5. Saxo Bank’s selected venue

5.1. For FX Spot and FX Forward, Saxo Bank retains discretion as to execute orders on a trade-by-trade basis and/or on a client-by-client basis, either as principal through liquidity provided from its internal flow aggregation book, or as agent when routing particular orders directly to one of Saxo Bank’s exe-cution venues.

5.2. Saxo Bank will normally provide liquidity from its internal flow aggregation book.

5.3. In limited circumstances, where Saxo Bank believes it is necessary to do so to enhance the experience of the majority of its clients, it may route particular orders directly to third party execution venues