Order Execution Policy
How Exura Prime receives, routes and executes client orders under its straight-through (A-book) execution model: execution factors, venues and liquidity sources, pricing, execution risks, and how execution quality is monitored and reviewed.
Effective date: August 2026
This Order Execution Policy (the "Policy") describes how Exura Prime Ltd ("Exura Prime", the "Company") — authorised and regulated by the Financial Services Commission of Mauritius as an Investment Dealer (Full Service Dealer, excluding Underwriting), Licence No. GB26206361 — receives, handles and executes client orders. It forms part of the Agreement described in the Terms of Business. It explains our execution arrangements; it does not replace, amend or override the Agreement.
1. Scope
This Policy applies to the reception, transmission and execution of orders in all products offered by the Company — Margin FX contracts and CFDs on metals, indices, energies and digital assets — through any supported channel: the Company's MetaTrader 5 server, FIX 4.4/5.0 connectivity, MT5 liquidity bridges and REST/WebSocket interfaces. It applies to all clients, all of whom are professional or eligible counterparties; the Company does not serve retail investors.
2. Our commitment
When executing orders, the Company takes all reasonable steps to obtain the best possible result for its clients on a consistent basis, taking into account the execution factors described below and acting honestly, fairly and professionally. This is an obligation of means, not of result: it does not guarantee that the best available price in the wider market will be achieved on every individual transaction, particularly in fast or illiquid markets.
3. Execution model: straight-through (A-book)
3.1. The Company operates a straight-through, A-book execution model. The Company acts as principal counterparty to the client on each transaction and contemporaneously covers client transactions in its aggregated liquidity book — pricing consolidated from Tier-1 banks, non-bank market makers and ECNs. Client order flow is routed to that book; the Company does not operate a directional proprietary book against client flow.
3.2. Order-by-order routing records are maintained for every transaction. Clients may request information evidencing how their orders were handled, subject to the confidentiality of counterparty identities where the Company is not legally required to disclose them.
3.3. Transactions are executed over the counter ("OTC") and not on a regulated market, exchange or multilateral trading facility. By entering into the Agreement and placing orders, clients consent to these execution arrangements, including OTC execution.
4. Execution factors
4.1. In executing orders the Company considers: price; costs; speed of execution; likelihood of execution and settlement; available liquidity and market depth; the size and nature of the order; prevailing market conditions; and operational and counterparty-risk factors.
4.2. For our professional client base, price and available liquidity at the relevant size will ordinarily carry the highest relative importance, followed by speed and likelihood of execution. The Company may determine, for a given order or market condition, that other factors take precedence in achieving the best overall result.
4.3. Where a client gives a specific instruction (for example, an order type, a limit price, or a designated configuration agreed at onboarding), the Company executes in accordance with that instruction and is deemed to have satisfied its execution obligations in respect of the aspects covered by it.
5. Venues and liquidity sources
5.1. The Company's aggregated book draws on multiple external liquidity sources: top-tier banks (via aggregation), non-bank market makers and electronic communication networks. Sources are selected and retained on the basis of pricing quality and reliability, depth, fill ratios and rejection behaviour, speed, settlement performance, creditworthiness and operational resilience.
5.2. The Company continuously evaluates its liquidity sources and may add, remove, suspend or replace any source at any time — for execution quality, risk, operational or compliance reasons — without prior notice. The Company is not obliged to disclose the identity of individual sources unless required by law.
6. Order types and handling
6.1. Supported order types are those available on the relevant platform or interface (market, limit, stop and stop-limit orders, and pending-order variants). Orders may be filled in full or partially, depending on available liquidity at the relevant price levels; unfilled remainders of partial fills are handled per platform convention.
6.2. Quotes and streaming prices are indicative until execution is confirmed. Executed prices may be better or worse than requested (positive or negative slippage), reflecting the liquidity actually available when the order reaches the book. Orders may be rejected where no liquidity is available at an executable price, where risk or credit limits would be exceeded, or in the circumstances set out in the Terms of Business.
7. Pricing, spreads and markups
7.1. Client-facing prices are derived from the aggregated book. Depending on the account or agreement, the Company applies raw spreads plus explicit commission, or a disclosed markup incorporated in the spread, together with any applicable financing/swap charges — in each case as set out in the applicable fee schedule, Service Agreement or platform specifications.
7.2. Prices offered by the Company may differ from prices available from other market participants; such differences do not of themselves indicate a failure of execution quality in the wholesale OTC market, where counterparties routinely compare quotes across providers.
8. Execution risks
Execution may be affected by: market volatility and price gaps; liquidity shortages; trading halts or disruptions in underlying markets; latency and connectivity failures; failures of third-party infrastructure, data providers or liquidity sources; and force majeure events. These may result in slippage, partial fills, rejected orders, delayed execution or the temporary unavailability of pricing. The Company does not guarantee execution at any particular price, time or level unless expressly agreed in writing.
9. Monitoring and governance
9.1. The Company monitors execution quality on an ongoing basis, including: pricing competitiveness against reference sources; fill ratios and rejection rates per liquidity source; execution latency; slippage symmetry (positive versus negative); and settlement performance. This monitoring drives the retention, weighting or replacement of liquidity sources.
9.2. Order-by-order routing logs, quote and execution records are retained in accordance with regulatory requirements and support both client queries and internal supervision. Execution arrangements are supervised by the Company's management within its risk and compliance framework.
10. Conflicts of interest
The Company's A-book model aligns its interests with execution quality: the Company is remunerated by disclosed spreads, markups and commissions, not by client trading losses. Residual conflicts (for example, the selection among liquidity sources) are managed through the objective monitoring described in Section 9 and the Company's conflicts framework.
11. Review of this Policy
This Policy is reviewed at least annually, and additionally whenever a material change occurs that affects the Company's ability to obtain the best possible result for its clients. The current version is always available on this page; material changes are notified in accordance with the Terms of Business.
12. No fiduciary duty; no advice
This Policy does not create any fiduciary relationship between the Company and any client. Clients remain solely responsible for their trading and risk-management decisions. The Company does not provide investment advice, portfolio management or discretionary services.
Trading Margin FX and CFDs carries a significant risk of loss. Services are provided exclusively to professional and eligible counterparties.