This Policy is available to clients upon request and is also made available on our Website. The
Company reserves the right to amend or supplement this Policy at any time in such case we will
inform you for such change. If you have any further questions please contact
client@internationalfinanceasia.com

1. Introduction
1.1. Definitions
Terms used in this Policy that are not interpreted differently shall have the
meaning given to them by the Terms & Conditions of the Company.
1.2. Purpose
International Finance Asia Ltd. (the “Company” or the “Firm”) is an securites
licensee regulated by the Labuan Financial Securities Authority with license
number SL/18/0009. The purpose of this Policy is to establish effective
arrangements for obtaining, when the Company is executing clients’ orders, the
best possible result for its clients.
The Company owe their clients a duty of best execution and must take all
reasonable steps to obtain, when executing orders, the best possible result for
their clients taking into account price, costs, speed, likelihood of execution and
settlement, size, nature or any other consideration relevant to the execution of
the order. Nevertheless, whenever there is a specific instruction from the client,
the CIFs shall execute the order following the specific instruction. In particular,
the orders of traders who choose to “Piggyback” other traders, which means
automatically copy their trades, all as defined in the Costumer Agreement,
(“Following Traders”; “Leading Traders”) , shall be executed in terms of specific
instructions.
The Company cannot guarantee that upon execution of an order the price at
which the order is executed will always be better than a price, which is, or might
has been available elsewhere.
In addition, CIFs must establish and implement an order execution policy to allow
the CIF to obtain, for its clients’ orders, the best possible result.
1.3. Scope
This Policy outlines the Company’s strategy for obtaining the best possible
results when executing orders on behalf of retail clients, including the steps that

International Finance Asia Ltd.

the Company will take to comply with the best execution obligation. The
Company owes the duty of best execution to a user only when the Company has
a contractual or agency obligation to such user.
Accordingly, this document aims to set out those arrangements and to ensure
compliance with legislative requirements and the departmental and general
procedures, and gives an overview on how trades and orders are executed and
the factors that may affect the execution’s timing.
This Policy shall be read in conjunction with the Company’s Terms and
Conditions and the Customer Agreement.
1.4. Instruments
The Company solely executes orders in relation to one or more financial
instruments mainly on shares as well as in contracts for difference (CFDs) on
shares and indices.
1.5. Legal Framework
This Policy implements the requirements of the Law which Provides for the
Provision of Investment Services, the Exercise of Investment Activities, the
Operation of Regulated Markets and Other Related Matters of Labuan law.

2. Execution Policy
The relevant departments, to which the Policy mainly applies, are the Dealing Room
Department and the Portfolio Management / Investment Advice Department of the
Company. Senior Management reviews the Policy on an annual basis or / and whenever
a material change occurs that impacts the Company’s ability to continue offering best
execution of its clients’ orders using the Company’s trading platform. Clients will be
notified of any material changes to the order execution arrangements or execution policy
via the Company’s website, which will contain the most up-to-date version of the Policy.
Changes to this Policy will not be separately notified.
The Company has established, and will continue to maintain, an Order Execution Policy
in order to ensure compliance with the obligation to execute orders on terms most
favourable to the clients and to achieve the best possible results for its clients, taking
into consideration its clients’ ability, needs and trading policies, where applicable.
2.1. Execution factors and execution criteria
In the absence of specific client instructions to the Company, when managing
client orders through to execution, the Company will take all reasonable steps to
obtain, when executing orders, the best possible result for its clients, taking into
account the following “execution factors”:

International Finance Asia Ltd.

● Price
● Speed (including likelihood of execution and settlement)
● Costs or commissions
● Size and nature of the order
● Market conditions and variations
● Any other direct consideration relevant to the execution of the order
Additionally, when executing a client order, the following best execution criteria
will be taken into account when determining the importance of the execution
factors, which are:
● The characteristics of the client (including suitability and appropriateness
assessment)
● The characteristics of the client order
● The characteristics of the financial instruments that are the subject of that
order and the suitability and appropriateness for the client
● The characteristics of the execution venues to which that order can be
directed, and
● Whether the order is placed by a Following Trader.
2.2. The role of price when obtaining best execution
For a retail client, the best possible result will always be determined in terms of
the “total consideration”. The total consideration represents:
● the price of the financial instrument/contract; and
● the costs related to execution, which will include any expenses incurred
by you which are directly related to the execution of your order
This can include:
● execution venue fees;
● clearing and settlement fees; and
● any other fees paid to third parties involved in the execution of the order.
Therefore, when the Company is dealing for its clients or on their behalf,
obtaining the best result in terms of total consideration will take precedence over
the other execution factors listed above. This means that speed, likelihood of
execution and settlement, the size and nature of the order, market impact and
any other implicit transaction costs will be given precedence over the immediate
price and cost consideration only insofar as they are instrumental in delivering
the best possible result in terms of the total consideration to you.

