Legal
Customer Order Handling and Best Execution Policy
Date: Jul 2025
1. Scope
Bound was launched in 2020 with the vision of making currency conversion and hedging great value, fair, and most of all, easy. Today, our platforms help hundreds of businesses protect themselves from currency risk across the world.
This policy outlines the principles followed by Bound Rates Limited (T/A Bound) when executing orders in financial instruments on behalf of retail and professional customers. It aims to ensure compliance with our obligations under COBS 11.2A (Best Execution) and COBS 11.3 (Order Handling) of the FCA Handbook.
This policy covers financial instruments as defined under MiFID II, including but not limited to FX Forwards (excluding those entered into for means-of-payment purposes), FX Non-Deliverable Forwards, and FX Options.
Matched principal trading means Bound:
Receives a customer order;
Immediately offsets it by entering into an identical transaction with a third party liquidity provider, typically a UK authorised investment firm or bank;
Does not take market risk.
2. Execution Factors
When executing customer orders, Bound considers the following factors to determine the best possible result:
Price: Primary factor, based on best rate available from the liquidity providers we work with.
Speed: speed of quote received from the liquidity provider can influence venue choice.
Likelihood of Execution: Important in illiquid or exotic currencies and longer dated forwards.
Order Size:
some liquidity providers accept smaller trade minimums/have minimum order sizes,
trading lines are larger with some liquidity providers than others.
Trades are subject to liquidity and market conditions and there is no guarantee that Bound will be in a position to open or close a trade immediately after the reception of the customer’s order under all market conditions, as Bound will open and/or close customers’ positions when it is able to open or close the corresponding positions with the relevant liquidity provider(s). The speed and likelihood of execution is also subject to software, hardware and telecom/data and line use and Bound cannot guarantee that this will not be free of interruption of suspension. In addition, the ability to ensure that a given transaction can be settled into a customer’s account efficiently (likelihood of settlement) is a factor that influences the choice of the execution venue.
Factors not typically assessed:
Costs: Periodically reviewed to ensure competitiveness.
Collateral: Considered to reduce risk and support tighter spreads.
In all cases, Bound does not receive any remuneration, discount or non-monetary benefit for routing customer orders to a particular execution venue and/or liquidity provider which would infringe the requirements on conflicts of interest or inducements.
Execution of an order at a price falling short of the lowest or exceeding the highest available at the time of execution purchase or sale price (accordingly) in the whole market or amongst the available liquidity providers does not necessarily constitute a violation of this policy. This is because the objective of the Best Execution Policy is not necessarily to obtain the best possible results on every single occasion, but rather to ensure that prices fair and comparable to those available to the market can be successfully offered on an on-going basis, to verify on an on-going basis that the execution arrangements work well throughout the different stages of the order execution process and to identify and correct any potential deficiencies.
In addition, it is noted that no one can guarantee that the price proposed by Bound to a customer prior to the conclusion of a transaction – as well as the price Bound receives from the liquidity provider(s) – will not differ at execution and that there is no guarantee that a customer’s order will be executed, given that under specific market conditions, and due to the nature of the specific financial instruments, the market may widen and become very volatile.
3. Execution Criteria
The importance of execution factors may vary depending on:
Customer classification (MiFID professional vs. non-MiFID customers). For retail customers price is always the priority.
Order type and size.
Product characteristics, including liquidity and structure.
Market conditions at the time of execution.
Venue of previous relevant trade.
4. Execution Venues
We deal on a matched principal basis. Bound is the execution venue for customer trades. Our market-side trades are conducted with selected liquidity providers to support tight pricing and liquidity and these are available on request, when necessary.
Venue selection is based on price, speed, reliability, and service quality. Venues are reviewed regularly to ensure consistent best execution. Material changes are reflected in this policy.
5. Specific customer Instructions
If a customer provides specific instructions, we will execute the order accordingly, even if the outcome is less favourable. Where specific instructions apply only to part of an order, best execution obligations apply to the remainder.
6. Order Handling
Customer orders are executed promptly and fairly, in the order received, without preference. We do not aggregate or cross customer orders. Orders are handled sequentially in line with COBS 11.3 requirements.
7. Monitoring and Review
We assess the effectiveness of our execution arrangements annually or when material changes occur. Ongoing monitoring includes comparing execution quality across venues and reviewing prices achieved versus market rates.
8. Customer Information and Consent
customers receive this policy before any orders are executed. Consent is inferred from continued instructions. Explicit consent is required to execute outside regulated markets or MTFs. Consent may be general or transaction-specific.
9. Sales Margin Disclosure
We provide an all-in price to customers, which includes a transparent spread. This margin helps cover factors such as:
Hedging costs
Customer credit risk
Funding cost
Market liquidity
See more on Bound’s transparent pricing here.
