Trailing Stop Limit orders are not available.

Order Driven Execution Statistics

As a way to demonstrate its commitment to increased transparency and delivery of fair outcomes to clients, Saxo Bank has taken the initiative to publish it's FX order execution statistics to help clients evaluate execution quality when considering their best choice of trading provider.

We are proud that these statistics illustrate that Saxo Bank’s interests are aligned with our clients in providing quality execution with significant price improvement and no asymmetric slippage.

The tables below show the following execution statistics published on a monthly basis, for Saxo Bank’s most traded FX spot currency pairs:

Limit IOC Order Statistics
Limit IOC Order Average Improvement, by price tolerance setting
Limit IOC Order Fill Rate, by price tolerance setting
Limit IOC Order Execution Speed
Resting Stop Order Statistics
Resting Limit Order Statistics

May 2017

Limit IOC Order Statistics

Currency Pair	Price Improvement*	Zero Slippage*	Negative Slippage*	Average Net Slippage (pips)*	Average Improvement (pips)**	Average Tolerance (pips)	Fill Rate***
AUDUSD	14.9%	71.4%	13.7%	0.0	1.0	1.0	99.4%
EURGBP	18.4%	62.9%	18.7%	0.0	0.9	0.9	99.5%
EURJPY	24.0%	51.1%	24.9%	0.0	46.5	46.5	99.6%
EURUSD	18.4%	63.4%	18.2%	0.0	5.4	5.4	99.7%
GBPJPY	24.6%	50.3%	25.1%	0.0	3.3	3.3	99.0%
GBPUSD	19.9%	60.1%	20.1%	0.0	1.4	1.4	99.3%
NZDUSD	12.2%	75.0%	12.8%	0.0	1.0	1.0	99.3%
USDCAD	17.7%	64.5%	17.8%	0.0	1.5	1.5	99.7%
USDCHF	13.5%	72.4%	14.2%	0.0	1.1	1.1	99.7%
USDJPY	20.1%	58.7%	21.2%	0.0	4.7	4.7	99.6%
XAGUSD	15.5%	72.5%	12.1%	1.5	22.0	20.5	95.2%
XAUUSD	26.2%	47.8%	26.0%	0.2	19.9	19.7	98.9%

* Calculated from the indicative market price available in the client Quick Trade window at the time of order placement
** Calculated from the Limit IOC order level
*** On Limit IOC orders with default price tolerance of 0.01% and above

Limit IOC Order Average Improvement*, by price tolerance setting

Currency Pair	0.0 pips*	0.1 – 0.2 pips*	0.3 – 0.6 pips*	0.7 – 1.0 pips*	> 1.1 pips*
AUDUSD	0.0	0.1	0.5	0.7	18.5
EURGBP	0.0	-	0.4	0.9	3.2
EURJPY	0.1	0.1	0.4	0.9	47.0
EURUSD	0.1	0.2	0.6	1.0	5.5
GBPJPY	0.0	-	0.4	1.1	3.4
GBPUSD	0.1	0.2	0.5	0.9	1.5
NZDUSD	0.1	-	-	0.7	48.6
USDCAD	0.0	-	0.7	1.0	1.5
USDCHF	0.0	0.2	-	1.0	5.9
USDJPY	0.1	0.2	0.6	0.9	4.9
	0.0 pips*	1 - 10 pips*	11 - 25 pips*	25- 50 pips*	> 51 pips*
XAGUSD	2.4	5.8	18.1	52.0	350.5
	0.0 pips*	1 - 10 pips*	11 - 20 pips*	21- 30 pips*	> 31 pips*
XAUUSD	0.5	4.6	12.7	24.9	833.8