International Finance Asia Ltd.

Accordingly, the best possible result will be determined in terms of the total
consideration, representing the price of the contract and the cost related to
execution. The other execution factors of speed, likelihood of execution and
settlement, size, nature, market conditions and variations or any other relevant
consideration will, in most cases, be secondary to price and cost considerations,
unless they would deliver the best possible result for the client in terms of total
consideration.
2.3. Specific Instructions
In circumstances where the client provides the Company with a specific
instruction as to how to execute an order and the Company has accepted this
instruction, then the Company will execute the order in accordance with that
specific instruction.
Nevertheless, if the client provides a specific instruction to the Company to carry
out an order, then by transmitting that order to an executing broker, the Company
will be complying with the Company’s duty to provide the client with best
execution. This may result in being unable to follow the Company’s order
execution policy for that particular order and it is therefore noted that the specific
instruction provided by the client may prevent the Company from obtaining the
best possible result for the client as otherwise would be implemented according
to this Policy.

3. Execution venues and relationship with Interactive Brokers LLC (“IB”) and IDC
Global Services Limited (“IDC”)
Execution venues are the entities to which the orders are placed or to which the
Company transmits orders for execution. The execution venue for clients’ orders will be
a third party broker, Interactive Brokers LLC, a member of NYSE – FINRA – SIPC and
regulated by the US Securities and Exchange Commission and the Commodity Futures
Trading Commission Headquarters. If the Company determines that this is in the best
interests of clients, the Company reserves its right to change the broker at any time, or
to engage an additional broker(s) at any time, without receiving the clients consent and
without sending any further notification. Details of the principal exchanges and markets
(known as “market centers”) on which IB executes orders will be accessible through its
website, at www.interactivebrokers.com.
In addition, another execution venue will be IDC Global Services Limited, a Belize
Investment Firm. Similarly to the above, in the event which the Company determines that
this is in the best interests of clients, the Company reserves its right to change the
broker at any time, or to engage an additional broker(s) at any time, without receiving the
clients consent and without sending any further notification.

International Finance Asia Ltd.

The Company has entered into an agreement with IB on behalf of the Company and
each of its clients whereby IB has agreed to provide execution, clearing and settlement,
safe custody and associated services. Therefore, this Order Execution Policy takes
account of and incorporates the arrangements put in place by IB in order to obtain the
best possible result for clients.
The Company remains responsible for the execution of any transactions on your behalf.
Orders transmitted by the Company to IB to execute on your behalf will be subject to IB’s
Order Execution Policy. In such circumstances the Company, and not you, will be the
client of IB. The same applies for the orders transmitted by the Company to IDC on your
behalf.
This list may include from time-to-time venues that are not Regulated Markets or a
Multilateral Trading Facilities (“MTFs”). Information on IB’s execution policy and the
execution venues on which IB places reliance can be found at
www.interactivebrokers.com.

4. Execution of orders outside of a regulated market or an MTF
The Company does not generally execute orders outside of a Regulated Market or an
MTF. Occasionally, the Company or IB may believe that the best possible result for a
client order will be achieved by executing the order outside a Regulated Market or a
MTF. Where an instrument is admitted to trading on a Regulated Market or MTF, we are
required to obtain your prior express consent before we execute an order in such
instrument outside of a Regulated Market or MTF. By accepting our User Agreement,
you expressly consent to the Company or IB to execute orders outside of a Regulated
Market or MTF.