10. Contact Details
For any queries about this policy, please contact your usual Bound representative or email: help@bound.co
1. Scope
Bound was launched in 2020 with the vision of making currency conversion and hedging great value, fair, and most of all, easy. Today, our platforms help hundreds of businesses protect themselves from currency risk across the world.
This policy outlines the principles followed by Bound Rates Limited (T/A Bound) when executing orders in financial instruments on behalf of retail and professional customers. It aims to ensure compliance with our obligations under COBS 11.2A (Best Execution) and COBS 11.3 (Order Handling) of the FCA Handbook.
This policy covers financial instruments as defined under MiFID II, including but not limited to FX Forwards (excluding those entered into for means-of-payment purposes), FX Non-Deliverable Forwards, and FX Options.
Matched principal trading means Bound:
Receives a customer order;
Immediately offsets it by entering into an identical transaction with a third party liquidity provider, typically a UK authorised investment firm or bank;
Does not take market risk.
2. Execution Factors
When executing customer orders, Bound considers the following factors to determine the best possible result:
Price: Primary factor, based on best rate available from the liquidity providers we work with.
Speed: speed of quote received from the liquidity provider can influence venue choice.
Likelihood of Execution: Important in illiquid or exotic currencies and longer dated forwards.
Order Size:
some liquidity providers accept smaller trade minimums/have minimum order sizes,
trading lines are larger with some liquidity providers than others.
Trades are subject to liquidity and market conditions and there is no guarantee that Bound will be in a position to open or close a trade immediately after the reception of the customer’s order under all market conditions, as Bound will open and/or close customers’ positions when it is able to open or close the corresponding positions with the relevant liquidity provider(s). The speed and likelihood of execution is also subject to software, hardware and telecom/data and line use and Bound cannot guarantee that this will not be free of interruption of suspension. In addition, the ability to ensure that a given transaction can be settled into a customer’s account efficiently (likelihood of settlement) is a factor that influences the choice of the execution venue.
Factors not typically assessed:
Costs: Periodically reviewed to ensure competitiveness.
Collateral: Considered to reduce risk and support tighter spreads.
In all cases, Bound does not receive any remuneration, discount or non-monetary benefit for routing customer orders to a particular execution venue and/or liquidity provider which would infringe the requirements on conflicts of interest or inducements.
Execution of an order at a price falling short of the lowest or exceeding the highest available at the time of execution purchase or sale price (accordingly) in the whole market or amongst the available liquidity providers does not necessarily constitute a violation of this policy. This is because the objective of the Best Execution Policy is not necessarily to obtain the best possible results on every single occasion, but rather to ensure that prices fair and comparable to those available to the market can be successfully offered on an on-going basis, to verify on an on-going basis that the execution arrangements work well throughout the different stages of the order execution process and to identify and correct any potential deficiencies.
In addition, it is noted that no one can guarantee that the price proposed by Bound to a customer prior to the conclusion of a transaction – as well as the price Bound receives from the liquidity provider(s) – will not differ at execution and that there is no guarantee that a customer’s order will be executed, given that under specific market conditions, and due to the nature of the specific financial instruments, the market may widen and become very volatile.
3. Execution Criteria
The importance of execution factors may vary depending on:
Customer classification (MiFID professional vs. non-MiFID customers). For retail customers price is always the priority.
Order type and size.
Product characteristics, including liquidity and structure.
Market conditions at the time of execution.
Venue of previous relevant trade.
4. Execution Venues
We deal on a matched principal basis. Bound is the execution venue for customer trades. Our market-side trades are conducted with selected liquidity providers to support tight pricing and liquidity and these are available on request, when necessary.
Venue selection is based on price, speed, reliability, and service quality. Venues are reviewed regularly to ensure consistent best execution. Material changes are reflected in this policy.
5. Specific customer Instructions
If a customer provides specific instructions, we will execute the order accordingly, even if the outcome is less favourable. Where specific instructions apply only to part of an order, best execution obligations apply to the remainder.
6. Order Handling
Customer orders are executed promptly and fairly, in the order received, without preference. We do not aggregate or cross customer orders. Orders are handled sequentially in line with COBS 11.3 requirements.
7. Monitoring and Review
We assess the effectiveness of our execution arrangements annually or when material changes occur. Ongoing monitoring includes comparing execution quality across venues and reviewing prices achieved versus market rates.
8. Customer Information and Consent
customers receive this policy before any orders are executed. Consent is inferred from continued instructions. Explicit consent is required to execute outside regulated markets or MTFs. Consent may be general or transaction-specific.
9. Sales Margin Disclosure
We provide an all-in price to customers, which includes a transparent spread. This margin helps cover factors such as:
Hedging costs
Customer credit risk
Funding cost
Market liquidity
See more on Bound’s transparent pricing here.