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair	0.0 pips	=< 0.2 pips	=< 0.6 pips	=< 1.0 pips	All
AUDUSD	83.5%	86.8%	88.7%	99.1%	99.2%
EURGBP	76.9%	76.9%	77.8%	99.3%	99.5%
EURJPY	78.5%	82.4%	89.4%	90.1%	99.6%
EURUSD	71.8%	77.1%	83.4%	85.7%	99.6%
GBPJPY	91.7%	91.7%	97.8%	98.5%	99.1%
GBPUSD	77.3%	86.9%	91.4%	92.1%	99.2%
NZDUSD	81.0%	81.0%	81.0%	99.2%	99.3%
USDCAD	77.8%	77.8%	78.9%	95.3%	99.7%
USDCHF	72.0%	73.1%	73.1%	99.6%	99.7%
USDJPY	66.8%	74.5%	78.0%	83.5%	99.4%
	0.0 pips	=< 10 pips	=< 25 pips	=< 50 pips	All
XAGUSD	97.1%	88.5%	95.8%	95.9%	96.0%
	0.0 pips	=< 10 pips	=< 20 pips	=< 30 pips	All
XAUUSD	82.9%	93.0%	98.8%	98.8%	98.9%

Limit IOC Order Execution Speed

Time in Milliseconds	Fill Rate
< 50	90.3%
< 100	96.7%
< 250	99.7%
< 500	99.9%
< 1000	100.0%

Average execution speed	29 milliseconds

Resting Stop Order Statistics

Currency Pair	Zero Slippage	Negative Slippage	Average Negative Slippage (pips)*	Average Net Slippage (pips)**
AUDUSD	75.7%	24.3%	0.4	0.1
EURGBP	79.3%	20.7%	0.3	0.1
EURJPY	80.5%	19.5%	0.3	0.1
EURUSD	83.1%	16.9%	0.7	0.1
GBPJPY	58.1%	41.9%	0.4	0.1
GBPUSD	71.3%	28.7%	0.4	0.1
NZDUSD	70.4%	29.6%	2.4	0.7
USDCAD	76.8%	23.2%	0.2	0.1
USDCHF	81.8%	18.2%	0.2	0.0
USDJPY	85.2%	14.8%	0.4	0.1
XAGUSD	29.1%	70.3%	23.1	16.1
XAUUSD	46.3%	53.6%	11.3	6.1

* Average slippage based on stop orders that were slipped. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering
** Average slippage based on all stop orders. Calculated from the stop order level, adjusted for the bid/ask spread at the time of triggering

Resting Limit Order Statistics

Currency Pair	Price Improvement	Zero Slippage	Average Price Improvement (pips)*	Average Net Price Improvement (pips)**
AUDUSD	24.1%	75.9%	0.2	0.1
EURGBP	17.8%	82.2%	0.2	0.0
EURJPY	18.7%	81.3%	0.2	0.0
EURUSD	18.8%	81.2%	0.2	0.0
GBPJPY	35.6%	64.4%	0.4	0.1
GBPUSD	34.6%	65.4%	0.4	0.1
NZDUSD	25.7%	74.3%	0.3	0.1
USDCAD	21.5%	78.5%	0.2	0.0
USDCHF	21.4%	78.6%	0.2	0.1
USDJPY	17.3%	82.7%	0.3	0.1
XAGUSD	61.0%	39.0%	33.0	20.1
XAUUSD	48.3%	51.7%	12.1	5.8

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

April 2017

Limit IOC Order Statistics

Currency Pair	Price Improvement*	Zero Slippage*	Negative Slippage*	Average Net Slippage (pips)*	Average Improvement (pips)**	Average Tolerance (pips)	Fill Rate***
AUDUSD	14.3%	72.4%	13.3%	0.0	1.0	1.0	99.5%
EURGBP	19.5%	61.4%	19.1%	0.0	0.9	0.9	99.3%
EURJPY	24.9%	50.3%	24.8%	0.0	1.4	1.4	99.1%
EURUSD	18.2%	64.0%	17.9%	0.0	1.4	1.3	99.3%
GBPJPY	26.5%	47.3%	26.2%	0.0	2.1	2.1	99.1%
GBPUSD	20.2%	59.8%	20.0%	0.0	1.3	1.3	99.0%
NZDUSD	13.3%	75.8%	10.8%	0.0	0.7	0.7	99.8%
USDCAD	17.1%	65.7%	17.2%	0.0	1.5	1.5	99.5%
USDCHF	13.8%	69.7%	16.5%	0.0	1.1	1.1	99.6%
USDJPY	21.5%	56.2%	22.3%	0.0	2.3	2.3	99.4%
XAGUSD	16.7%	70.8%	12.5%	1.7	19.3	17.6	95.8%
XAUUSD	28.9%	44.3%	26.8%	0.4	27.4	27.0	98.5%

Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair	0.0 pips*	0.1 – 0.2 pips*	0.3 – 0.6 pips*	0.7 – 1.0 pips*	> 1.1 pips*
AUDUSD	0.0	0.2	0.5	0.8	4.1
EURGBP	0.0	0.1	0.5	0.9	1.4
EURJPY	0.1	0.1	0.6	0.9	1.5
EURUSD	0.1	0.2	0.6	0.9	1.5
GBPJPY	0.1	0.0	0.4	1.0	2.2
GBPUSD	0.2	0.2	0.6	1.0	1.4
NZDUSD	0.0	0.2	0.5	0.8	1.2
USDCAD	0.0	0.4	0.6	1.0	1.5
USDCHF	-	0.2	0.5	1.0	1.7
USDJPY	0.0	0.2	0.6	0.9	2.5
	0.0 pips*	1 - 10 pips*	11 - 25 pips*	25- 50 pips*	> 51 pips*
XAGUSD	5.9	10.2	19.5	-	142.0
	0.0 pips*	1 - 10 pips*	11 - 20 pips*	21- 30 pips*	> 31 pips*
XAUUSD	1.2	6.0	13.3	25.0	912.0

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair	0.0 pips	=< 0.2 pips	=< 0.6 pips	=< 1.0 pips	All
AUDUSD	86.2%	79.4%	93.3%	98.6%	98.8%
EURGBP	66.7%	75.8%	91.9%	98.3%	98.6%
EURJPY	68.6%	71.3%	72.0%	96.1%	99.0%
EURUSD	73.3%	70.0%	82.3%	92.5%	98.5%
GBPJPY	68.2%	69.6%	78.4%	94.4%	99.0%
GBPUSD	72.7%	79.8%	85.6%	94.5%	98.6%
NZDUSD	91.7%	92.9%	97.5%	99.3%	99.5%
USDCAD	70.4%	72.4%	81.4%	98.0%	99.5%
USDCHF	0.0%	75.0%	95.6%	99.1%	99.3%
USDJPY	69.1%	70.5%	78.1%	91.6%	99.1%
	0.0 pips	=< 10 pips	=< 25 pips	=< 50 pips	All
XAGUSD	70.8%	76.1%	94.9%	94.9%	95.2%
	0.0 pips	=< 10 pips	=< 20 pips	=< 30 pips	All
XAUUSD	85.7%	88.2%	98.4%	98.4%	98.5%

Limit IOC Order Execution Speed

Time in Milliseconds	Fill Rate
< 50	88.5%
< 100	95.3%
< 250	99.6%
< 500	99.9%
< 1000	100.0%
Average execution speed	32

Resting Stop Order Statistics

Currency Pair	Zero Slippage	Negative Slippage	Average Negative Slippage (pips)*	Average Net Slippage (pips)**
AUDUSD	78.7%	21.3%	0.5	0.1
EURGBP	77.9%	22.1%	0.3	0.1
EURJPY	78.5%	21.5%	0.2	0.0
EURUSD	79.9%	20.1%	0.3	0.1
GBPJPY	65.1%	34.9%	0.3	0.1
GBPUSD	65.5%	34.5%	0.3	0.1
NZDUSD	77.5%	22.5%	0.3	0.1
USDCAD	69.4%	30.6%	0.4	0.1
USDCHF	77.4%	22.6%	0.7	0.2
USDJPY	83.3%	16.7%	0.6	0.1
XAGUSD	47.0%	53.0%	52.8	28.0
XAUUSD	49.1%	50.9%	34.4	17.5