5. Analysis of Execution Factors
5.1. Unique Piggyback Model
The Company offers its clients the ability to copy each other trades which means
a client can choose to perform trades at his sole discretion (“Prop Trades”) and
can follow another client (“Leading Trader”). As a result, every client can be
another client’s Leading Trader, or Follow a Leading Trader.
In accordance with the Company’s unique piggybacking model, clients may
perform two kind of trades: 1) Proprietary Trades, which are initiated by the
client, and are sent directly upon placing to the market, and 2) Piggyback Trades,
which are a result of clients’ choice to follow another client, and are sent to the
market immediately after lead traders’ Proprietary Trade. Piggyback Trades are

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aggregated with other Piggyback Trades, in case that there are multiple clients
piggybacking, under the provisions of article 6 below. All piggyback orders are
sent to the market and behave like regular market order, where stock availability
and price varies.
For more trading implications of the Piggyback model, please carefully review the
Customer Agreement.
5.2. Price
The Company publishes market data regarding the securities prices on the
platform, obtained from third parties vendors (“Indicative Prices”). It is important
to make a distinction between the Indicative Prices that are displayed on the
platform and the actual execution prices, when trades are performed by IB
(“Execution Prices”). Indicative Prices only give an indication of where the market
is at a certain moment, and may change rapidly, while Execution Prices are
determined at the moment of executing the trade, and are delivered by IB.
In the event a follower piggybacks a lead trader, there may be a discrepancy
between the lead trader’s execution price, and the following trader execution
price, as there may be a time interval and/or a change in market conditions
and/or in the type of trading order between the lead trader and the follower.
In regards to a given CFD financial instrument the Company quotes the higher
price at which the client can buy, thus going long (“ASK”) and the lower price at
which the client can sell thus going short (“BID”) the relevant CFD. The difference
between the BID and ASK of a given CFD is called the spread, which can vary
with the different types of accounts in CFDs.
Prices of CFDs are calculated with respect to the underlying asset prices as
these are provided from Indicative Prices. The Company ensures that the client
receives the best execution mainly by ensuring that the price provision to the
client is made with reference and compared to a range of underlying price
providers and data sources. The Company reviews its independent Indicative
Prices at least once a year to ensure that correct and competitive pricing is
offered. Company’s prices are available on the Company’s trading platform.
In addition, the Indicative Price, is continuously updating its prices, therefore last
updated prices are displayed on Company’s trading platform.
However, under certain trading conditions, as under high volatility causing rapid
price fluctuations, the Company might not be in a position to execute the order
placed by the client at the client’s requested price. Under this scenario, the
Company maintains the right to execute the order at the first available price.

International Finance Asia Ltd.

5.3. Cost
When a client opens a position, he may be required to pay a commission and/or
financing fee and/or stamp taxes and/or currency conversion costs and/or any
other incurred fee as a part of the ongoing trading activities in the various stock
exchanges. Detailed information in relation to the financing fees/calculation of
fees will be in accordance with the Customer Agreement and Company’s fees
page, binding each client.
5.4. Size and nature of order
All orders are placed in monetary value. The client will be able to place his order
as long as he has enough balance in his trading account, and all in accordance
with his current margin settings. If the client wishes to execute a large size order,
in some cases the price may become less favorable considering the market
supply or demand for this order.
However, CFD trades are leveraged which means a ratio is set that determines
how much money a client must actually invest in order to open a trade for certain
value. In addition, the leverage can also be expressed in term of what
percentage the client needs to invest for a trade. This percentage is called a
margin requirement. In this respect, the client may use margin o to increase the
potential return of an investment, thus using leverage.

5.5. Speed (including likelihood of execution and settlement)
Obviously, prices change over time. The frequency with which they do varies with
different market conditions. Considering that the prices which are distributed via
the Company’s trading platform/terminal, technology used by the client to
communicate with the Company plays a crucial role. For instance, the use of a
wireless connection, or dial up connection, or any other communication link that
can cause a poor internet connection can cause unstable connectivity to the
Company’s trading platform/terminal and affect the trading sequence.
Due to the levels of volatility affecting the financial instruments price, the
Company seeks to provide client orders with the fastest execution reasonably
possible. Under the boundaries of the broker and/or any other third parties which
may affect trading speed.
As regards to the likelihood of settlement, it is noted that the Company proceeds
with the settlement of all transactions upon the execution and/or time of
expiration of the specific transaction. In regards to CFDs, the aforementioned
instruments do not involve physical delivery of the underlying asset.
5.6. Market Conditions and Variations
The execution prices which are provided by IB may be different from the market
data presented to the clients, and may be affected by various factors which could

International Finance Asia Ltd.

also affect the above mentioned factors. The Company and IB will take all
reasonable steps to ensure the best possible result for the Company’s clients.

