Directive 2014/65/EU in MiFID II requires investment firms who execute client orders to summarise and make public on an annual basis, for each class of financial instruments, the top five execution venues in terms of trading volumes.
The required details that need to be specified are prescribed in the directive's annexes.
Trading business relates to professional clients only (no retail clients). Accordingly, all orders are passive.
The trades, for 2017, were in respect of eight distinct categories (classes, as defined in RTS 28) of instrument.
Where Theorema had traded instruments in a given category, this resulted in a corresponding table (see below) being produced - the table displays the top five brokers responsible for filling the trades, ranked by the broker's associated percentage of volume (that is, quantity of order) across all brokers in the category.
Please note that equities were sub-divided by their liquidity into three separate bands, determined by the relevant exchange's measure of trades per day.
The percentage of orders in the specific category, for each of the top five brokers, is also shown.
The table also indicates the activity of trading, in each category, by the presence of a "Y" or "N" against the (average) number of trades per day.
The tables contain mnemonics for the broker, and the Broker/LEI table shows the unique LEI code allowing identification of the broker.
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Theorema Advisors UK LLP, based in the UK, currently manages the Plurima Theorema European Equity Long-Short Fund on behalf of Theorema Advisors Ltd.
We endeavour to generate a high level of alpha, irrespective of the market environment, whilst maintaining a low level of volatility and continue to have a strong emphasis on capital preservation.
Theorema has a highly experienced team, led by Giovanni Govi, Founder and Chief Investment Officer. The team also includes two portfolio managers, three analysts, one trader, a risk manager, a CEO, a COO and two support staff.
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