Resting Limit Order Statistics

Currency Pair	Price Improvement	Zero Slippage	Average Price Improvement (pips)*	Average Net Price Improvement (pips)**
AUDUSD	29.4%	70.6%	0.7	0.2
EURGBP	26.0%	74.0%	1.0	0.2
EURJPY	25.0%	75.0%	4.9	1.2
EURUSD	22.5%	77.5%	1.8	0.4
GBPJPY	34.3%	65.7%	2.8	1.0
GBPUSD	34.6%	65.4%	0.6	0.2
NZDUSD	28.7%	71.3%	0.4	0.1
USDCAD	27.2%	72.8%	0.9	0.3
USDCHF	21.6%	78.4%	1.9	0.4
USDJPY	21.5%	78.5%	1.3	0.3
XAGUSD	67.0%	33.0%	43.3	29.0
XAUUSD	53.8%	46.2%	17.3	9.3

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

March 2017

Limit IOC Order Statistics

Currency Pair	Price Improvement*	Zero Slippage*	Negative Slippage*	Average Net Slippage (pips)*	Average Improvement (pips)**	Average Tolerance (pips)	Fill Rate***
AUDUSD	18.1%	64.9%	17.0%	0.0	1.1	1.1	99.1%
EURGBP	20.4%	58.9%	20.7%	0.0	0.9	0.9	99.3%
EURJPY	24.3%	51.0%	24.7%	0.0	1.5	1.5	99.5%
EURUSD	19.6%	61.5%	18.9%	0.0	1.3	1.3	99.4%
GBPJPY	27.1%	47.1%	25.8%	0.0	1.7	1.7	98.8%
GBPUSD	23.1%	55.7%	21.2%	0.0	1.6	1.6	99.0%
NZDUSD	15.9%	68.6%	15.6%	0.0	0.7	0.7	98.8%
USDCAD	17.7%	64.6%	17.7%	0.0	1.4	1.4	99.6%
USDCHF	15.7%	69.8%	14.5%	0.0	1.2	1.2	99.7%
USDJPY	23.0%	54.5%	22.4%	0.0	1.6	1.6	99.3%
XAGUSD	18.6%	67.5%	13.8%	1.8	21.8	20.0	95.7%
XAUUSD	29.0%	43.5%	27.6%	0.3	16.3	16.0	98.5%

Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair	0.0 pips*	0.1 – 0.2 pips*	0.3 – 0.6 pips*	0.7 – 1.0 pips*	> 1.1 pips*
AUDUSD	0.1	0.2	0.5	0.8	22.9
EURGBP	0.1	0.1	-	0.9	6.1
EURJPY	0.0	0.4	-	1.0	1.5
EURUSD	0.1	0.2	0.6	1.0	1.3
GBPJPY	0.1	-	0.6	0.8	1.7
GBPUSD	0.1	0.2	0.7	1.1	1.7
NZDUSD	0.0	0.1	-	0.7	2.1
USDCAD	0.1	-	-	1.0	1.4
USDCHF	0.0	0.2	-	1.0	3.1
USDJPY	0.1	0.2	0.6	1.0	1.7
	0.0 pips*	1 - 10 pips*	11 - 25 pips*	25- 50 pips*	> 51 pips*
XAGUSD	4.5	9.3	19.4	-	1135.4
	0.0 pips*	1 - 10 pips*	11 - 20 pips*	21- 30 pips*	> 31 pips*
XAUUSD	1.2	5.5	12.6	22.8	374.4