6. Aggregation and Allocation of Orders
Orders of Following Traders will be aggregated. The Company will not carry out a client
order in aggregation with another client order unless the following conditions are met:
● it must be unlikely that the aggregation of orders and transactions will work
overall to the disadvantage of any client whose order is to be aggregated;
● it is disclosed to each client whose order is to be aggregated that the effect of
aggregation may work to its disadvantage in relation to a particular order;
● an order allocation policy is established and effectively implemented, providing in
sufficiently precise terms for the fair allocation of aggregated orders and
transactions, including how the volume and price of orders determines
allocations (which will normally be pro rata to the size of the orders) and the
treatment of partial executions.
6.1. Order Management
The Company will ensure that, at all times, client orders are handled equitably
and to client’s best advantage. Client orders will be executed with IB in a prompt
and equitable manner, taking into account the nature of the order. Other similar
orders may be processed or executed with IB according to the time of receipt and
may be aggregated or pro-rated accordingly, unless the characteristics of the
order or prevailing market conditions make this impracticable or the interests of
the client, measured on a cumulative expectancy basis, defined as a
measurement of the clients’ interests, based in terms of total consideration, i.e.
having taken into account the interests of all clients’ orders, require otherwise.
The Company undertakes to manage all client orders in accordance with the
following principles:
● Order execution with IB shall be prompt, fair and expeditious and
processed sequentially
● Aggregation of comparable orders shall be undertaken to the client’s best
interests
● Allocation or reallocation shall be equitable and seek to protect from client
detriment

6.2. Order Aggregation
To carry out a client order in aggregation with another client order, the Company
will ensure the following requirements are met:
● The client has been made aware that aggregation may, in some cases,
result in obtaining a less or more favorable price than if the order was
executed separately.

International Finance Asia Ltd.

● The Company, in its sole discretion and under prevailing market
conditions, does reasonably believe that such action is likely to be within
the client’s best interests and the Company is able to demonstrate it
measured on a cumulative expectancy basis, defined as a measurement
of the clients’ interests, based in terms of total consideration, i.e. having
taken into account the interests of all clients’ orders.
● The decision to aggregate and, if necessary, reallocate will be made in
accordance with any client agreements and instructions and with the
Customer Agreement, having regard to price and volume and allocated
accordingly.
6.3. Asset Allocation
6.3.1. Partial execution
Where partial execution takes place on an aggregated order, the
Company remains at liberty to randomize the allocation with the client
order. In such an event, the Company will be in a position to reasonably
demonstrate, that without its own participation, execution could not have
taken place at all or on such favorable terms.
6.3.2. Allocation of aggregated Client orders
Where aggregation of two similar client orders are affected, in the event
of partial execution, the Company will determine the orders on an
unbiased manner, for the final execution.

7. Demonstration of best execution
On request, the Company will demonstrate that orders have been executed in
accordance with this Policy.

8. Client Limit Orders
Unless a client expressly instructs otherwise, firms are required to put on immediate
public display all unexecuted limit orders in shares admitted to trading on a regulated
market. A “limit order” is an order to buy or sell a financial instrument at its specified
price limit or higher and for a specified size. By accepting the Company’s Customer
Agreement and consenting to this Policy, you are agreeing to the Company and IB
making public your unexecuted client limit orders.

International Finance Asia Ltd.

9. Monitoring
The Company will monitor and assess on a regular basis the effectiveness of this
execution Policy and the order of its order execution arrangements and, in particular, the
execution quality of the procedures explained in the execution Policy in order to deliver
the best possible result for the client. Where appropriate, the Company reserves the
right to correct any deficiencies in this execution Policy and make improvements to its
execution arrangements.
The Company assesses on a regular basis, of particular transactions in order to
determine whether it has complied with its Policy and/or arrangements, and whether the
resulting transaction has delivered the best possible result for the client.

10. Conclusion
Appropriate information is provided to the client on the content of the execution policy.
The prior consent of the clients is obtained regarding the documented order execution
policy to be followed. In addition, a clear and prominent warning is disclosed to the
Company’s clients (within the Customer Agreement) that any specific instruction from a
client may prevent the Company from taking the steps that it has designed and
implemented in its execution policy for obtaining the best possible result for the
execution of those orders in respect to the elements covered by those instructions.
Adequate information is provided to the clients through this policy in relation to the
factors that are taken into consideration by the management when handling clients’
orders. Also, the policy is reviewed periodically by the Company and the clients are
informed accordingly in relation to any material changes.