{"id":11720,"date":"2024-09-23T07:12:10","date_gmt":"2024-09-23T07:12:10","guid":{"rendered":"https:\/\/staging.bordier.com\/legal-and-compliance\/france-legal-and-compliance\/france-legal-compliance-best-selection-policy\/"},"modified":"2025-01-31T11:22:10","modified_gmt":"2025-01-31T11:22:10","slug":"france-legal-compliance-best-selection-policy","status":"publish","type":"legal_compliance","link":"https:\/\/www.bordier.com\/es\/legal-and-compliance\/france-legal-and-compliance\/france-legal-compliance-best-selection-policy\/","title":{"rendered":"France &#8211; Legal &amp; Compliance &#8211; Politique de best selection"},"content":{"rendered":"\n<section id=\"section-block_c36b3f16cfdf4d8401287371abf56b82\" class=\"page-hero-outer basic-style type-simple\">\n    <div class=\"holder\">\n        <div class=\"page-hero-content\">\n            <div class=\"acf-innerblocks-container\">\n\n<h6 class=\"wp-block-heading\">Legal &amp; Compliance  <\/h6>\n\n\n\n<h1 class=\"wp-block-heading text-indent-s\">Politique de meilleure <strong><em>s\u00e9lection et ex\u00e9cution 2024<\/em><\/strong><\/h1>\n\n\n\n<p class=\"has-text-align-left\">Date de cr\u00e9ation : 12 d\u00e9cembre 2006<br>Date de la derni\u00e8re r\u00e9vision : Septembre 2024<\/p>\n\n<\/div>        <\/div>\n    <\/div>\n    <\/section>\n\n\n<div class=\"wp-block-group background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<section id=\"section-block_156c99910dc994bfe68390a4965a9f89\" class=\"aside-toggler-outer full-link line-list\">\n    <div class=\"holder\">\n        <div class=\"toggler-headlines\">\n            <ul>\n                <li class=\"disabled\">\u00cdndice<\/li>\n            <\/ul>\n        <\/div>\n        <div class=\"text-holder post-entry\">\n            <div class=\"elementor-element elementor-element-46ded56 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"46ded56\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-element elementor-element-46ded56 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"46ded56\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">1. Objet<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-0d42683 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"0d42683\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>En application de la Directive \u00ab March\u00e9s d\u2019Instruments Financiers \u00bb 2014\/65\/UE du Parlement europ\u00e9en et du Conseil de l\u2019Union europ\u00e9enne du 15 mai 2014 concernant les march\u00e9s d\u2019instruments financiers, modifi\u00e9e par la directive (UE) 2016\/1034 du 23 juin 2016 (ci-apr\u00e8s \u00ab MIF 2 \u00bb) et r\u00e9visant la directive 2004\/39\/CE du 29 avril 2004 (ci-apr\u00e8s \u00ab MIF \u00bb ou \u00ab Directive MIF \u00bb) Bordier &amp; Cie France SA (Bordier &amp; Cie France) a mis en place, dans le cadre de son obligation d\u2019agir au mieux des int\u00e9r\u00eats de ses clients et des OPC qu\u2019elle g\u00e8re, cette pr\u00e9sente politique.<\/p>\n<p>Ce document d\u00e9crit les mesures mises en \u0153uvre pour obtenir le meilleur r\u00e9sultat possible lorsque Bordier &amp; Cie France exerce son activit\u00e9 de gestion de portefeuille, en mati\u00e8re de s\u00e9lection d\u2019interm\u00e9diaires habilit\u00e9s ou d\u2019ex\u00e9cution d\u2019ordres.<\/p>\n<p>Il d\u00e9finit \u00e9galement les mesures prises pour surveiller l\u2019efficacit\u00e9 des dispositions en mati\u00e8re de s\u00e9lection d\u2019interm\u00e9diaires ou d\u2019ex\u00e9cution des ordres afin d\u2019en d\u00e9tecter les d\u00e9ficiences et d\u2019y rem\u00e9dier le cas \u00e9ch\u00e9ant.<\/p>\n<p>Il mentionne \u00e9galement les prestataires utilis\u00e9s.<\/p>\n<p>Dans le cadre de MIF 2, cette liste des prestataires peut \u00eatre compl\u00e9t\u00e9e, pour chaque cat\u00e9gorie d\u2019instruments financiers, par le classement des cinq premiers prestataires en termes de volumes de n\u00e9gociation auxquelles il a transmis ou aupr\u00e8s desquelles il a pass\u00e9 des ordres de clients pour ex\u00e9cution au cours de l\u2019ann\u00e9e pr\u00e9c\u00e9dente et des informations synth\u00e9tiques sur la qualit\u00e9 d\u2019ex\u00e9cution obtenue, et coh\u00e9rentes par rapport \u00e0 la publication appel\u00e9e RTS 28 (Le RTS 28 compl\u00e8te la Directive MiFID 2014\/65\/EU par des normes techniques de r\u00e9glementation).<\/p>\n<p>Pour une client\u00e8le non professionnelle, le lien ci-dessous renvoie vers un tableau synth\u00e9tique r\u00e9pertoriant, en fonction de la cat\u00e9gorie des instruments financiers habituellement trait\u00e9s, outre les courtiers utilis\u00e9s, les lieux d\u2019ex\u00e9cution qu\u2019utilisent ces derniers pour offrir la meilleure ex\u00e9cution. Ce tableau sera mis \u00e0 jour en cas de changement de politique.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-793ceaf elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"793ceaf\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">2. Que sont la meilleure s\u00e9lection et la meilleure ex\u00e9cution?<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-36f635e no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"36f635e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Le principe de \u00ab meilleure ex\u00e9cution \u00bb prend la forme de\u00a0meilleure s\u00e9lection\u00a0consistant \u00e0 s\u00e9lectionner pour chaque classe d\u2019instruments les entit\u00e9s aupr\u00e8s desquelles les ordres sont transmis en vue de leur ex\u00e9cution.<\/p>\n<p>La meilleure s\u00e9lection impose de prendre toutes les mesures raisonnables pour obtenir, dans la plupart des cas possibles, la meilleure ex\u00e9cution possible des ordres transmis pour le compte des portefeuilles dont Bordier &amp; Cie France assure la gestion.<\/p>\n<p>Les facteurs pris en compte par Bordier &amp; Cie France sont les suivants: le prix, le co\u00fbt, la rapidit\u00e9, la probabilit\u00e9 d\u2019ex\u00e9cution et de r\u00e8glement, la taille, la nature de l\u2019ordre, et toutes autres consid\u00e9rations relatives \u00e0 l\u2019ex\u00e9cution de l\u2019ordre.<\/p>\n<p>Pour les clients non professionnels de Bordier &amp; Cie France, le facteur pr\u00e9pond\u00e9rant est le crit\u00e8re du co\u00fbt total. Pour autant, s\u2019ils influent de mani\u00e8re d\u00e9terminante sur l\u2019obtention du meilleur r\u00e9sultat possible, exprim\u00e9 en termes de prix total, d\u2019autres crit\u00e8res peuvent \u00eatre consid\u00e9r\u00e9s.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-0e531a2 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"0e531a2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h3 class=\"elementor-heading-title elementor-size-default\">3. Contexte et champ d\u2019application<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-d8425b1 no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"d8425b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Bordier &amp; Cie France est un \u00e9tablissement agr\u00e9\u00e9 par l\u2019Autorit\u00e9 des March\u00e9s Financiers (AMF) en qualit\u00e9 de soci\u00e9t\u00e9 de gestion de portefeuille pouvant traiter l\u2019ensemble des instruments financiers vis\u00e9s \u00e0 la section C \u00ab Instruments Financiers \u00bb de l\u2019annexe I de la Directive 2014\/65\/UE ( dite \u00ab MIF 2 \u00bb).<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-12e2cfd elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"12e2cfd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">3.1.1) Textes de r\u00e9f\u00e9rence<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-c5fd701 no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"c5fd701\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Les textes de r\u00e9f\u00e9rences traduisant les obligations de la Directive MIF2 et d\u00e9finissant les obligations des \u00e9tablissements agr\u00e9\u00e9s sont principalement :<\/p>\n<ul>\n<li>Le Code Mon\u00e9taire et Financier (CMF): articles L.533-11 \u00e0 L.533-16, L.533-18 \u00e0 L.533-20<\/li>\n<li>La Directive MIF 2: Directive 2014\/65\/UE du Parlement europ\u00e9en et du Conseil du 15 mai 2014<\/li>\n<li>Le R\u00e8glement D\u00e9l\u00e9gu\u00e9 UE du 25\/04\/2016 du 25.4.2016<\/li>\n<li>Le R\u00e8glement G\u00e9n\u00e9ral de l\u2019Autorit\u00e9 des march\u00e9s financiers (AMF)<\/li>\n<li>La \u00ab Position \u2013 Recommandation \u00bb AMF 2014-07: guide relatif \u00e0 la meilleure ex\u00e9cution.