*License Explanations

Reception and Transmission of orders – The immediate transmission of a received order (buy/sell order) to a counterparty (Liquidity Provider) for execution.

Execution of orders on behalf of clients – Acting to conclude agreements to buy or sell one or more financial instruments on behalf of clients and includes the conclusion of agreements to sell financial instruments issued by an investment firm or a credit institution at the moment of their issuance.

Dealing on own account – Trading against proprietary capital resulting in the conclusion of transactions in one or more financial instruments.

Portfolio management – Managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments.

Investment advice – The provision of personal recommendations to a client either upon its request or at the initiative of the investment firm, in respect of one or more transactions relating to financial instruments.

Underwriting and placing of financial instruments – Act by which the CIF is hired by an issuer (of new shares) to raise capital, by selling the new shares to investors. Placing (under MiFID) involves primary market (new shares) and not secondary market (redistribution of existing shares).

With a firm commitment basis – The CIF arranging the placing undertakes to purchase those MiFID financial instruments if it fails to place them with third parties (investors).

Without a firm commitment basis – The CIF arranging the placing does not undertake to purchase those MiFID financial instruments, if it fails to place them with third parties (investors).