Introduction

In accordance with the Securities Supervision Act (Wertpapieraufsichtsgesetz, WAG 2018), we are obliged to provide you with the following information about us.

Execution principles

R&B takes all reasonable precautions to achieve the best possible result in the execution of client orders on a consistent basis, but not on an individual securities order basis. The term "consistent" is understood to mean the best possible result in the sense of a longer-term average consideration.

Customers with a custodian bank relationship

R&B generally forwards all securities orders from its customers to the respective customer's custodian bank for execution. Each custodian bank has its own rules for the execution of securities orders and a formulated execution policy. R&B therefore generally refers to the execution policy of the custodian bank.

Customers without a custodian bank relationship or wishing to change custodian bank

If a customer does not yet have a custodian bank relationship or wishes to change custodian bank, R&B provides a selection of custodian banks. The selection of these custodian banks is based on the following factors with different weightings:

Price

The advantage of an execution venue in terms of price is based on the price formation mechanisms (e.g. auction procedure, market maker, etc.). Furthermore, price formation depends on the number of market participants, the resulting liquidity and the trading currency, etc.

Costs

In principle, the costs consist of the fees of the custodian bank (or broker, online broker) and the third-party costs associated with execution (e.g. stock exchange fees, market maker costs), as well as taxes, clearing and other settlement fees. If R&B identifies significant cost differences between different custodian banks operating in the customer's region when executing orders, it shall recommend a change of custodian bank without deviating from the principle set out above of forwarding all orders that can be executed at the customer's custodian bank to this bank. R&B shall in any case comply with the customer's instructions regarding the choice of custodian bank.

Speed of execution

This refers to the period of time between the receipt of an order and the allocation of the order.

Probability of execution

The probability of execution of a customer order depends largely on the liquidity at the respective execution venue.

Other relevant factors

These are, for example, location, accessibility and services.
The best possible result for a private client is determined by the overall assessment, which primarily takes into account the price and costs of the financial instrument in connection with execution.
After careful consideration on the basis of the legal requirements, R&B is of the opinion that the custodian banks (or brokers, online brokers) selected by R&B guarantee the best possible execution of forwarded orders for their customers.

R&B regularly checks whether the execution policies and procedures of the selected custodian banks are in line with the principles of best execution of orders in accordance with WAG 2018 and takes corrective action if necessary.

As part of the division of labour, the selected custodian banks (or brokers, online brokers) also provide R&B with the necessary infrastructure and services. By bundling these factors, cost advantages are achieved in the execution, processing and settlement of orders for private and professional clients. In addition, the infrastructure provided fulfils the criteria in terms of speed and probability of execution.

Further synergy effects are achieved, for example, through the provision of
- Order routing, billing and settlement functionalities
- Market access via the selected custodian banks
- Maintenance and further development of IT systems
- Support services such as hotline function or emergency support in the event of system failures
- competitive data processing systems for order processing in line with our workflows.

Deviation from execution principles

If the client issues an explicit instruction, the appointed custodian bank (or broker, online broker) will execute the client order in accordance with this explicit instruction. The customer should note that this may prevent the appointed custodian bank (or broker, online broker) from achieving the best possible result with regard to the aspects of the order to which the explicit instructions relate.
The investment services company must monitor the efficiency and effectiveness of the arrangements and the execution principles. The current version of the execution principles for private clients can be found at www.rbvm.at/execute1.html