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-8a4b18c elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"8a4b18c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">3.1.2) Cat\u00e9gorisation MIF<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-c5a9f29 no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"c5a9f29\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>La pr\u00e9sente politique de s\u00e9lection est \u00e9tablie en faveur des OPC g\u00e9r\u00e9s par Bordier &amp; Cie France, et des clients professionnels et non professionnels de Bordier &amp; Cie France, qui a opt\u00e9 pour le statut de \u00ab client professionnel \u00bb vis-\u00e0-vis de ses contreparties, afin de b\u00e9n\u00e9ficier de leur part d\u2019un niveau de protection ad\u00e9quat notamment au regard de la qualit\u00e9 d\u2019ex\u00e9cution de ses ordres.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-148f888 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"148f888\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">3.1.3) Lieux d\u2019ex\u00e9cution<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-7883d87 no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"7883d87\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>En fonction de la politique d\u2019ex\u00e9cution des ordres adopt\u00e9e par chaque interm\u00e9diaire ou contrepartie qui a \u00e9t\u00e9 s\u00e9lectionn\u00e9, et dans le respect de leur obligation de meilleure ex\u00e9cution, les ordres pourront \u00eatre dirig\u00e9s en fonction des meilleures conditions de r\u00e9alisation vers :<\/p>\n<ul>\n<li>les march\u00e9s r\u00e9glement\u00e9s,<\/li>\n<li>les syst\u00e8mes multilat\u00e9raux de n\u00e9gociation,<\/li>\n<li>les syst\u00e8mes organis\u00e9s de n\u00e9gociation,<\/li>\n<li>les internalisateurs syst\u00e9matiques,<\/li>\n<li>les teneurs de march\u00e9s,<\/li>\n<li>les autres fournisseurs de liquidit\u00e9s,<\/li>\n<li>les entit\u00e9s qui s\u2019acquittent de t\u00e2ches similaires dans un pays non-partie \u00e0 l\u2019accord sur l\u2019Espace \u00e9conomique europ\u00e9en.<\/li>\n<\/ul>\n<p>Bordier &amp; Cie France se r\u00e9serve la possibilit\u00e9 d\u2019utiliser d\u2019autres lieux d\u2019ex\u00e9cution lorsque cela sera jug\u00e9 appropri\u00e9 au sein de cette politique de s\u00e9lection.<\/p>\n<p>Bordier &amp; Cie France accepte express\u00e9ment l\u2019ex\u00e9cution d\u2019un ordre en dehors d\u2019un march\u00e9 r\u00e9glement\u00e9, d\u2019un syst\u00e8me multilat\u00e9ral de n\u00e9gociation ou d\u2019un syst\u00e8me organis\u00e9 de n\u00e9gociation. Cependant, Bordier &amp; Cie France pourra \u00e0 tout moment revenir sur cette autorisation soit de mani\u00e8re ponctuelle, soit de mani\u00e8re d\u00e9finitive.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-c3b3cc4 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"c3b3cc4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">3.1.4) Cat\u00e9gorisation des clients BORDIER &amp; CIE France<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-87af97e no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"87af97e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>La Directive MIF2 fixe trois principales cat\u00e9gories : les \u00ab contreparties \u00e9ligibles \u00bb, les \u00ab clients professionnels \u00bb et les \u00ab clients non professionnels \u00bb. La pr\u00e9sente politique d\u2019ex\u00e9cution s\u2019applique \u00e0 tous les clients de Bordier &amp; Cie France, non professionnels et professionnels.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-70345d4 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"70345d4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">3.1.5) Instruments financiers couverts<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-c92fe54 no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"c92fe54\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>La politique d\u2019ex\u00e9cution de Bordier &amp; Cie France couvre tous les produits financiers inclus dans le p\u00e9rim\u00e8tre de la directive MIF2 et trait\u00e9s sur les march\u00e9s financiers par des contreparties ou des interm\u00e9diaires de march\u00e9 pour lesquels Bordier &amp; Cie France dispose d\u2019un agr\u00e9ment.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-36fa80c elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"36fa80c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h3 class=\"elementor-heading-title elementor-size-default\">4. S\u00e9lection des interm\u00e9diaires financiers et ex\u00e9cution des ordres<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-2418d71 no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"2418d71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Par son statut de soci\u00e9t\u00e9 de gestion de portefeuille, Bordier &amp; Cie France n\u2019est pas membre des march\u00e9s mais transmet des ordres pour le compte des OPC g\u00e9r\u00e9s ou de sa client\u00e8le sous mandat, \u00e0 des interm\u00e9diaires de march\u00e9 charg\u00e9s de l\u2019ex\u00e9cution.<br \/>\nLes ordres sont \u00e9mis par des personnes habilit\u00e9es par Bordier &amp; Cie France, puis transmis vers les march\u00e9s pour ex\u00e9cution selon les principes et crit\u00e8res d\u00e9finis ci-apr\u00e8s. La proc\u00e9dure de passation des ordres pr\u00e9cise le mode op\u00e9ratoire ainsi que le circuit des ordres en apportant les pr\u00e9cisions n\u00e9cessaires: distinction selon les \u00e9ventuels processus et classes d\u2019actifs, horodatages, conservation des donn\u00e9es.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-06f31f2 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"06f31f2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">4.1.1) Recours \u00e0 une table de n\u00e9gociation externe<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-29c5fe6 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"29c5fe6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Afin de r\u00e9pondre plus parfaitement aux exigences de la directive MIF2, Bordier &amp; Cie France a choisi d\u2019utiliser, pour les activit\u00e9s de transmission et d\u2019ex\u00e9cution de la plupart de ses ordres, une table de n\u00e9gociation externalis\u00e9e. Cette organisation permet (i) l\u2019am\u00e9lioration de la qualit\u00e9 d\u2019ex\u00e9cution gr\u00e2ce \u00e0 un acc\u00e8s \u00e0 un plus grand nombre de prestataires et syst\u00e8mes d\u2019ex\u00e9cution, et (ii) l\u2019am\u00e9lioration de la performance gr\u00e2ce \u00e0 une \u00e9quipe d\u00e9di\u00e9e au dealing.<br \/>\nL\u2019organisation retenue a \u00e9galement \u00e9t\u00e9 \u00e9valu\u00e9e par rapport \u00e0 des dispositifs alternatifs, au regard de l\u2019int\u00e9r\u00eat des porteurs.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-51b083e elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"51b083e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">4.1.2) Processus de s\u00e9lection de la Table de n\u00e9gociation Exo\u00e9<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-08f1e0d no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"08f1e0d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Bordier &amp; Cie France a analys\u00e9 ses besoins sp\u00e9cifiques et la concurrence. De ces analyses, la table de n\u00e9gociation externe Exo\u00e9 a \u00e9t\u00e9 s\u00e9lectionn\u00e9e : Exo\u00e9 est agr\u00e9\u00e9 par le Comit\u00e9 des \u00c9tablissements de Cr\u00e9dit et des Entreprises d\u2019Investissement, en qualit\u00e9 d\u2019entreprise d\u2019investissement en vue de fournir les services d\u2019investissement de R\u00e9ception Transmission d\u2019Ordres pour le compte de tiers portant sur la majorit\u00e9 des instruments financiers vis\u00e9s \u00e0 la section C \u00ab Instruments Financiers \u00bb de l\u2019annexe I de la Directive 2014\/65\/UE.<\/p>\n<p>Cet interm\u00e9diaire assure depuis septembre 2017 l\u2019int\u00e9gralit\u00e9 de la transmission des ordres aux contreparties s\u00e9lectionn\u00e9es dans le respect de la r\u00e8glementation.<\/p>\n<p>La s\u00e9lection des contreparties d\u2019ex\u00e9cution est r\u00e9alis\u00e9e par Bordier &amp; Cie France, et r\u00e9sulte des crit\u00e8res et mesures r\u00e9alis\u00e9s par Exo\u00e9 sur la liste des interm\u00e9diaires habilit\u00e9s par Bordier &amp; Cie France.<\/p>\n<p>En tant que Prestataire de services d\u2019investissement que sont les services de RTO et d\u2019ex\u00e9cution d\u2019ordres pour compte de tiers, Exo\u00e9 dispose de sa propre politique de s\u00e9lection et d\u2019ex\u00e9cution, accessible sur le site Internet d\u2019Exo\u00e9 \u00e0 l\u2019adresse https:\/\/exoe.fr\/regulation\/.