Winton Capital Management Limited (“WCM”) is authorised and regulated by the Financial Conduct Authority (“FCA”). Under the Markets in Financial Instruments Directive 2014/65/EU (MiFID II), firms are required to publish information on their top five venues and/or brokers in accordance with RTS 281. The annual top five broker and venue disclosures are made separately for indirect execution and direct execution. Indirect execution refers to situations where WCM has placed orders with an entity such as a broker (it is the broker that executes). Direct execution refers to situations where WCM has directly executed a client order, such as with a counterparty or on a venue without passing through a broker’s order management system. The annual top five broker and venue disclosures are accompanied by a “quality of execution” summary.

The reports below are for the calendar year disclosure period: 1st January 2017 to 31st December 2017. Reports are dated 30th April 2018.

1 RTS 28 means the Commission Delegated Regulation 2017/576 with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the "quality of execution”.

Quality of Execution Summary 2017

Indirect Execution - top five brokers by class of financial instrument

Direct Execution - top five venues by class of financial instrument