Order Execution and Manifest Error Policies

Order Execution

globalORE provides our members a duty of best execution with respect to transactions concluded on our platform. We will endeavour to take all reasonable steps to obtain the best possible result for our members when they submit an order to us by any means for conclusion on our platform.

Any enquiries may be directed at compliance@globalore.net

Manifest Error

While there are safeguards on the globalORE trading platform to prevent trades being executed in error, it is recognised that on rare occasions mis-trades do take place. In performing its obligations to maintain an orderly marketplace globalORE will apply a ten (10) minute time bar on the declaration of a manifest error.

Additionally, the following shall apply in the event of a trade made in manifest error:

  • It is incumbent upon the party which has made the error to inform globalORE and to ensure that globalORE acknowledges such notification. globalORE may be unable to acknowledge notification communicated to our offices made outside of normal working hours.
  • globalORE has no obligation to initiate contact with the trading party who may have traded in error.
  • Notification of any such mis-trade must be made within ten (10) minutes of the original trade.
  • Notification received later than ten (10) minutes after such an event will not be accepted.
  • Once a trade is confirmed as either in error or otherwise, that same confirmation cannot be reversed at any time.
  • Mis-trades must be "considerably" off-market before they will be considered by globalORE. globalORE shall in its sole discretion determine whether a trade is "considerably" off market or not. As a guide, any trade less than ten (10) % off-market is unlikely to be considered as a mis-trade.
  • globalORE will inform its market members within a reasonable time frame of any trade declared as made in manifest error.

Furthermore,

  • Any such mis-trades cannot be subsequently cancelled on the trading platform. If the counterparties agree to unwind these mis-trades, they can do so bilaterally and must promptly inform globalORE.
  • globalORE will at no time release the identities of those counterparties involved in the mis-trade due to the confidentiality maintained on the platform. This does not exclude notification to relevant authorities when required.