<\/p>\n<p>La s\u00e9lection d\u2019Exo\u00e9 a impliqu\u00e9 les \u00e9quipes op\u00e9rationnelles et la direction de Bordier &amp; Cie France. Outre les documents collect\u00e9s ayant permis d\u2019agr\u00e9er Exo\u00e9 en tant que Table de n\u00e9gociation externalis\u00e9e, la prestation d\u2019Exo\u00e9, comme toute d\u00e9l\u00e9gation et prestataire jug\u00e9 comme essentiel, est \u00e9valu\u00e9e annuellement par les \u00e9quipes op\u00e9rationnelles et de conformit\u00e9 de Bordier &amp; Cie France.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-6f23ff0 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"6f23ff0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">4.1.3) Table externe CIC<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-461a764 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"461a764\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Ainsi pour les clients d\u00e9pos\u00e9s aupr\u00e8s du CIC Market Solutions, les ordres isol\u00e9s d\u2019un montant inf\u00e9rieur \u00e0 15.000 euros sont syst\u00e9matiquement dirig\u00e9s vers le broker CIC, dans l\u2019int\u00e9r\u00eat du client, afin d\u2019\u00e9viter un co\u00fbt suppl\u00e9mentaire de d\u00e9pouillement d\u2019ordres factur\u00e9 par le CIC Market Solutions. Il s\u2019agit g\u00e9n\u00e9ralement de client non professionnels, pour lesquels la notion de co\u00fbt total est pr\u00e9pond\u00e9rante.<\/p>\n<p>En tant que Prestataire de services d\u2019investissement que sont les services de RTO et d\u2019ex\u00e9cution d\u2019ordres pour compte de tiers, CIC dispose de sa propre politique de s\u00e9lection et d\u2019ex\u00e9cution, accessible\u00a0<a href=\"https:\/\/www.cic-marketsolutions.eu\/fr\/telechargements\/informations-reglementaires\/BEST_EXE_TBS.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cic-marketsolutions.com\/fr\/disclaimer_2.html<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-1fca36d elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"1fca36d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">4.1.4) Table externe Bordier Gen\u00e8ve<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-ef73475 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"ef73475\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Titres vifs pass\u00e9s aupr\u00e8s de la table de Bordier &amp; Cie (Gen\u00e8ve): Certains clients de Bordier &amp; Cie France ont souhait\u00e9 diversifier le d\u00e9p\u00f4t de leurs actifs dans un pays hors UE et ont ouvert des comptes aupr\u00e8s de Bordier &amp; Cie (Gen\u00e8ve). Pour ces comptes, dont la gestion est r\u00e9alis\u00e9e par Bordier &amp; Cie France, les ordres sont pass\u00e9s aupr\u00e8s d\u2019une table dite \u00ab tiers-g\u00e9rants \u00bb et transmis, par cette table, vers des brokers pour ex\u00e9cution. Bordier &amp; Cie France obtient de Bordier &amp; Cie Gen\u00e8ve la politique de Best ex\u00e9cution et le dispositif d\u2019\u00e9valuation des brokers.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-dc8b158 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"dc8b158\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">4.1.5) Organisation mise en place pour les OPC, les IF simples<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-a47923d no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"a47923d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Pour les OPC, les principes de best selection \/ best execution des contreparties ne s\u2019appliquent pas. Les ordres sont pass\u00e9s en Euroclear (sauf exception au nominatif) directement aupr\u00e8s des teneurs de comptes et en vertu des r\u00e8gles d\u2019\u00e9tablissement des valeurs liquidatives et des r\u00e8gles de souscriptions\/rachats propres \u00e0 chaque v\u00e9hicules.<\/p>\n<p>Futures: Bordier &amp; Cie France a recours aux instruments financiers \u00e0 terme simples dans le cadre de la gestion des FIA (\u00e0 ce jour ces instruments ne sont pas utilis\u00e9s, sauf exception, dans les mandats) afin de couvrir le risque action, de taux ou de devise. Pour les FIA, les instruments sont trait\u00e9s, sur d\u00e9cision du comit\u00e9, exclusivement avec la table de trading du CIC Market Solutions, d\u00e9positaire du fonds, pour des raisons d\u2019efficacit\u00e9 et de co\u00fbt des ordres dans l\u2019int\u00e9r\u00eat des porteurs du FIA.<\/p>\n<p>A noter que Bordier &amp; Cie France a la possibilit\u00e9 de passer des ordres directement aupr\u00e8s des d\u00e9positaires dans leurs diff\u00e9rents syst\u00e8mes en cas de probl\u00e8mes avec Exo\u00e9. Cf proc\u00e9dure passage des ordres en cas de processus d\u00e9grad\u00e9.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-4f17cce elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"4f17cce\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">4.2) S\u00e9lection des contreparties<\/h5>\n<p class=\"elementor-heading-title elementor-size-default\">La s\u00e9lection des contreparties en charge de l\u2019ex\u00e9cution est r\u00e9alis\u00e9e par Bordier &amp; Cie France. Bordier &amp; Cie France n\u2019utilise que des contreparties qui ont \u00e9t\u00e9 dument habilit\u00e9es par le Comit\u00e9 de s\u00e9lection des interm\u00e9diaires, avant de pouvoir ex\u00e9cuter des ordres pour le compte de Bordier &amp; Cie France.<br \/>\nLes diligences pr\u00e9alables portent sur les aspects de conformit\u00e9 (preuve d\u2019agr\u00e9ment, politique d\u2019ex\u00e9cution, habilitations, venues d\u2019ex\u00e9cution, \u2026), juridique (Kbis, \u00e9tats financiers, b\u00e9n\u00e9ficiaires effectifs, \u2026) et technique (SSI, tests techniques du circuit d\u2019ordres). Au cours de la relation d\u2019affaire, Bordier &amp; Cie France formalise et documente autant que de besoin la mise en \u0153uvre de contr\u00f4les sp\u00e9cifiques de la qualit\u00e9 d\u2019ex\u00e9cution des ordres obtenues par les interm\u00e9diaires s\u00e9lectionn\u00e9s.<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-87ed937 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"87ed937\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">4.3) Comit\u00e9 de s\u00e9lection des interm\u00e9diaires<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-9aa4484 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"9aa4484\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Du fait de leurs obligations r\u00e9glementaires, les interm\u00e9diaires s\u00e9lectionn\u00e9s habilit\u00e9s par Bordier &amp; Cie France sont tenus d\u2019offrir la meilleure ex\u00e9cution possible des ordres lorsqu\u2019ils d\u00e9livrent un service d\u2019investissement.<\/p>\n<p>Sur une base semestrielle, Bordier &amp; Cie France r\u00e9unit son comit\u00e9 de s\u00e9lection des interm\u00e9diaires et analyse la documentation pr\u00e9sent\u00e9e. L\u2019objectif du comit\u00e9 est de valider la qualit\u00e9 d\u2019ex\u00e9cution fournie par les entit\u00e9s s\u00e9lectionn\u00e9es et habilit\u00e9es.<\/p>\n<p>Ces analyses conduisent le comit\u00e9 de s\u00e9lection de Bordier &amp; Cie France \u00e0 maintenir des prestataires actuels, ou proposer une nouvelle s\u00e9lection\/ r\u00e9partition des flux pour la p\u00e9riode suivante.<\/p>\n<p>Un compte rendu du comit\u00e9 de s\u00e9lection rend compte des documents analys\u00e9s et des conclusions du comit\u00e9. Les dirigeants de Bordier &amp; Cie France re\u00e7oivent ce compte rendu.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-0f4e39d elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"0f4e39d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">4.4) Strat\u00e9gie<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-e0d9027 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"e0d9027\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Du fait de leurs obligations r\u00e9glementaires, les interm\u00e9diaires s\u00e9lectionn\u00e9s habilit\u00e9s par Bordier &amp; Cie France sont tenus d\u2019offrir la meilleure ex\u00e9cution possible des ordres lorsqu\u2019ils d\u00e9livrent un service d\u2019investissement.<br \/>\nAfin d\u2019obtenir le meilleur r\u00e9sultat possible pour un ordre donn\u00e9, les prestataires (Exo\u00e9, CIC, Bordier Gen\u00e8ve\u2026) agissant pour le compte de Bordier s\u00e9lectionnent l\u2019interm\u00e9diaire habilit\u00e9 en charge de l\u2019ex\u00e9cution en fonction des crit\u00e8res suivants, class\u00e9s par ordre d\u2019importance relative d\u00e9croissante:<\/p>\n<ul>\n<li>Respect des instructions sp\u00e9cifiques \u00e9ventuelles de Bordier &amp; Cie France telles que d\u00e9finies au \u00a7 4.5<\/li>\n<li>Prise en compte des facteurs d\u2019ex\u00e9cution d\u00e9taill\u00e9s au 4.4., dont certains sont plus importants que d\u2019autres, pour obtenir le meilleur r\u00e9sultat possible pour ses clients.