10. Contact Details
For any queries about this policy, please contact your usual Bound representative or email: help@bound.co
1. Scope
Bound was launched in 2020 with the vision of making currency conversion and hedging great value, fair, and most of all, easy. Today, our platforms help hundreds of businesses protect themselves from currency risk across the world.
This policy outlines the principles followed by Bound Rates Limited (T/A Bound) when executing orders in financial instruments on behalf of retail and professional customers. It aims to ensure compliance with our obligations under COBS 11.2A (Best Execution) and COBS 11.3 (Order Handling) of the FCA Handbook.
This policy covers financial instruments as defined under MiFID II, including but not limited to FX Forwards (excluding those entered into for means-of-payment purposes), FX Non-Deliverable Forwards, and FX Options.
Matched principal trading means Bound:
Receives a customer order;
Immediately offsets it by entering into an identical transaction with a third party liquidity provider, typically a UK authorised investment firm or bank;
Does not take market risk.
2. Execution Factors
When executing customer orders, Bound considers the following factors to determine the best possible result:
Price: Primary factor, based on best rate available from the liquidity providers we work with.
Speed: speed of quote received from the liquidity provider can influence venue choice.
Likelihood of Execution: Important in illiquid or exotic currencies and longer dated forwards.
Order Size:
some liquidity providers accept smaller trade minimums/have minimum order sizes,
trading lines are larger with some liquidity providers than others.
Trades are subject to liquidity and market conditions and there is no guarantee that Bound will be in a position to open or close a trade immediately after the reception of the customer’s order under all market conditions, as Bound will open and/or close customers’ positions when it is able to open or close the corresponding positions with the relevant liquidity provider(s). The speed and likelihood of execution is also subject to software, hardware and telecom/data and line use and Bound cannot guarantee that this will not be free of interruption of suspension. In addition, the ability to ensure that a given transaction can be settled into a customer’s account efficiently (likelihood of settlement) is a factor that influences the choice of the execution venue.
Factors not typically assessed:
Costs: Periodically reviewed to ensure competitiveness.
Collateral: Considered to reduce risk and support tighter spreads.
In all cases, Bound does not receive any remuneration, discount or non-monetary benefit for routing customer orders to a particular execution venue and/or liquidity provider which would infringe the requirements on conflicts of interest or inducements.
Execution of an order at a price falling short of the lowest or exceeding the highest available at the time of execution purchase or sale price (accordingly) in the whole market or amongst the available liquidity providers does not necessarily constitute a violation of this policy. This is because the objective of the Best Execution Policy is not necessarily to obtain the best possible results on every single occasion, but rather to ensure that prices fair and comparable to those available to the market can be successfully offered on an on-going basis, to verify on an on-going basis that the execution arrangements work well throughout the different stages of the order execution process and to identify and correct any potential deficiencies.
In addition, it is noted that no one can guarantee that the price proposed by Bound to a customer prior to the conclusion of a transaction – as well as the price Bound receives from the liquidity provider(s) – will not differ at execution and that there is no guarantee that a customer’s order will be executed, given that under specific market conditions, and due to the nature of the specific financial instruments, the market may widen and become very volatile.
3. Execution Criteria
The importance of execution factors may vary depending on:
Customer classification (MiFID professional vs. non-MiFID customers). For retail customers price is always the priority.
Order type and size.
Product characteristics, including liquidity and structure.
Market conditions at the time of execution.
Venue of previous relevant trade.
4. Execution Venues
We deal on a matched principal basis. Bound is the execution venue for customer trades. Our market-side trades are conducted with selected liquidity providers to support tight pricing and liquidity and these are available on request, when necessary.
Venue selection is based on price, speed, reliability, and service quality. Venues are reviewed regularly to ensure consistent best execution. Material changes are reflected in this policy.
5. Specific customer Instructions
If a customer provides specific instructions, we will execute the order accordingly, even if the outcome is less favourable. Where specific instructions apply only to part of an order, best execution obligations apply to the remainder.
6. Order Handling
Customer orders are executed promptly and fairly, in the order received, without preference. We do not aggregate or cross customer orders. Orders are handled sequentially in line with COBS 11.3 requirements.
7. Monitoring and Review
We assess the effectiveness of our execution arrangements annually or when material changes occur. Ongoing monitoring includes comparing execution quality across venues and reviewing prices achieved versus market rates.
8. Customer Information and Consent
customers receive this policy before any orders are executed. Consent is inferred from continued instructions. Explicit consent is required to execute outside regulated markets or MTFs. Consent may be general or transaction-specific.
9. Sales Margin Disclosure
We provide an all-in price to customers, which includes a transparent spread. This margin helps cover factors such as:
Hedging costs
Customer credit risk
Funding cost
Market liquidity
See more on Bound’s transparent pricing here.
10. Contact Details
For any queries about this policy, please contact your usual Bound representative or email: help@bound.co