Order Execution Policy


This Order Execution constitutes a legal requirement following the Company’s authorization and regulation by the Cyprus Securities and Exchange Commission (“CySEC”) under authorisation number CIF 248/14, as detailed below:

1.2 Purpose

The purpose of this policy is to establish effective arrangements for obtaining, when Holiway Investments Limited, hereafter the “Company”, is executing clients’ orders, the best possible result for its clients.

This document aims to set out those arrangements and to ensure compliance with legislative requirements and the departmental and general procedures, which are set within this Internal Procedures Manual.

This policy shall be read in conjunction with Dealing Room Manual of this Internal Procedures Manual.

1.3 Legal Framework

In accordance with the Investment Services and Activities and Regulated Markets Law of 2007, CIFs 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, 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 addition, CIFs must establish and implement an order execution policy to allow the CIF to obtain, for its clients’ orders, the best possible result.

1.4 Policy

Dealing Room is the relevant department to which the order execution policy mainly applies. 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.

The Company proceeded to the establishment and maintenance of 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 and possible.

The policy outlines the process that the Company follows in executing trades, and assures taking all reasonable steps to consistently obtain the best possible result for clients through its order execution policy. It is noted however that when executing an order following a specific client instruction, the Company will execute the order in line with those instructions and will consider that it has discharged its best execution obligations.

1.5 Best Execution Criteria

The Company will take into account the best execution criteria for determining the relative importance of the execution factors:

  • The characteristics of the client
  • The characteristics of the client order
  • The characteristics of the financial instruments that are the subject of that order
  • The characteristics of the execution venues to which that order can be directed.

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 size, nature or any other relevant consideration will, in most case, be secondary to price and cost considerations, unless they would deliver the best possible result for the client in terms of total consideration.

1.6 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 carry out an order, then by executing that order 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.

1.7 Execution Venues

Execution venues are the entities to which the orders are placed or to which the Company transmits orders for execution. The Company will enter into transactions with the
client as principal (counterparty) and not as an agent. Even though the Company may transmit the client’s order to the liquidity providers for execution, due to risk parameters (i.e. clients with high volume, big equity, etc.), the Company will still be the contractually counterparty to the client. Therefore, the Company will act as the sole Execution Venue for clients’ orders.

In particular, the Client deposits funds with the Company and places an order via a trading platform and the Company is responsible for safeguarding of clients’ funds. Upon receipt of the order, the Company opens an exactly identical order in its name with the market maker, per order received or accumulatively. In this respect, the Company executes the client order by acting as a riskless principal (i.e. enters into true back to back trades).

The Client’s order is placed through our liquidity provider SpotOption Exchange Ltd., which is a CIF regulated by CySEC license number 170/12.

The provider is continuously updating its prices. Therefore, last updated prices are displayed on Company’s trading platform.

1.8 Execution Factors

The Company, when managing client’s orders takes into account various execution factors, provided that there are no specific instructions from the client to the Company about the way of execution of the orders. The execution factors include:

  • Price
  • Speed and likelihood of execution
  • Costs or commissions
  • Size and nature of the order
  • Market conditions and variations
  • Execution capability
  • Any other direct consideration relevant to the execution of the order

1.8.1 Pricing

The Company will provide its own tradable prices which are derived from independent price providers. The main way in which the Company will ensure that the client receives the best execution will be to ensure 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 price providers at least once a year to ensure that correct and competitive pricing is offered.

1.8.2 Costs

When the client opens a position in some types of financial instruments a commission or a financing fee will apply.

1.8.3 Size 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. If the client wishes to execute a large size order, in some cases the price may become less favorable considering the feed obtained from its price provider.

1.8.4 Speed

Obviously, prices change over time. The frequency with which they do varies with different financial instruments and market conditions. Considering that the tradable 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. The result for the client is to place his orders at a delay and the order to be executed at better or worst prevailing market price offered by the Company via its platform/terminal.

1.8.5 Nature of the order

The particular characterizing of an order depends on the Binary option to be selected by the client. The value of the option is mainly depended on the volatility of the underlying instrument, the set time of option expiration and the risk management to be selected by the client.