<\/li>\n<li>Caract\u00e9ristique de l\u2019ordre : en fonction de la taille et de la nature de l\u2019ordre, des caract\u00e9ristiques du client et de l\u2019instrument financier.<\/li>\n<li>Budget d\u2019allocation broker d\u00e9fini par Bordier &amp; Cie France .<\/li>\n<\/ul>\n<p>Les interm\u00e9diaires s\u00e9lectionn\u00e9s et habilit\u00e9s par Bordier sont \u00e9galement amen\u00e9s \u00e0 intervenir en tant que participant sur certaines plateformes valid\u00e9es par Bordier &amp; Cie France pour certains march\u00e9s dirig\u00e9s par les prix, au nom de ses clients, pour y rencontrer des offres de prix propos\u00e9es par des prestataires habilit\u00e9s par Bordier &amp; Cie France. Ainsi, afin d\u2019obtenir le meilleur r\u00e9sultat possible pour un ordre donn\u00e9, les interm\u00e9diaires s\u00e9lectionn\u00e9s habilit\u00e9s par bordier ex\u00e9cute l\u2019op\u00e9ration en fonction des crit\u00e8res suivants, class\u00e9s par ordre d\u2019importance relative d\u00e9croissante:<\/p>\n<ul>\n<li>Respect des instructions sp\u00e9cifiques \u00e9ventuelles du client telles que d\u00e9finies au \u00a7 4.5.<\/li>\n<li>Prise en compte des facteurs d\u2019ex\u00e9cution, dont certains sont plus importants que d\u2019autres, pour obtenir le meilleur r\u00e9sultat possible pour ses clients.<\/li>\n<li>Caract\u00e9ristique de l\u2019ordre: en fonction de la taille et de la nature de l\u2019ordre, des caract\u00e9ristiques du client et de l\u2019instrument financier.<\/li>\n<li>Caract\u00e9ristique des plates-formes d\u2019ex\u00e9cution vers lesquels cet ordre peut \u00eatre achemin\u00e9.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-596b798 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"596b798\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">4.5) Matrice des facteurs pris en compte dans l&#8217;ex\u00e9cution<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-675cf5d no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"675cf5d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>La matrice ci-dessous d\u00e9taille les facteurs retenus pour obtenir la meilleure ex\u00e9cution possible.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-6d337ae elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-table\" data-id=\"6d337ae\" data-element_type=\"widget\" data-widget_type=\"table.default\">\n<div class=\"elementor-widget-container\">\n<table class=\"ee-table ee-table--even ee-table--rules\">\n<colgroup>\n<col class=\"elementor-repeater-item-f9c42ed\" span=\"2\" \/><\/colgroup>\n<thead>\n<tr class=\"ee-table__row\">\n<th class=\"ee-table__cell elementor-repeater-item-61d881e\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Produit financier<\/span><\/span><\/th>\n<th class=\"ee-table__cell elementor-repeater-item-7e0b341\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Strat\u00e9gie de transmission ou d\u2019ex\u00e9cution<\/span><\/span><\/th>\n<th class=\"ee-table__cell elementor-repeater-item-209f1a7\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Facteurs retenus<\/span><\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr class=\"ee-table__row elementor-repeater-item-02f490b odd\">\n<th class=\"ee-table__cell elementor-repeater-item-bf3fc2f header-left\" rowspan=\"8\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Actions (Exo\u00e9)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-509693e odd\" rowspan=\"8\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Les ordres sont transmis \u00e0 un interm\u00e9diaire de la liste d\u2019interm\u00e9diaires s\u00e9lectionn\u00e9s.<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-039e9b4 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Prix et probabilit\u00e9 de r\u00e8glement<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-07bd818\">\n<td class=\"ee-table__cell elementor-repeater-item-ad301ab odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Probabilit\u00e9 d\u2019ex\u00e9cution : liquidit\u00e9\u00a0: indication d\u2019int\u00e9r\u00eat permettant de d\u00e9tecter un flux oppos\u00e9 sur cet ordre\u00a0(bloc ou facilitation)\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-2aeff45\">\n<td class=\"ee-table__cell elementor-repeater-item-0618956 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Cout de l\u2019ordre: d\u00e9finition de la strat\u00e9gie adapt\u00e9e permettant de limiter l\u2019impact de l\u2019op\u00e9ration\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-b60b945\">\n<td class=\"ee-table__cell elementor-repeater-item-6433a35 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Lieux d\u2019ex\u00e9cution auxquels le n\u00e9gociateur est connect\u00e9 et qui permettraient de r\u00e9aliser une meilleure ex\u00e9cution, en termes de rapidit\u00e9 d\u2019ex\u00e9cution\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-5e2aa2c\">\n<td class=\"ee-table__cell elementor-repeater-item-909682a odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Acc\u00e8s direct au march\u00e9 sur lequel l\u2019instrument est cot\u00e9\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-5e8e94c\">\n<td class=\"ee-table__cell elementor-repeater-item-1cc01e3 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Bonne ex\u00e9cution de la m\u00eame valeur lors d\u2019op\u00e9rations pr\u00e9c\u00e9dentes\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-6ec3cc5\">\n<td class=\"ee-table__cell elementor-repeater-item-6b1c288 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Suivi fondamental (connaissance) de la valeur\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-cf7b31d\">\n<td class=\"ee-table__cell elementor-repeater-item-3dc216f odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Respect des orientations pour la p\u00e9riode\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-bd77f76 even\">\n<th class=\"ee-table__cell elementor-repeater-item-f40bdee header-left\" rowspan=\"8\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Actions (Geneve)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-f593b97\" rowspan=\"8\"><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-9ea4799\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Co\u00fbt de la transaction<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-643e994\">\n<td class=\"ee-table__cell elementor-repeater-item-349cbe4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Qualit\u00e9 et rapidit\u00e9 de l&#8217;ex\u00e9cution et de la confirmation des ordres \/ transactions<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-12261c6\">\n<td class=\"ee-table__cell elementor-repeater-item-549bb2e\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Probabilit\u00e9 d\u2019ex\u00e9cution et r\u00e8glement des transactions<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-2636af3\">\n<td class=\"ee-table__cell elementor-repeater-item-0e489bd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Directive \u2013 Politique de Best Execution et de Best Selection 6\/9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-f2a9f61\">\n<td class=\"ee-table__cell elementor-repeater-item-df68a5e\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Possibilit\u00e9 d\u2019effectuer des ordres en bloc<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-6c4cda5\">\n<td class=\"ee-table__cell elementor-repeater-item-db3f4bc\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Notation \/ Solvabilit\u00e9 (notation minimale)<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-e8930cb\">\n<td class=\"ee-table__cell elementor-repeater-item-e31223a\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">R\u00e9putation dans le domaine financier (y.c. aspects KYC\/AML)<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-54aeacb\">\n<td class=\"ee-table__cell elementor-repeater-item-2cc44f3\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Expertise dans la classe d&#8217;actifs concern\u00e9es<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-5373a65\">\n<th class=\"ee-table__cell elementor-repeater-item-a661fa3 header-left\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Actions (CIC)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-56dc653 odd\"><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-069e195 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Pour les clients d\u00e9pos\u00e9s aupr\u00e8s du CIC Market Solutions, les ordres isol\u00e9s d\u2019un montant inf\u00e9rieur \u00e0 15.000 euros sont syst\u00e9matiquement dirig\u00e9s vers le broker CIC, dans l\u2019int\u00e9r\u00eat du client, afin d\u2019\u00e9viter un co\u00fbt suppl\u00e9mentaire de d\u00e9pouillement d\u2019ordres factur\u00e9 par le CIC Market Solutions.