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair	0.0 pips	=< 0.2 pips	=< 0.6 pips	=< 1.0 pips	All
AUDUSD	73.5%	76.5%	78.0%	98.1%	99.0%
EURGBP	72.6%	73.0%	73.0%	98.7%	99.3%
EURJPY	84.6%	81.3%	81.3%	92.5%	99.5%
EURUSD	75.3%	77.7%	79.7%	85.1%	99.2%
GBPJPY	92.3%	92.3%	96.6%	96.9%	98.8%
GBPUSD	68.9%	77.4%	82.2%	83.3%	98.5%
NZDUSD	70.7%	73.5%	73.5%	98.5%	98.8%
USDCAD	71.2%	71.2%	71.2%	75.8%	99.6%
USDCHF	85.7%	93.8%	93.8%	99.6%	99.7%
USDJPY	62.3%	67.2%	73.1%	78.8%	99.0%
	0.0 pips	=< 10 pips	=< 25 pips	=< 50 pips	All
XAGUSD	79.5%	81.4%	95.5%	95.5%	95.7%
	0.0 pips	=< 10 pips	=< 20 pips	=< 30 pips	All
XAUUSD	79.2%	82.1%	98.3%	98.3%	98.5%

Resting Stop Order Statistics

Currency Pair	Zero Slippage	Negative Slippage	Average Negative Slippage (pips)*	Average Net Slippage (pips)**
AUDUSD	78.2%	21.8%	0.6	0.1
EURGBP	74.0%	26.0%	0.6	0.2
EURJPY	76.8%	23.2%	2.5	0.6
EURUSD	79.1%	20.9%	0.5	0.1
GBPJPY	63.7%	36.3%	0.6	0.2
GBPUSD	64.2%	35.8%	0.4	0.1
NZDUSD	72.3%	27.7%	1.3	0.4
USDCAD	74.5%	25.5%	0.5	0.1
USDCHF	77.9%	22.1%	0.3	0.1
USDJPY	83.1%	16.9%	0.6	0.1
XAGUSD	53.9%	45.9%	45.3	20.3
XAUUSD	47.8%	52.2%	14.6	7.6

Resting Limit Order Statistics

Currency Pair	Price Improvement	Zero Slippage	Average Price Improvement (pips)*	Average Net Price Improvement (pips)**
AUDUSD	23.5%	76.5%	0.3	0.1
EURGBP	22.2%	77.8%	0.3	0.1
EURJPY	18.4%	81.6%	0.3	0.1
EURUSD	19.6%	80.4%	0.3	0.1
GBPJPY	33.3%	66.7%	0.3	0.1
GBPUSD	34.2%	65.8%	0.3	0.1
NZDUSD	24.9%	75.1%	0.2	0.1
USDCAD	20.0%	80.0%	0.3	0.1
USDCHF	20.0%	80.0%	0.4	0.1
USDJPY	16.8%	83.2%	0.5	0.1
XAGUSD	60.0%	40.0%	31.4	18.8
XAUUSD	50.5%	49.5%	10.5	5.3

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

February 2017

Limit IOC Order Statistics

Currency Pair	Price Improvement*	Zero Slippage*	Negative Slippage*	Average Net Slippage (pips)*	Average Improvement (pips)**	Average Tolerance (pips)	Fill Rate***
AUDUSD	18.5%	63.1%	18.4%	0.0	0.8	0.8	99.3%
EURGBP	22.6%	56.1%	21.3%	0.0	0.9	0.9	98.7%
EURJPY	25.0%	49.0%	26.0%	0.0	1.3	1.3	99.7%
EURUSD	19.8%	60.3%	19.8%	0.0	1.2	1.2	99.5%
GBPJPY	29.7%	39.9%	30.4%	0.0	1.8	1.8	98.6%
GBPUSD	23.7%	52.8%	23.5%	0.0	1.4	1.4	98.6%
NZDUSD	16.5%	66.7%	16.8%	0.0	0.7	0.7	98.7%
USDCAD	18.5%	62.5%	19.0%	0.0	1.4	1.4	99.7%
USDCHF	16.9%	66.3%	16.8%	0.0	1.0	1.0	99.5%
USDJPY	23.1%	53.0%	23.9%	0.0	1.5	1.5	99.1%
XAGUSD	16.4%	70.7%	12.9%	0.7	25.5	24.8	96.8%
XAUUSD	28.7%	43.1%	28.2%	0.1	12.6	12.6	98.3%

Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair	0.0 pips*	0.1 – 0.2 pips*	0.3 – 0.6 pips*	0.7 – 1.0 pips*	> 1.1 pips*
AUDUSD	0.1	0.1	0.4	0.8	42.2
EURGBP	0.1	-	-	0.9	5.7
EURJPY	0.1	-	-	1.1	1.3
EURUSD	0.1	0.2	0.5	1.0	1.3
GBPJPY	0.0	0.4	0.7	1.0	1.8
GBPUSD	0.1	0.2	0.7	1.0	1.4
NZDUSD	0.1	-	-	0.7	2.9
USDCAD	0.0	-	-	1.0	1.4
USDCHF	0.1	0.2	-	1.0	3.9
USDJPY	0.1	0.2	0.5	1.0	1.6
	0.0 pips*	1 - 10 pips*	11 - 25 pips*	25- 50 pips*	> 51 pips*
XAGUSD	1.7	3.4	18.5	35.0	5451.8
	0.0 pips*	1 - 10 pips*	11 - 20 pips*	21- 30 pips*	> 31 pips*
XAUUSD	0.7	4.3	12.3	23.8	60.3

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair	0.0 pips	=< 0.2 pips	=< 0.6 pips	=< 1.0 pips	All
AUDUSD	77.5%	80.5%	81.1%	98.6%	99.1%
EURGBP	84.3%	84.3%	84.3%	98.6%	98.8%
EURJPY	38.5%	38.5%	38.5%	52.9%	99.7%
EURUSD	67.6%	73.2%	75.9%	90.2%	99.3%
GBPJPY	81.8%	83.8%	84.6%	93.4%	98.6%
GBPUSD	68.6%	76.9%	77.2%	78.8%	98.3%
NZDUSD	90.0%	90.0%	90.0%	98.6%	98.7%
USDCAD	85.7%	85.7%	85.7%	98.9%	99.7%
USDCHF	85.7%	90.9%	90.9%	99.5%	99.5%
USDJPY	75.6%	77.0%	79.4%	87.3%	98.9%
	0.0 pips	=< 10 pips	=< 25 pips	=< 50 pips	All
XAGUSD	82.8%	83.8%	96.6%	96.6%	96.9%
	0.0 pips	=< 10 pips	=< 20 pips	=< 30 pips	All
XAUUSD	78.6%	82.8%	98.1%	98.1%	98.2%

Resting Stop Order Statistics

Currency Pair	Zero Slippage	Negative Slippage	Average Negative Slippage (pips)*	Average Net Slippage (pips)**
AUDUSD	79.2%	20.8%	0.3	0.1
EURGBP	72.9%	27.1%	0.2	0.1
EURJPY	79.7%	20.3%	0.2	0.0
EURUSD	79.9%	20.1%	0.6	0.1
GBPJPY	62.1%	37.9%	0.3	0.1
GBPUSD	66.4%	33.6%	0.3	0.1
NZDUSD	74.2%	25.8%	0.3	0.1
USDCAD	69.6%	30.4%	1.8	0.5
USDCHF	73.6%	26.4%	0.5	0.1
USDJPY	80.1%	19.9%	0.5	0.1
XAGUSD	62.8%	37.2%	37.7	14.1
XAUUSD	47.7%	52.3%	34.0	17.8

Resting Limit Order Statistics

Currency Pair	Price Improvement	Zero Slippage	Average Price Improvement (pips)*	Average Net Price Improvement (pips)**
AUDUSD	24.3%	75.7%	0.3	0.1
EURGBP	27.3%	72.7%	0.4	0.1
EURJPY	22.9%	77.1%	0.4	0.1
EURUSD	24.3%	75.7%	0.4	0.1
GBPJPY	39.8%	60.2%	0.4	0.2
GBPUSD	34.6%	65.4%	0.4	0.1
NZDUSD	24.2%	75.8%	0.4	0.1
USDCAD	34.1%	65.9%	1.3	0.4
USDCHF	37.5%	62.5%	0.3	0.1
USDJPY	20.7%	79.3%	0.4	0.1
XAGUSD	61.2%	38.8%	25.5	15.6
XAUUSD	51.3%	48.7%	20.7	10.7

