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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. Iin 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 2017, 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 2017, 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 listed derivative transactions relative to the execution factors defined in our Best Execution policy (Link) and no significant breaches were reported in 2017.
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 2017, a 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 cash equity transactions relative to the execution factors defined in our Best Execution policy (Link) and no significant breaches were reported in 2017.
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.
In order to get more liquidity and to improve the quality of execution for our clients please note that SG:

  • Owned a Broker Crossing Network named AlphaY only available for professional and eligible clients, which was shut down in October 2017,
  • Ran a Systematic Internaliser through its subsidiary SGOE, which was shut down the 3rd of January 2018,
  • Became a designated broker on BATS LIS in February 2017,
  • Became a member of Euronext Fund Services in July 2017, of Bloomberg MTF in August 2017 and of Equiduct in November 2017.

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

Download the SGIL Art 65 (6) - top five brokers table 2.xlsx
Download the SGIL Art 65 (6) - top five brokers table 2.xml

Download the SGIL RTS28 top five execution venues table 2.xlsx
Download the SGIL RTS28 top five execution venues table 2.xml

Download the SGIL RTS28 top five execution venues table 3 SFT PUBLICATION.xlsx
Download the SGIL RTS28 top five execution venues table 3 SFT PUBLICATION.xml