<\/span><\/span><\/p>\n<ul>\n<li>Prix,<\/li>\n<li>Co\u00fbt,<\/li>\n<li>Rapidit\u00e9 d\u2019ex\u00e9cution,<\/li>\n<li>Qualit\u00e9 du d\u00e9nouement,<\/li>\n<li>Taille de l\u2019ordre,<\/li>\n<li>Nature de l\u2019ordre<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-16e6628\">\n<th class=\"ee-table__cell elementor-repeater-item-fca4e53 header-left\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">ETFs (Exo\u00e9)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-3514302\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Les ordres sont transmis \u00e0:<\/span><\/span><\/p>\n<ul>\n<li>un interm\u00e9diaire de la liste d\u2019interm\u00e9diaires s\u00e9lectionn\u00e9s;<\/li>\n<li>ou mise en concurrence (RFQ) de plusieurs contreparties habilit\u00e9es.<\/li>\n<\/ul>\n<\/td>\n<td class=\"ee-table__cell elementor-repeater-item-dc08fa7\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Prix et probabilit\u00e9 de r\u00e8glement<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-7a9fb72\">\n<td class=\"ee-table__cell elementor-repeater-item-30cb501\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Probabilit\u00e9 d\u2019ex\u00e9cution: liquidit\u00e9 naturelle ou intervention de teneurs de march\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-264d2a9\">\n<td class=\"ee-table__cell elementor-repeater-item-5613e1d\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Co\u00fbt de l\u2019ordre\u00a0: d\u00e9finition de la strat\u00e9gie adapt\u00e9e permettant de limiter l\u2019impact de l\u2019op\u00e9ration<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-1f98f0d\">\n<td class=\"ee-table__cell elementor-repeater-item-b59a51f\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Plateformes auxquelles le n\u00e9gociateur est connect\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-0e17db4\">\n<th class=\"ee-table__cell elementor-repeater-item-d47df7f header-left\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Taux et cr\u00e9dit (Exo\u00e9)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-e815e1b odd\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Mise en concurrence (RFQ) de plusieurs contreparties habilit\u00e9es.<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-6036c63 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Prix et probabilit\u00e9 de r\u00e8glement\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-7f95f57\">\n<td class=\"ee-table__cell elementor-repeater-item-a3bb4e1 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Probabilit\u00e9 d\u2019ex\u00e9cution: liquidit\u00e9 : Axes pr\u00e9sent\u00e9s par les contreparties\u00a0<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-ee4077d\">\n<td class=\"ee-table__cell elementor-repeater-item-0f022b6 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Qualit\u00e9 des interm\u00e9diaires s\u00e9lectionn\u00e9s sur le produit trait\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-2defb7b\">\n<td class=\"ee-table__cell elementor-repeater-item-8228e32 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Co\u00fbt de l\u2019ordre: d\u00e9finition de la strat\u00e9gie adapt\u00e9e permettant de limiter l\u2019impact de l\u2019op\u00e9ration.<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-700d3f8\">\n<th class=\"ee-table__cell elementor-repeater-item-4fba032 header-left\" rowspan=\"6\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Futures (CIC)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-bbcedd1\" rowspan=\"6\"><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-98795c7\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Prix<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-43f7c92\">\n<td class=\"ee-table__cell elementor-repeater-item-059ac4e\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Co\u00fbt<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-fc30768\">\n<td class=\"ee-table__cell elementor-repeater-item-3bf8293\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Rapidit\u00e9 d\u2019ex\u00e9cution<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-ded7e43\">\n<td class=\"ee-table__cell elementor-repeater-item-b7eab32\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Qualit\u00e9 du d\u00e9nouement<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-7c5724d\">\n<td class=\"ee-table__cell elementor-repeater-item-a107b79\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Taille de l\u2019ordre<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-7bbbfd4\">\n<td class=\"ee-table__cell elementor-repeater-item-a1085af\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Nature de l\u2019ordre<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-80be283\">\n<th class=\"ee-table__cell elementor-repeater-item-a6f820a header-left\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">OPC (Bordier Paris)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-fd10fa5 odd\"><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-490f877 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">NA (IF non soumis \u00e0 la best selection \/ ex\u00e9cution)<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-e1b9cc2\">\n<th class=\"ee-table__cell elementor-repeater-item-506ac28 header-left\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Structur\u00e9s (Bordier Paris)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-4f5a0bb \" rowspan=\"4\"><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-9ac8bf0 \"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">\u00c9changes en Comit\u00e9 de Gestion Bordier &amp; Cie (France) sur les caract\u00e9ristiques souhait\u00e9es (indice sous-jacent, maturit\u00e9 finale et rappels, barri\u00e8res coupon-rappel-capital, solidit\u00e9 de l&#8217;\u00e9metteur)<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-8621778\">\n<td class=\"ee-table__cell elementor-repeater-item-aac2b1b \"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Broker EMTN pr\u00e9sente \u00e0 Bordier &amp; Cie (France) les meilleures combinaisons disponibles dans le march\u00e9 pour ces caract\u00e9ristiques et le prix sans intervenir ni dans le calibrage du produit ni dans la d\u00e9cision d\u2019investissement.<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-e905d87\">\n<td class=\"ee-table__cell elementor-repeater-item-1c1cf46 \"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">D\u00e9cision de Bordier &amp; Cie (France) par consensus sur les caract\u00e9ristiques et s\u00e9lection de la banque structureur de l&#8217;op\u00e9ration<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-1f57370\">\n<td class=\"ee-table__cell elementor-repeater-item-cc2e4b9 \"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">D\u00e9termination de l&#8217;objectif de marge commerciale pour Bordier &amp; Cie (France)<\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-e8a5649 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"e8a5649\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">4.4) Instructions sp\u00e9cifiques<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-2672eeb no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"2672eeb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Lorsque Bordier &amp; Cie France transmet une instruction portant sur la s\u00e9lection du n\u00e9gociateur (ordre dirig\u00e9), Bordier &amp; Cie France est alors responsable de la meilleure s\u00e9lection. Lorsque Bordier &amp; Cie France transmet une ou plusieurs instruction(s) portant sur la m\u00e9thode d\u2019ex\u00e9cution (instruction(s) sp\u00e9cifique(s)): les prestataires qui transmettent et ex\u00e9cutent l\u2019ordre suivent cette (ces) instruction(s) et sont d\u00e9gag\u00e9s de l\u2019obligation de meilleure ex\u00e9cution sur cette (ces) instruction(s). Dans ce cas la responsabilit\u00e9 de la meilleure ex\u00e9cution \u00e9choit \u00e0 Bordier &amp; Cie France en ce qui concerne cette (ces) instruction(s) sp\u00e9cifique(s). Bordier &amp; Cie France contr\u00f4le alors la pertinence de sa s\u00e9lection lors du comit\u00e9 semestriel et la remet en cause le cas \u00e9ch\u00e9ant.