  • “Market Order”: The Client may place the order with the Company and the said order will be instantly executed against a price that the Company has provided. If the Client wishes, he may attach to the Market Order a Stop Loss in order to limit the Client’s loss and/or Take Profit in order to limit the Client’s profit.
  • “Pending Order”: In this case the Client places a pending order to be executed at a later time at the price the Client specifies. The Company has a duty to monitor the pending order and when the price provided by the Company reaches the price specified by the Client, the order will be executed at that price. Buy Limit, Buy Stop, Sell Limit and Sell Stop are the available pending orders.

1.8.6 Likelihood of execution

Due to the levels of volatility affecting the underlying instrument’s price, the Company seeks to provide client orders with the fastest execution reasonably possible.

1.8.7 Likelihood of settlement

The Company shall proceed with the settlement of all transactions upon the execution and/or time of expiration of the specific transaction.

1.9 Market Impact

The Company’s quoted prices, which are derived from its independent price providers, may be affected by various factors which could also affect the above mentioned factors. The Company will take all reasonable steps to ensure the best possible result for its clients.

1.10 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 Client Agreement) that any specific instruction from a client may prevent the Company from taking the steps that is 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.

1.11 Right not to accept orders

The Company may, but shall not be obliged to, accept instructions to enter into a Transaction. If the Company declines to enter into a proposed Transaction, the Company shall not be obliged to give a reason but the Company shall promptly notify the Client accordingly.

1.12 Cancellation/withdrawal of instructions

Orders may be cancelled via the Holiway Online Trading System but the Company can only cancel Client’s instructions if the Client explicitly request so, provided that the Company have not acted up to the time of Client’s request upon those instructions. Executed instructions may only be withdrawn or amended by the Client with our consent. Holiway shall have no liability for any claims, losses, damages, costs or expenses, including legal fees, arising directly or indirectly out of the failure of such order to be cancelled.

1.13 Control of orders prior to execution

The Company has the right (but no obligation) to set limits and/or parameters to control your ability to place orders at our absolute discretion. Such limits and/or parameters may be amended, increased, decreased, removed or added to by us at our absolute discretion and may include (without limitation):

  • controls over maximum amounts placed to open a position using any of the Company’s financial products;
  • controls over maximum positions placed per trader and per asset;
  • controls over our total exposure to the Client;
  • controls over prices at which orders may be submitted (to include (without limitation) controls over orders which are at a price which differs greatly from the market price at the time the order is submitted to the order book);
  • controls over the Electronic Services (to include without limitation any verification procedures to ensure that any particular order or orders has come from the Client); or
  • any other limits, parameters or controls which the Company may be required to implement in accordance with Applicable Regulations.

Should the Client surpass the limits and/or parameter the Company set, your trade shall be blocked and/or suspended.

1.14 Execution of orders

The Company shall make all reasonable endeavors to execute any order the Client places, taking into consideration the relevant market conditions and Holiway’s Risk Management Policy. By accepting Clients’ orders the Company does not warrant that it will be possible to execute them, or that execution will be possible according to your instructions. If the Company encounters any material difficulty carrying out an order on your behalf, the Company shall notify the Client, within 8 seconds of our Company receiving the order.

1.15 Confirmations

At the end of each trading day, confirmations for all Transactions that have been executed on Client’s behalf on that trading day will be available via Client’s online Account on Company’s website.

1.16 Cancellation of trades

The Company has the right to reject an order or to cancel a trade if evidence on the following issues are identified:

  1. fraud/illegal actions that led to the transaction,
  2. any instance when Holiway has cause to believe that a person’s trading activities may be illegal;
  3. any instance where Holiway may suffer any fiscal, regulatory, or pecuniary disadvantage by virtue of anyone’s activities;
  4. any instance where one or more transactions are judged by Holiway to have been performed in violation of this Agreement.
  5. orders placed based on manipulated prices as a result of system errors or system malfunctions,
  6. arbitrage trading on prices offered by our platforms as a result of systems errors; and
  7. coordinated transactions by related parties in order to take advantage of systems errors and delays on systems updates.

The Company reserves the right to cancel any and/or all trading positions and withhold and/or forfeit any profits incurred by the Client on all the Client’s trades if the Company considers that that the Client has engaged in market arbitrage.