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

January 2017

Limit IOC Order Statistics

Currency Pair	Price Improvement*	Zero Slippage*	Negative Slippage*	Average Net Slippage (pips)*	Average Improvement (pips)**	Average Tolerance (pips)	Fill Rate***
AUDUSD	25.7%	51.0%	23.3%	0.0	1.4	1.4	99.2%
EURGBP	27.7%	46.9%	25.5%	0.0	0.9	0.9	97.6%
EURJPY	28.5%	41.1%	30.4%	0.0	1.3	1.3	99.1%
EURUSD	26.7%	48.0%	25.3%	0.0	1.3	1.2	98.7%
GBPJPY	31.7%	33.4%	34.9%	0.0	1.5	1.6	97.8%
GBPUSD	25.6%	47.3%	27.2%	0.0	1.2	1.2	97.8%
NZDUSD	21.5%	57.3%	21.2%	0.0	0.7	0.7	98.4%
USDCAD	25.1%	50.9%	24.0%	0.0	1.3	1.3	98.9%
USDCHF	23.3%	52.3%	24.4%	0.0	1.0	1.0	98.7%
USDJPY	28.3%	41.8%	29.9%	0.0	1.5	1.5	97.7%
XAGUSD	23.7%	59.4%	16.9%	1.2	18.3	17.1	93.5%
XAUUSD	30.3%	37.8%	31.9%	0.0	12.1	12.2	98.0%

Limit IOC Order Average Improvement *, by price tolerance setting

Currency Pair	0.0 pips*	0.1 – 0.2 pips*	0.3 – 0.6 pips*	0.7 – 1.0 pips*	> 1.1 pips*
AUDUSD	0.0	0.1	-	0.8	145.1
EURGBP	0.0	-	-	0.9	6.5
EURJPY	-	-	0.5	-	1.3
EURUSD	0.0	0.1	0.5	1.0	1.3
GBPJPY	-	0.1	0.5	-	1.6
GBPUSD	0.0	0.1	0.5	1.0	1.2
NZDUSD	0.0	-	-	0.7	3.0
USDCAD	0.0	-	-	1.0	1.3
USDCHF	0.0	-	-	1.0	2.0
USDJPY	0.0	0.1	0.6	1.0	1.5
	0.0 pips*	1 - 10 pips*	11 - 25 pips*	25- 50 pips*	> 51 pips*
XAGUSD	-	-	17.0	-	85.9
	0.0 pips*	1 - 10 pips*	11 - 20 pips*	21- 30 pips*	> 31 pips*
XAUUSD	0.0	4.8	12.0	24.0	59.0

* Calculated from the Limit IOC order level
Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

Limit IOC Order Fill Rate, by price tolerance setting

Currency Pair	0.0 pips	=< 0.2 pips	=< 0.6 pips	=< 1.0 pips	All
AUDUSD	65.6%	68.1%	68.1%	97.7%	98.5%
EURGBP	63.0%	63.0%	63.0%	97.0%	97.7%
EURJPY	-	-	100.0%	100.0%	99.1%
EURUSD	67.0%	70.5%	75.4%	83.9%	98.5%
GBPJPY	-	100.0%	83.3%	83.3%	97.8%
GBPUSD	66.7%	79.7%	79.2%	80.3%	97.2%
NZDUSD	63.6%	63.6%	63.6%	98.2%	98.5%
USDCAD	50.0%	50.0%	50.0%	92.6%	98.9%
USDCHF	58.3%	58.3%	58.3%	98.3%	98.7%
USDJPY	59.1%	71.4%	75.9%	84.1%	97.2%
	0.0 pips	=< 10 pips	=< 25 pips	=< 50 pips	All
XAGUSD	-	-	93.5%	93.5%	93.5%
	0.0 pips	=< 10 pips	=< 20 pips	=< 30 pips	All
XAUUSD	64.1%	75.2%	97.6%	97.7%	97.9%