<\/p>\n<p>NB: Pour les clients d\u00e9pos\u00e9s aupr\u00e8s du CIC Market Solutions, les ordres isol\u00e9s d\u2019un montant inf\u00e9rieur \u00e0 15.000 euros sont syst\u00e9matiquement dirig\u00e9s vers le broker CIC, dans l\u2019int\u00e9r\u00eat du client, afin d\u2019\u00e9viter un co\u00fbt suppl\u00e9mentaire de d\u00e9pouillement d\u2019ordres factur\u00e9 par le CIC Market Solutions.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-5ebc469 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"5ebc469\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h3 class=\"elementor-heading-title elementor-size-default\">5. Surveillance et contr\u00f4le de la meilleure ex\u00e9cution<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-631c69b no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"631c69b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Dans le cadre de la surveillance r\u00e9guli\u00e8re de la meilleure s\u00e9lection en vue de la meilleure ex\u00e9cution, Bordier &amp; Cie France organise des contr\u00f4les et comit\u00e9s de revue r\u00e9guliers.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-972ea73 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"972ea73\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">5.1) Surveillance continue<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-6ad6e05 no-margin-top elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"6ad6e05\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Exo\u00e9 r\u00e9alise plusieurs contr\u00f4les permanents afin de s\u2019assurer du bon fonctionnement de ses dispositifs:<\/p>\n<ul>\n<li>Suivi des frais d\u2019interm\u00e9diation par nature (ex\u00e9cution, RTO, recherche, CSA)<\/li>\n<li>V\u00e9rification de la coh\u00e9rence des prix obtenus, valid\u00e9e par le n\u00e9gociateur \u00e0 l\u2019issue de l\u2019ex\u00e9cution;<\/li>\n<li>V\u00e9rification\/suivi des budgets\/allocations;<\/li>\n<li>Enrichissement des ordres avec \u00e9l\u00e9ments de Best Execution (instructions, suivi, contraintes, \u2026);<\/li>\n<li>Justification des \u00e9carts aux benchmarks;<\/li>\n<li>Comit\u00e9 hebdomadaire de best execution;<\/li>\n<li>Analyse des r\u00e9clamations ou incidents;<\/li>\n<\/ul>\n<p>Ces informations font l\u2019objet de remont\u00e9es continues sous formes de reportings, fichiers ou gr\u00e2ce \u00e0 des outils d\u2019analyse mis \u00e0 la disposition de Bordier &amp; Cie France par Exo\u00e9.<\/p>\n<p>Bordier &amp; Cie France r\u00e9alise plusieurs contr\u00f4les de mani\u00e8re r\u00e9guli\u00e8re (au cours du semestre entre les comit\u00e9s) afin de s\u2019assurer du bon fonctionnement de ses dispositifs :<\/p>\n<ul>\n<li>Qualit\u00e9 d\u2019ex\u00e9cution par rapport aux benchmarks et aux instructions, \u00e0 l\u2019issue de l\u2019ex\u00e9cution;<\/li>\n<li>Relecture par \u00e9chantillon des rapport de meilleure ex\u00e9cution sur des op\u00e9rations;<\/li>\n<li>Analyse des r\u00e9clamations ou incidents clients;<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-0db82fd elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"0db82fd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">5.2) Evaluation r\u00e9guli\u00e9re<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-2c4c868 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"2c4c868\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Exo\u00e9 collecte et pr\u00e9sente semestriellement les analyses suivantes, revues par BORDIER FRANCE et discut\u00e9es en comit\u00e9 d\u2019\u00e9valuation:<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-c38db01 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-table\" data-id=\"c38db01\" data-element_type=\"widget\" data-widget_type=\"table.default\">\n<div class=\"elementor-widget-container\">\n<table class=\"ee-table ee-table--even ee-table--rules\">\n<colgroup>\n<col class=\"elementor-repeater-item-f9c42ed\" span=\"2\" \/><\/colgroup>\n<thead>\n<tr class=\"ee-table__row\">\n<th class=\"ee-table__cell elementor-repeater-item-61d881e\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Produit financier<\/span><\/span><\/th>\n<th class=\"ee-table__cell elementor-repeater-item-7e0b341\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Nature du contr\u00f4le<\/span><\/span><\/th>\n<th class=\"ee-table__cell elementor-repeater-item-209f1a7\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Crit\u00e8res ou m\u00e9thodologie<\/span><\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr class=\"ee-table__row elementor-repeater-item-02f490b\">\n<th class=\"ee-table__cell elementor-repeater-item-420644c header-left\" rowspan=\"12\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Actions et assimil\u00e9s<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-30d9e51 odd\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Notation technique<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-66addf6 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Qualit\u00e9 de service<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-df440f4\">\n<td class=\"ee-table__cell elementor-repeater-item-cde24f7 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Conformit\u00e9 des prestataires<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-3f52337\">\n<td class=\"ee-table__cell elementor-repeater-item-42f4418 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Capacit\u00e9s techniques<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-4193e18\">\n<td class=\"ee-table__cell elementor-repeater-item-72c778f odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Liquidit\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-7a424bc\">\n<td class=\"ee-table__cell elementor-repeater-item-5badc93\" rowspan=\"2\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Broker Reviews<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-87bc6e6\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse des performances<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-2ee3049\">\n<td class=\"ee-table__cell elementor-repeater-item-333de39\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Ad\u00e9quation du prestataire aux besoins<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-aafb02f\">\n<td class=\"ee-table__cell elementor-repeater-item-3d792fb odd\" rowspan=\"5\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Mesure de performance d\u2019ex\u00e9cution<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-f10babf odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse des flux<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-70982a3\">\n<td class=\"ee-table__cell elementor-repeater-item-993c29f odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Mesure des \u00e9carts au benchmarks (TCA)<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-02ea599\">\n<td class=\"ee-table__cell elementor-repeater-item-500a3ca odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse de la liquidit\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-9ab553f\">\n<td class=\"ee-table__cell elementor-repeater-item-e6930c8 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse des co\u00fbts<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-9da6479\">\n<td class=\"ee-table__cell elementor-repeater-item-12dfb43 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse de l\u2019agressivit\u00e9 et de la toxicit\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-b5635db\">\n<td class=\"ee-table__cell elementor-repeater-item-85761b0\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">TCA multi-client<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-1c1eb2f\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Mesure des \u00e9carts au benchmarks<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-085f08d\">\n<th class=\"ee-table__cell elementor-repeater-item-99a368a header-left\" rowspan=\"6\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">ETFs<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-44b63b2 odd\" rowspan=\"5\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Mesure de performance d\u2019ex\u00e9cution<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-12fec62 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse des flux<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-e4b4b68\">\n<td class=\"ee-table__cell elementor-repeater-item-76cd4a8 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Mesure des \u00e9carts au benchmarks (TCA)<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-a6a0108\">\n<td class=\"ee-table__cell elementor-repeater-item-211335e odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse de la liquidit\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-2067434\">\n<td class=\"ee-table__cell elementor-repeater-item-e7469ee odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse des co\u00fbts<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-8de3828\">\n<td class=\"ee-table__cell elementor-repeater-item-d224fba odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse de l\u2019agressivit\u00e9 et de la toxicit\u00e9<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-1c84c9d\">\n<td class=\"ee-table__cell elementor-repeater-item-f9153b0\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">RFQs<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-99bfa8d\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse des mises en concurrence<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-868ccfc\">\n<th class=\"ee-table__cell elementor-repeater-item-f94bedc header-left\" rowspan=\"8\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Taux et cr\u00e9dit<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-63087e3 odd\" rowspan=\"4\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Notation technique<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-d79f049 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Fiabilit\u00e9 des prix et des axes<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-7c52acd\">\n<td class=\"ee-table__cell elementor-repeater-item-0d4c3b6 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Capacit\u00e9s techniques<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-13e2091\">\n<td class=\"ee-table__cell elementor-repeater-item-410c88f odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Ranking<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-efda449\">\n<td class=\"ee-table__cell elementor-repeater-item-bcb813d odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Commentaires trading<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-3a974cc\">\n<td class=\"ee-table__cell elementor-repeater-item-8df2bae\" rowspan=\"2\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">RFQs<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-06c616d\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Analyse des mises en concurrence<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-e493fdc\">\n<td class=\"ee-table__cell elementor-repeater-item-9515588\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Evaluation des plateformes utilis\u00e9es<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-c955db5\">\n<td class=\"ee-table__cell elementor-repeater-item-df4f4fe odd\" rowspan=\"2\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">TCA taux<\/span><\/span><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-1de7201 odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Mesure des \u00e9carts aux benchmarks<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-6667d59\">\n<td class=\"ee-table__cell elementor-repeater-item-6c7dc2c odd\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">R\u00e9duction du spread<\/span><\/span><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-0f14453\">\n<th class=\"ee-table__cell elementor-repeater-item-115b3f9 header-left\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">Futures<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-bcc053c\"><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-9755609\"><a class=\"ee-table__text\" href=\"https:\/\/www.cic-marketsolutions.eu\/fr\/telechargements\/informations-reglementaires\/BEST_EXE_TBS.pdf\" target=\"_blank\" rel=\"noopener\"><span class=\"ee-table__text__inner\">https:\/\/www.cic-marketsolutions.com\/fr\/disclaimer_2.html<\/span><\/a><\/td>\n<\/tr>\n<tr class=\"ee-table__row elementor-repeater-item-a65ae0b\">\n<th class=\"ee-table__cell elementor-repeater-item-3bc8ec2 header-left\"><span class=\"ee-table__text\"><span class=\"ee-table__text__inner\">IFT compexes (EMTN)<\/span><\/span><\/th>\n<td class=\"ee-table__cell elementor-repeater-item-a4a4824 odd\"><\/td>\n<td class=\"ee-table__cell elementor-repeater-item-fe7b44a odd\"><a class=\"ee-table__text\" href=\"https:\/\/www.cic-marketsolutions.eu\/fr\/telechargements\/informations-reglementaires\/BEST_EXE_TBS.pdf\" target=\"_blank\" rel=\"noopener\"><span class=\"ee-table__text__inner\">Capacit\u00e9 \u00e0 sourcer une banque selon les crit\u00e8res souhait\u00e9s : indice sous-jacent, maturit\u00e9 finale et rappels, barri\u00e8res coupon-rappel-capital, solidit\u00e9 de l&#8217;\u00e9metteur, prix de la structuration du produit.<\/span><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-acd5808 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"acd5808\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Pour les clients non professionnels, le crit\u00e8re du co\u00fbt total d\u2019ex\u00e9cution de l\u2019ordre est pr\u00e9dominant sur les autres crit\u00e8res. Le co\u00fbt total d\u2019une transaction s\u2019entend comme le prix de l\u2019instrument financier n\u00e9goci\u00e9, augment\u00e9 des diff\u00e9rents co\u00fbts inh\u00e9rents \u00e0 l\u2019ex\u00e9cution de l\u2019ordre, y compris les commissions, les frais propres au lieu d\u2019ex\u00e9cution, les frais de compensation et de r\u00e8glement et tous autres frais \u00e9ventuellement pay\u00e9s \u00e0 des tiers ayant particip\u00e9 \u00e0 l\u2019ex\u00e9cution de l\u2019ordre.<\/p>\n<p>Mensuellement, Bordier &amp; Cie France re\u00e7oit un rapport comprenant les statistiques par classe d\u2019instrument financier. Sur la base de ce rapport et des informations fournies, Bordier &amp; Cie France est en mesure de mettre en place les contr\u00f4les qu\u2019elle juge n\u00e9cessaire.<\/p>\n<p>Semestriellement, Exo\u00e9 transmet une appr\u00e9ciation qualitative \u00e0 Bordier &amp; Cie France. Les autres d\u00e9partements (g\u00e9rants et middle office principalement) impliqu\u00e9s dans le processus de passation des ordres compl\u00e8tent l\u2019appr\u00e9ciation transmise, notamment au regard du d\u00e9lai entre la g\u00e9n\u00e9ration de l\u2019ordre par le g\u00e9rant et la prise en charge de l\u2019ordre par la table de n\u00e9gociation.<\/p>\n<p>Pour compl\u00e9ter cette appr\u00e9ciation, le comit\u00e9 de s\u00e9lection:<\/p>\n<ul>\n<li>proc\u00e8de \u00e0 des analyses quantitatives sur les donn\u00e9es mise \u00e0 sa disposition;<\/li>\n<li>se procure des \u00e9chantillons d\u2019op\u00e9rations aupr\u00e8s de la table de n\u00e9gociation;<\/li>\n<li>v\u00e9rifie que les questionnaires de due diligence portant sur les prestataires charg\u00e9 de l\u2019ex\u00e9cution ont \u00e9t\u00e9 collect\u00e9s et analys\u00e9s;<\/li>\n<li>v\u00e9rifie que les r\u00e9clamations des clients ont \u00e9t\u00e9 collect\u00e9es et analys\u00e9es;<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Le compte rendu du comit\u00e9 de s\u00e9lection mat\u00e9rialise la formalisation de l\u2019\u00e9valuation.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-e485220 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"e485220\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">5.3) Contr\u00f4le de second niveau<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-1875eea no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"1875eea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Le plan de contr\u00f4le permanent, mis en \u0153uvre annuellement, int\u00e8gre des contr\u00f4les d\u00e9di\u00e9s \u00e0 la pr\u00e9sente Politique de Best ex\u00e9cution.<\/p>\n<p>Ainsi, sont notamment contr\u00f4l\u00e9s:<\/p>\n<ul>\n<li>Le respect des taux de courtage en fonction de la typologie des ordres<\/li>\n<li>La bonne transmission de la liste des personnes habilit\u00e9es \u00e0 transmettre des ordres<\/li>\n<li>Le suivi des dossiers brokers<\/li>\n<li>Les incidents et r\u00e9clamations remont\u00e9s<\/li>\n<li>Un contr\u00f4le par \u00e9chantillonnage de rapports de best execution<\/li>\n<li>La fr\u00e9quence des comit\u00e9s, la coh\u00e9rence et la conformit\u00e9 de ses d\u00e9cisions<\/li>\n<li>La coh\u00e9rence de l\u2019\u00e9valuation des PSI par rapport au flux r\u00e9alis\u00e9s\/budget allou\u00e9<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-0ba33fd elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"0ba33fd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">5.4) Evenements intra p\u00e9riode<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-44f6838 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"44f6838\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Dans le cas o\u00f9 une entit\u00e9 s\u00e9lectionn\u00e9e faillirait \u00e0 ses engagements et en cas d\u2019\u00e9v\u00e8nement d\u2019importance dument notifi\u00e9, Bordier &amp; Cie France peut suspendre ou revoir les objectifs de budget ou d\u2019allocation d\u00e9finis. De m\u00eame, un nouvel interm\u00e9diaire pourra \u00eatre autoris\u00e9.