1.17 Performance and settlement

The Company will promptly deliver any instructions, money, or documents deliverable by the Client under a Transaction in accordance with that Transaction as modified by any instructions given by the Company.


Each asset has its own trading time which is available in the asset index table at Asset Index . On the trader’s page, the trader will be able to see the time “left to expiry” and “time left for trading”.

In general “no trading times” can last between 2 minutes to 30 minutes before the expiry time. It is noted that these times vary from asset to asset and in accordance to market conditions as well as the expiry time of each asset. In addition, “no trading times” may change as a result of a change in one of the underlying asset base conditions.

At least 5 minutes before the “no trading time”, a notification with a countdown clock will appear on the trader’s screen. This countdown clock will count down the time left until the “no trading time”.

1.19 Position limits

The Company may require the Client to limit the number of open positions which the Client may have with the Company. The Company may at any time close any Transaction(s) in order to ensure that such position limits are maintained. The Client will be notified prior to any closure.

1.20 Roll Over

In certain market conditions the Client may be allowed to trade using the Roll Over feature. The Roll Over feature enables the Client to extend the expiration time of your trading position before it reaches the expiry date. This feature can be used subject to the following conditions:

  1. An additional 30% of the initial deposit must be added automatically to your initial investment.
  2. The Roll Over feature can only be used in cases where the progress of the followed price does not take the direction which the Client had anticipated.
  3. The Client can only use the Roll Over feature once for each trading position.
  4. The Roll Over feature shall only be available up to 15 minutes before the expiry time.

1.21 Buy Me Out

In certain market conditions Clients may be allowed to trade with the Buy Me Out feature. This feature will not be available on all assets and/or positions and shall only be available one (1) hour prior to the expiry of the Client’s position and its asset. If the Client chooses to use the Buy Me Out feature, the Client will have the choice to accept or decline a price offered by the platform.

The Buy Me Out feature shall not be available in the “No Trading Time” period shown in the platform. The “No Trading Time” period is shown shortly before the expiry time of the Client’s position and its asset and prohibits Clients from trading during this period.

1.22 “ONE TOUCH” General TermsScope

“One Touch” General Terms Section applies to Client’s use of Company’s “One Touch” Service.

“In-The-Money” and “Out-Of-The-Money” Outcomes

If the asset reaches the predetermined rate at precisely 17.00 GMT of the same day, the Client becomes eligible to receive the payout of up to 500% at the time of the expiration. If, however, the investment is out-of-the-money on any day, the trade will stay open and be checked each day to see if the price has reached the predetermined rate needed for an in-the-money outcome. The trade will remain open until the Friday, at which point the trade expires.

Purchases, Payouts and Refunds

The Client may purchase One Touch options whenever the market for the given asset is closed. It should be noted that in order for the Client to receive the payout, the sample price of the underlying asset needs to reach or surpass the pre-set target rate only once during the option lifetime. In the event that the price of the underlying asset does not reach the predetermined level, the Client will not receive any refund and will forfeit the entire amount of the investment. Therefore, the amount of profit or risk in this option is preset and known ahead of time.

The option may only be purchased in units, at the price specified on the site. The options will be sampled (checked to verify if they hit the target rates) once a day, at 17.00 GMT, Monday through Friday. Whenever sample rates are not published five times during the week, the number of samples will be reduced accordingly.

The predetermined payout will be transferred to the Client’s account on the option expiration date, even if the terms of the option have been met prior to the date of expiration.

Control of orders prior to execution

In case of technical failure of the trading platform or in case of extraordinary or abnormal fluctuations of the price of the financial instrument as offered in the market, the Company reserves the right, at its absolute discretion:

  1. not to execute the order;
  2. to change the quoted price of the option(s);
  3. to change the rate of return the option(s) offer;
  4. to place a limit on the investment amount of each option or on the number of units available for purchase;
  5. to cease the sale of the options or to offer the Client a new quote.

In the event the Company offers the Client a new quote the Client has the right to either accept it or refuse it and thus cancel the execution of the Transaction.Without limitation, the Company does not accept any liability by reason of any delay or change in market conditions before any particular Transaction is affected.

Cancellation of Trade

Once the options have been purchased, the trade may not be cancelled at any point prior to the expiration of the option.