Note: A hyphen (-) indicates that there were no trade attempts from clients using a Limit IOC order in this currency pair with this price tolerance

Resting Stop Order Statistics

Currency Pair	Zero Slippage	Negative Slippage	Average Negative Slippage (pips)*	Average Net Slippage (pips)**
AUDUSD	78.9%	21.1%	0.3	0.1
EURGBP	76.0%	24.0%	0.3	0.1
EURJPY	72.3%	27.7%	0.3	0.1
EURUSD	80.7%	19.3%	0.4	0.1
GBPJPY	57.8%	42.2%	0.4	0.2
GBPUSD	60.0%	40.0%	0.4	0.2
NZDUSD	70.0%	30.0%	0.3	0.1
USDCAD	69.2%	30.8%	0.3	0.1
USDCHF	75.5%	24.5%	0.7	0.2
USDJPY	78.7%	21.3%	0.5	0.1
XAGUSD	14.0%	86.0%	100.5	86.4
XAUUSD	52.5%	47.5%	8.2	3.9

Resting Limit Order Statistics

Currency Pair	Price Improvement	Zero Slippage	Average Price Improvement (pips)*	Average Net Price Improvement (pips)**
AUDUSD	21.7%	78.3%	0.3	0.1
EURGBP	27.0%	73.0%	0.4	0.1
EURJPY	26.5%	73.5%	0.4	0.1
EURUSD	24.8%	75.2%	0.5	0.1
GBPJPY	38.3%	61.7%	0.5	0.2
GBPUSD	39.7%	60.3%	0.4	0.2
NZDUSD	31.7%	68.3%	0.3	0.1
USDCAD	30.8%	69.2%	0.5	0.1
USDCHF	24.6%	75.4%	0.5	0.1
USDJPY	23.5%	76.5%	0.3	0.1
XAGUSD	68.6%	31.4%	77.0	52.8
XAUUSD	47.0%	53.0%	7.7	3.6

* Average improvement based on limit orders that were improved. Calculated from the limit order level
** Average improvement based on all limit orders. Calculated from the limit order level

Risicowaarschuwing voor forex

Forex wordt geclassificeerd als rood product omdat het wordt beschouwd als complex beleggingsproduct met een hoog risico.

Deense banken zijn verplicht om beleggingsproducten voor particulieren naar complexiteit en risico te classificeren als: groen, geel of rood.

Handel verantwoordelijk

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Orders and Execution

Market Order

Immediate or Cancel (IOC) Market Order

Immediate or Cancel (IOC) Limit Order

Limit Order

Stop Order

Stop Limit Order

Limit IOC Order Statistics

Limit IOC Order Average Improvement*, by price tolerance setting

Limit IOC Order Fill Rate, by price tolerance setting

Limit IOC Order Execution Speed

Resting Stop Order Statistics

Resting Limit Order Statistics

Limit IOC Order Statistics

Limit IOC Order Average Improvement *, by price tolerance setting

Limit IOC Order Fill Rate, by price tolerance setting

Limit IOC Order Execution Speed

Resting Stop Order Statistics

Resting Limit Order Statistics

Limit IOC Order Statistics

Limit IOC Order Average Improvement *, by price tolerance setting

Limit IOC Order Fill Rate, by price tolerance setting

Resting Stop Order Statistics

Resting Limit Order Statistics

Limit IOC Order Statistics

Limit IOC Order Average Improvement *, by price tolerance setting

Limit IOC Order Fill Rate, by price tolerance setting

Resting Stop Order Statistics

Resting Limit Order Statistics

Limit IOC Order Statistics

Limit IOC Order Average Improvement *, by price tolerance setting

Limit IOC Order Fill Rate, by price tolerance setting

Resting Stop Order Statistics

Resting Limit Order Statistics

Forex wordt geclassificeerd als rood product omdat het wordt beschouwd als complex beleggingsproduct met een hoog risico.

Verliezen kunnen groter zijn dan uw initiële inleg op hefboomproducten. Zorg ervoor dat u deze risico’s begrijpt.

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