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Summary of our analysis on the quality of execution for professional and retail clients

Societe Generale is a French credit institution authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution (the French Prudential Control and Resolution Authority, the ACPR), subject to the control and the supervision of the ACPR, the Autorité des Marchés Financiers (the French Financial Markets Authority, the AMF) and the European Central Bank (ECB).
Societe Generale International Limited (SGIL) is a limited activity firm authorised and regulated by the Financial Conduct Authority in the United Kingdom. Its registered office is at 10 Bishops Square, London E14 5HS.

1) Introduction

Societe Generale (“SG”) is authorized to provide investment services for the receipt and transmission of orders, the execution of orders on behalf of clients and the dealing on own account. In accordance with MiFID II Directive 2014/65 / EU, Societe Generale must take all sufficient steps to obtain, when executing client orders, the best possible result for them. In particular, by establishing an execution and selection policy provided to the clients beforehand. In accordance with Articles 65 and 66 of Delegated Regulation (EU) 2017/565 and Commission Delegated Regulation (EU) 2017/576, Societe Generale shall review at least annually the effectiveness of its policy and the provisions it has put in place to transmit and execute client’s orders. In addition, SG shall publish information annually on the identity of the execution platforms and executing brokers selected, and on the quality of the execution obtained.

2) Affected clients and activities

The information and results presented herein are based on the analysis results for all orders executed in 2019, on behalf of retail and professional’s clients of Societe Generale, via its activities of corporate and investment banking.

3) Best Execution Monitoring

We have implemented a governance framework to monitor, on an ongoing basis, the effectiveness of the arrangements described in our Best Execution Policy (link).
In respect of our investment service of execution of orders on behalf of a client, we have a dedicated committee which, using an independent market data provider, conducts post trade analysis. The committee assesses the results achieved for clients compared to the pricing levels available on relevant markets.
If any deficiencies are detected, we will take steps to ensure that these are remedied as quickly as possible.

4) Summary of our analysis on Listed Derivatives

In 2019, a monthly Best Execution committee took place for the listed derivative business. The best execution committee aimed at addressing the following items:

  • Reviewed and approved any proposed amendments to our Best Execution policy;
  • Ensured appropriate controls were in place to follow up our activities where they affect Best Execution;
  • Reviewed Best Execution performance and significant breaches; ensured follow up actions on poor performance items;
  • Reviewed and approved new venues or substantial changes to our market access;
  • Ensured staff awareness of Best Execution policy and procedures.

Through the monthly best execution committee, SG reviewed the execution factors defined in our Best Execution policy (link) relative to the listed derivative transactions and no significant breaches were reported in 2019.
For further details please refer to sections 3.1 (Execution Factors), 3.2 (Execution Criteria) and 5.2 (Factors used to select an Execution Venue for execution of a client order) of the policy.
Please note that SG is a shareholder of Euronext.

5) Summary of our analysis on Equities

In 2019, a bi-monthly Best Execution committee took place for the Cash Equity business. The best execution committee aimed at addressing the following items:

  • Reviewed and approved any proposed amendments to our Best Execution policy;
  • Ensured appropriate controls were in place to follow up our activities where they affect Best Execution;
  • Reviewed Best Execution performance and significant breaches; ensured follow up actions on poor performance items;
  • Reviewed and approved new venues or substantial changes to our market access;
  • Ensured staff awareness of Best Execution policy and procedures.

Through the monthly best execution committee, SG reviewed the execution factors defined in our Best Execution policy (link) relative to the cash equity transactions and no significant breaches were reported in 2019.For further details please refer to sections 3.1 (Execution Factors), 3.2 (Execution Criteria) and 5.2 (Factors used to select an Execution Venue for execution of a client order) of the policy.

6) Summary of our analysis on other asset classes / investment products

In 2019, a quarterly Best Execution committee took place to cover transversal business. The best execution committee aimed at addressing the following items:

  • Reviewed and approved any proposed amendments to our Best Execution policy;
  • Ensured appropriate controls were in place to follow up our activities where they affect Best Execution;
  • Reviewed Best Execution performance and significant breaches; ensured follow up actions on poor performance items;
  • Ensured staff awareness of Best Execution policy and procedures.

Through the quaterly best execution committee, SG reviewed the execution factors defined in our Best Execution policy (link) for relevant transactions and no significant breaches were reported in 2019.For further details please refer to sections 3.1 (Execution Factors), 3.2 (Execution Criteria) and 5.2 (Factors used to select an Execution Venue for execution of a client order) of the policy.

Please note that SG is a Shareholder of Euronext. 

Download the 2019 documents:

Summary of our analysis on the quality of execution for professional and retail clients

2019 Ranking of Executing Brokers used by Société Generale International Limited for Professional Clients.xlsx
2019 Ranking of Execution Venues used by Société Generale International Limited for Professional Clients.xlsx
2019 Ranking of Execution Venues used by Société Generale International Limited for Securities Financing Transaction.xlsx

Download the 2018 documents:

2018 Ranking of Executing Brokers used by Societe Generale International Limited for Professional Clients.xml
2018 Ranking of Executing Brokers used by Societe Generale International Limited for Professional Clients.xlsx

2018 Ranking of Execution Venues used by Societe Generale International Limited for Securities Financing Transactions.xml
2018 Ranking of Execution Venues used by Société Generale International Limited for Securities Financing Transactions.xlsx

2018 Ranking of Execution Venues used by Société Generale International Limited for Professional Clients.xml
2018 Ranking of Execution Venues used by Societe Generale International Limited for Professional Clients.xlsx