How we handle and fill your orders.
Version 0.1 · Draft for legal review · Last updated [DATE]
SFB Market operates [an agency (A-book) model: client orders are hedged with our liquidity providers] / [a hybrid model in which some flow may be internalised under risk limits set by the Board]. In either case prices are derived from the same aggregated feed for all clients.
Quotes are aggregated from [X] liquidity providers through [bridge/aggregator]. SFB adds a mark-up (Standard) or charges a commission (Prime, Royal) as published.
Market, limit, stop, stop-limit, take-profit and stop-loss orders are available on MT5. Pending orders are triggered on our bid (sell) or ask (buy) price.
Market orders are filled at the best available price at the time the order reaches our server, which may differ from the price you saw. Slippage may be positive or negative and is passed on symmetrically.
Orders larger than available liquidity may be partially filled. Orders may be rejected when there is no price, when margin is insufficient, or during extreme volatility.
Servers are located in [Equinix LD4, London]. Average execution time is published monthly on the Platform page.
Positions held at [23:59 server time] are charged or credited swap; triple swap applies on [Wednesday]. Swap-free (Islamic) accounts are exempt.
Share CFDs are adjusted for dividends and splits. Trading hours per instrument are published in the platform and may change around holidays.
Trades executed at manifestly erroneous prices may be cancelled or corrected, with notice to the client, under the Client Agreement.
This policy is reviewed at least annually and whenever a material change occurs.