100 % STP Model
We do not partake in market-making to avoid interfering with client interests

5. Execution elements over which PhillipCapital UK has control
PhillipCapital UK is your counterparty for all trades and we are therefore acting as the executing venue for all your orders. However, we are not a market maker and do not take positions for our own account. Instead, PhillipCapital UK selects third parties willing and able to quote and deal in a range of financial securities and instrument types. These parties are called ‘liquidity providers’ and may also effectively be considered execution venues (see ‘Execution Venues’ below). Each of our liquidity providers has agreed to provide us with best execution. The prices quoted by the liquidity providers are collected and fed into the PhillipCapital UK trading platform which automatically selects the most competitive price, adds our mark-up, and displays the combined price to clients. Please note that our mark-up does not vary according to the liquidity provider. This means that the combined price you see always represents the best total price available on our platform. If you choose to deal with us at one of these prices we will offset our position with you by dealing with the liquidity provider that provided the price. We believe that this pricing and execution model is in the best interest of clients...

6. Execution Venues
We will deal with you as principal. This means you will have a contract for each trade directly with us and no one else. The trading positions resulting from these contracts exist solely between us and cannot be traded with or transferred to another party (such as another broker). Accordingly, you should note that your orders will not be executed on a regulated market or multilateral trading facility.

4.2.3 the Professional Client or Eligible Counterparty accepts and fully understands that it has not received any guarantees on negative balance protection or similar representations from the Firm..