<\/p>\n<p>De plus, les prestataires habilit\u00e9s par Bordier et Cie France pour la transmission de ses ordres informeront Bordier &amp; Cie France de tout changement majeur dans l\u2019offre des PSI ou des plateformes s\u00e9lectionn\u00e9s qu\u2019ils consid\u00e8reraient comme ayant un impact significatif sur la qualit\u00e9 d\u2019ex\u00e9cution, afin de permettre un r\u00e9examen des interm\u00e9diaires de march\u00e9s retenus pour ex\u00e9cuter les ordres transmis.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-0f702d7 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"0f702d7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h3 class=\"elementor-heading-title elementor-size-default\">6. Revue de la politique d\u2019execution<\/h3>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-8627540 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"8627540\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Le Comit\u00e9 en charge de la r\u00e9daction de la pr\u00e9sente politique d\u2019ex\u00e9cution est compos\u00e9 de la Direction G\u00e9n\u00e9rale, de la direction de la Gestion et du RCCI (\u00e0 titre consultatif). Il proc\u00e8de au r\u00e9examen des indicateurs ainsi que des \u00e9ventuelles modifications sur les crit\u00e8res suivants: couverture produits, typologie clients, \u00e9volutions technologiques, situation concurrentielle, \u00e9volution r\u00e9glementaire.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-16fb080 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"16fb080\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">6.1.1) Examen annuel<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-95eda03 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"95eda03\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Bordier &amp; Cie France r\u00e9examine annuellement la politique d\u2019ex\u00e9cution \u00e9tablie, et les dispositions en mati\u00e8re de transmission et d\u2019ex\u00e9cution d\u2019ordres.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-d8a6538 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"d8a6538\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">6.1.2) Mise \u00e0 jour ponctuelle<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-3f097a0 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"3f097a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>Par ailleurs, \u00e0 chaque fois qu\u2019une modification substantielle se produit, que des d\u00e9faillances sont constat\u00e9es ou qu\u2019un \u00e9v\u00e8nement intra p\u00e9riode (\u00a75.3) se produit et affecte la capacit\u00e9 de Bordier &amp; Cie France \u00e0 continuer d\u2019obtenir avec r\u00e9gularit\u00e9 la meilleure transmission en vue de la meilleure ex\u00e9cution des ordres, ou la meilleure ex\u00e9cution, Bordier &amp; Cie France r\u00e9examine sa politique d\u2019ex\u00e9cution.<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-79647f8 elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-heading\" data-id=\"79647f8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<h5 class=\"elementor-heading-title elementor-size-default\">6.1.3) Moyens d\u2019informations \u00e0 disposition des clients concernant la politique d\u2019ex\u00e9cution<\/h5>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-88bdd09 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"88bdd09\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>En cas de modification, la version mise \u00e0 jour sera directement accessible sur le site Internet et vaut notification par Bordier &amp; Cie France \u00e0 ses clients. La politique d\u2019ex\u00e9cution peut \u00e9galement \u00eatre adress\u00e9e par courrier ou courrier \u00e9lectronique sur simple demande:<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-78f1239 no-margin-top link-underline elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-text-editor\" data-id=\"78f1239\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p><strong>BORDIER &amp; CIE FRANCE SA<\/strong><br \/>\nPolitique d\u2019execution des ordres<br \/>\n1, rue Fran\u00e7ois 1 er<br \/>\n75008 PARIS<\/p>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-9c2e770 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-icon-list\" data-id=\"9c2e770\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n<div class=\"elementor-widget-container\">\n<ul class=\"elementor-icon-list-items\">\n<li class=\"elementor-icon-list-item\"><a class=\"noExitNotifier\" href=\"https:\/\/media.bordier.com\/wp-content\/uploads\/2023\/04\/RTS-28-revue-annuelle-2023.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"far fa-file-pdf\" aria-hidden=\"true\"><\/i><span class=\"elementor-icon-list-text\">RTS 28 \u2013 revue annuelle 2022<\/span><\/a><\/li>\n<li class=\"elementor-icon-list-item\"><a class=\"noExitNotifier\" href=\"https:\/\/media.bordier.com\/wp-content\/uploads\/2022\/04\/RTS-28-revue-annuelle-2021.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"far fa-file-pdf\" aria-hidden=\"true\"><\/i><span class=\"elementor-icon-list-text\">RTS 28 \u2013 revue annuelle 2021<\/span><\/a><\/li>\n<li class=\"elementor-icon-list-item\"><a class=\"noExitNotifier\" href=\"https:\/\/media.bordier.com\/wp-content\/uploads\/2022\/04\/RTS-28-2020-BORDIER-FRANCE.pdf\" target=\"_blank\" rel=\"noopener\"><i class=\"far fa-file-pdf\" aria-hidden=\"true\"><\/i><span class=\"elementor-icon-list-text\">RTS 28 \u2013 revue annuelle 2020<\/span><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-9c2e770 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-no elementor-widget elementor-widget-icon-list\" data-id=\"9c2e770\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n<div class=\"elementor-widget-container\"><\/div>\n<\/div>\n            <div class=\"acf-innerblocks-container\"><\/div>        <\/div>\n    <\/div>\n<\/section><\/div><\/div>\n\n\n\n<div class=\"wp-block-cover right-text\" style=\"min-height:10vw;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-black-background-color has-background-dim-20 has-background-dim\"><\/span><img alt=\"\" fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"907\" class=\"wp-block-cover__image-background wp-image-5549\" alt=\"\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/10\/Rectangle-scaled.jpg\" data-object-fit=\"cover\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/10\/Rectangle-scaled.jpg 2560w, https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/10\/Rectangle-300x106.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/10\/Rectangle-1024x363.jpg 1024w, https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/10\/Rectangle-768x272.jpg 768w, https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/10\/Rectangle-1536x544.jpg 1536w, https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/10\/Rectangle-2048x726.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading has-text-align-left has-large-font-size\">Ponte en contacto con <em>nuestro equipo<\/em><\/h4>\n\n\n\n<p class=\"has-small-font-size\">Nuestro punto de partida siempre eres t\u00fa, ya que tus intereses tambi\u00e9n son los nuestros a proteger. Ponte en contacto con nosotros por correo electr\u00f3nico o WhatsApp hoy mismo.   <\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill blured\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.bordier.com\/es\/contacta-con-nosotros\/\"><strong>CONTACTO<\/strong><\/a><\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/div>\n","protected":false},"featured_media":0,"parent":11715,"menu_order":40,"template":"","class_list":["post-11720","legal_compliance","type-legal_compliance","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/legal_compliance\/11720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/legal_compliance"}],"about":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/types\/legal_compliance"}],"version-history":[{"count":0,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/legal_compliance\/11720\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/legal_compliance\/11715"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/media?parent=11720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}