This policy sets out how Global Securities Company receives and executes client orders, in the client's interest and in line with the instructions of the Palestine Capital Market Authority and the rules of the markets in which orders are executed.
Official channels for receiving orders
An order is treated as official when it reaches us through one of these channels:
- A telephone call from the number registered in your file with the company, to the company's official line.
- Your email address as registered in your file, to the company's official address.
- The company's official application or platform.
- In person at head office or a branch, signing the buy or sell order.
No order is acted upon if it arrives through an unapproved channel or from a person not authorised on the account.
Before execution
- Your identity is verified by name, account number and an additional identifying detail, and we confirm your file is up to date.
- We check that cash or securities balances are sufficient, and that margin is available on forex accounts.
- The full order is read back to you before it is entered — side, instrument, quantity, order type and price, market, and time in force — for your confirmation.
- If the balance is insufficient you are told immediately and execution is held until the size is amended or the balance covered.
Executing equity orders
Equity orders are entered into the trading system of the exchange concerned and executed under that exchange's own matching rules and controls, including price limits and official session hours. The company does not influence priority within the market; execution follows the exchange's rules. Settlement follows the cycle in force in each market.
On regional and international markets, orders are executed through the brokers and platforms approved by the company, with execution monitored and the outcome reported to you.
Best execution in the currency market (forex)
Unlike equities, which are executed inside a regulated exchange, currencies trade over the counter through liquidity providers. The company therefore applies a best execution policy to forex orders, whatever the size of the trade, assessing execution quality against the following criteria in order of priority:
- Price — the best price available at the moment of execution.
- Speed — the time from receipt of the order to its execution.
- Cost — commissions, fees and spreads associated with execution.
- Likelihood of execution — whether the order can be filled in full and without delay.
- Market depth — the liquidity available at different price levels.
- Market conditions, the nature of the order and the type of instrument.
In practice, quotes from the available liquidity providers are compared at the moment the order is received, the best available on price and depth is selected, and the order is executed with its details recorded in full.
What you receive after execution
Equities
- A trade invoice covering trading commissions, taxes and any other fees applicable in that market.
- An account statement in the currency traded.
- A portfolio valuation showing cash balance, position values, profit and loss, and total valuation at the close of the session.
Forex
No invoices are issued for forex trades. Instead you receive:
- An end-of-day account statement.
- An end-of-month account statement.
Recording and record keeping
Telephone calls placing orders are recorded, and copies of messages, emails and the daily order log are held in the company's electronic archive for the period set by the regulator.
Review
This policy is reviewed and updated from time to time, and the version in force is published on this page.