K-factors

K-AUM

Description: Assets under management (AUM): the value of assets that an investment firm manages on behalf of its clients in the context of both discretionary portfolio management and non-discretionary arrangements that constitute continuous investment advice.

Calculation: When calculating K-AUM, AUM shall be the moving average of the value of the total monthly assets under management, determined on the last banking day in each of the previous 15 months converted to the unit's functional currency at that time, excluding the three immediately preceding monthly values. AUM shall be the arithmetic mean of the remaining twelve monthly values.

All accounts that should be included must have the property set that says that “The account is subject to continuous investment advice

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K-COH

Description: Client order handling (COH): the value of orders that an investment firm handles for clients by receiving and forwarding client orders and by executing orders on behalf of clients.

Calculation: When calculating K-COH, COH shall be the moving average of the value of the total handling of customer orders per day, determined during each banking day, during the previous six months, excluding the three immediately preceding months. COH should be the arithmetic average of the daily values from the remaining three months. COH shall be determined as the sum of the absolute value of purchases and the absolute value of sales.

To be included in this report the counterparty account where orders are being transacted through has to have the counterparty account type set to Intermediary.

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K-ASA

Description: Assets under custody and administered or ASA (assets safeguarded and administered): the value of assets that an investment firm holds and administers for its clients, whether the assets are reported in the investment firm's own balance sheet or held in third party accounts.

Calculation: When calculating K-ASA, ASA shall be the moving average of the value of the total assets under storage and administration per day, determined at the end of each banking day, during the previous nine months, excluding the three immediately preceding months. ASA shall be the arithmetic mean of the daily values from the remaining six months.

The current market value of all assets held in the house custody accounts will be included in this report.

K-CMH

Description: Holdings of client funds or CMH (client money held): the client funds held by an investment firm, taking into account the legal arrangements for asset separation and regardless of the national accounting system applicable to the client holdings held by the investment firm.

Calculation: When calculating K-CMH, CMH shall be the moving average of the value of the total customer cash held per day, determined at the end of each banking day, during the previous nine months, excluding the three immediately preceding months. CMH shall be the arithmetic mean of the daily values from the remaining six months.

This k-factor will use the total cash holdings of all customer accounts within Broker. This means the Legal Entities that belongs to the User Domain called Front (GetPersons )

K-DTF

Description: Daily trading flow or DTF (daily trading flow): the daily value of transactions that an investment firm carries out by trading on its own behalf or by executing orders on behalf of a client in its own name, excluding the value of orders that an investment firm handles for clients by receiving and forwarding of sales orders and through the execution of orders on behalf of customers which are already considered within the framework of handling sales orders.

Calculation: When calculating K-DTF, the DTF shall be the moving average of the value of the total daily trading activity, determined during each banking day, during the previous nine months, excluding the three immediately preceding months. DTF shall be the arithmetic mean of the daily determined values from the remaining six months.

Counterparty accounts must have the counterparty account type set to Issuer to be included in this k-factor.