Regulatory Disclosures

MetLife Investment Management Limited

In accordance with the regulatory requirements set out in the Markets in Financial Instruments Directive 2014/65/EU and the Delegated Regulation 2017/565 (“MiFID II”), on an annual basis, MetLife Investment Management Limited (“MIML”) has a requirement to summarise and make public, for each class of financial instrument, the top five execution venues in terms of trading volumes where MIML executed client orders in the preceding year, as well as information on the quality of the execution obtained.

This report summarises how MIML seeks to achieve best execution for its clients and includes the following information:

1. Volume of client orders executed on that execution venue expressed as a percentage of total executed volume;

2. Number of client orders executed on that execution venue expressed as a percentage of total executed orders;

3. Confirmation of whether MIML has executed an average of less than one trade per business day in the previous year in that class of financial instruments.

This report also explains the critical factors affecting the approach to client order execution and the relative importance that MIML gives to these critical execution factors.

 

Information on the top five execution venues and quality of execution obtained

Class of Instrument

EUR & GBP denominated public bonds

       

Notification if <1 average trade per business day in the previous year

Y

       

Top five execution venues ranked in terms of trading volumes (descending order)

Proportion of volume traded as a percentage of total in that class

Proportion of orders executed as percentage of total in that class

Percentage of passive orders

Percentage of aggressive orders

Percentage of directed orders

Name and Venue Identifier (MIC or LEI)

RBC Europe Limited (25%)

TXDSU46SXBWIGJ8G8E98

30%

n/a

n/a

n/a

Name and Venue Identifier (MIC or LEI)

Goldman Sachs International (23%)

W22LROWP2IHZNBB6K528

10%

n/a

n/a

n/a

Name and Venue Identifier (MIC or LEI)

Barclays Bank Plc (17%)

G5GSEF7VJP5I7OUK5573

10%

n/a

n/a

n/a

Name and Venue Identifier (MIC or LEI)

Societe Generale Paris (17%)

O2RNE8IBXP4R0TD8PU41

20%

n/a

n/a

n/a

Name and Venue Identifier (MIC or LEI)

Merrill Lynch International (9%)

GGDZP1UYGU9STUHRDP48

10%

n/a

n/a

n/a

 

For all trades, price has been the most important factor when determining with which counterparty to trade, followed by ability of the counterparty to settle on time and in line with our requirements.

There have been no conflicts of interest with respect to any execution venues used. MIML takes all appropriate steps to prevent conflicts of interest from constituting or giving rise to a risk of damage to the interests of its clients. Where the potential risk cannot be prevented, MIML must disclose this to its client before providing services. A copy of MIML’s Conflicts of Interest Policy is available upon request.

Our trading has been directed to counterparties able to provide us with the best execution for our clients, without external influence and no payments, rebates or non-monetary benefits have been derived from these trades.

There have been no changes to the list of execution venues.

There is no differentiation in client treatment.

RTS 27 is not applicable as we are not an execution venue, and we have not used output of a consolidated tape provider.

MIML’s approach to monitoring its execution arrangements is set out in its Order Execution Policy.

A copy of MIML’s Order Execution Policy is available upon request.

 

For any queries, please feel free to contact Asad Bukhory – Compliance Director (asad.bukhory@metlife.com or 0207 632 8199) or by writing to:

MetLife Investment Management Limited
Level 34
One Canada Square
Canary Wharf, London
E14 5AA