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    Invesco Asset Management Limited Annual Trade Execution Report (RTS 28) Report Dated: April 2020 For the Period: 1 January 2019 – 31 December 2019 Contents Page 1. Purpose of this document 1. Purpose of this document 01 This document (this “Report”) details the top five venues used for placement and the top five venues used for execution by Invesco Asset Management Limited (“IAML”) for 2. What should I expect to see the 2019 calendar year period covering the applicable classes of financial instruments. in this report? 01 This report is a regulatory requirement as part of MiFID II (Markets in Financial 3. Notes and Assumptions 02 Instruments Directive II) where firms are expected to publish: a. A summary of the analysis and conclusions drawn from the detailed monitoring of 4. Equities and Securitized the quality of execution obtained on execution venues (during the previous year). Derivatives 03 b. The top five placement venues in terms of trading volumes for all placed client orders per class of financial instrument for the preceding calendar year. 5. Exchange traded products 08 c. The top give execution venues in terms of trading volumes for all executed client orders per class of financial instrument for the preceding calendar year. 6. Debt Instruments – Bonds 10 Note that where both Placement and Execution tables are present for any instrument 7. Debt Instruments – Money class, the percentage values represented therein are calculated from the instrument Market Instruments (MMI) 12 dataset as a whole. For this reason, the values can appear very small as they represent a very low proportion of the overall total, however they are included due to the 8. Interest Rate Derivatives 14 segregation criteria between Placement and Execution (see Notes and Assumptions). 9. Credit Derivatives 16 Similarly, for instruments where Execution Venues such as Tradeweb are represented in the tables, followed by a look-through to execution brokers, then once again the 10. Equity Derivatives 18 values presented are calculated as a proportion of the instrument dataset as a whole, not just brokers who we have interacted with in such venues. 11. Currency Derivatives 20 12. Commodities Derivatives 22 2. What should I expect to see in this report? 13. Structured Finance This report contains a summary of the analysis and conclusions drawn from the Instruments 24 monitoring of the quality of execution obtained on execution venues where client orders were executed in the 2019 calendar year (for each respective class of instrument), together with the tables as prescribed under MiFID II for the applicable classes of financial instruments for which IAML has executed client orders. This information is provided as follows: a. The Execution Factors An explanation of the relative importance the firm gave to the execution factors of price, costs, speed, likelihood of execution or any other consideration including qualitative factors when making assessments of the quality of execution. b. Close Links A description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders. c. Specific Arrangements A description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received (if any). d. Change in Execution Venues An explanation of the factors that led to a change in the list of execution venues listed in the firm’s execution policy, if such a change occurred. e. Client Categorisation An explanation of how order execution differs according to client categorisation, where the firm treats categories of clients differently and where it may affect the order execution arrangements. f. Data and Tool Usage An explanation of how the firm has used any data or tools relating to the quality of execution including any data published by execution venues and systematic internalisers (SI’s). The IAML Order Execution Policy can be found in the Invesco UK website (About us > Corporate Policies).


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    3. Notes and Assumptions The ‘Proportion of volume executed as a percentage of total in that class’ is to be interpreted as the percentage of the market value of all orders generated by the firm in that class of financial instrument, for professional clients that were executed with the respective venue / broker. Whilst market value is normally clearly understood (e.g. Equities), for derivatives and options, the notional value is used. The ‘Proportion of orders executed as a percentage of total in that class’ is to be interpreted as the percentage of the number of portfolio level orders generated by the firm in that class of financial instrument, for professional clients that were executed with the respective venue/broker. The percentage of passive and aggressive orders are not displayed in the ‘Execution’ section as it implies direct execution with a venue / counterpart on a principal basis. If orders are placed on a venue/with a broker on an agency basis, they will be categorised as ‘Placement’. There may be a combination of both passive and aggressive ‘child’ fills for such ‘parent’ orders but this is typically at the discretion of the broker we have used and the accuracy of capturing such granular detail is not currently sufficient for inclusion in this report. FX rates as at 31 December 2019 were used to convert all market values to GBP. 02 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    4. Equities and Securitized Derivatives The Execution Factors Order execution by client categorisation Within the Equities space, there is a high availability of liquidity With respect to order execution, IAML does not treat clients across a number of different venues. The combination of this differently based on client categorisation. All execution decisions with the availability of in depth price discovery has meant ‘Total are made by the respective IAML trading desk who execute consideration’ (combination of ‘price’ and ‘explicit costs’) has been trades in line with the IAML Order Execution Policy. the primary factor. ‘Implicit costs’ and ‘likelihood of execution’ have also been determining factors. Where liquidity is lower than Data and Tool Usage expected, ‘speed and likelihood of execution’ have taken priority. IAML currently monitors and reviews venues used for execution. As members of PLATO Partnership we support recent initiatives Close Links to enhance post trade reporting and will support further IAML may place orders with affiliate Invesco entities in other developments to consolidate reporting to aid transparency. locations globally, for example Invesco Advisers Inc. (‘IAI’), to execute orders in this class of instrument. IAI may in turn use Consolidated Tape Provider Luminex Trading and Analytics LLC, a ‘dark’ venue jointly owned Consolidated tape providers were not used for this class of by Invesco, to execute some orders in its pursuit of best execution. financial instrument for the 2019 calendar year. If this becomes available, IAML will review the usefulness of the consolidated Specific Arrangements tape and will utilise it where it allows IAML to judge the quality There are no specific arrangements concerning rebates or non- of price received from various counterparties and aide in the monetary benefits with execution venues used to execute trades benchmarking of brokers. for this class of instrument. Change in Execution Venues To access liquidity that may be unique to them at any time, the following were added as a new broker in 2019: Northern Trust Securities. Top 5 Venues – Execution Class of Instrument Equities – Shares & Depositary Receipts – Tick Size liquidity bands 1 and 2 Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Merrill Lynch International GGDZP1UYGU9STUHRDP48 0.126 0.103 – – 0.00 Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493 0.102 0.200 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 0.038 0.029 – – 0.00 Morgan Stanley & Co. International PLC 4PQUHN3JPFGFNF3BB653 0.031 0.063 – – 0.00 Jefferies International Limited S5THZMDUJCTQZBTRVI98 0.025 0.013 – – 0.00 03 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    4. Equities and Securitized Derivatives Top 5 Venues – Execution Class of Instrument Equities – Shares & Depositary Receipts – Tick size Liquidity bands 3 and 4 Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Merrill Lynch International GGDZP1UYGU9STUHRDP48 2.33 1.23 – – 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 1.88 0.72 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 1.64 1.14 – – 0.00 Jane Street Financial Limited 549300ZHEHX8M31RP142 1.60 0.47 – – 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 1.54 1.09 – – 0.00 Top 5 Venues – Execution Class of Instrument Equities – Shares & Depositary Receipts – Tick Size Liquidity bands 5 and 6 Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Goldman Sachs International W22LROWP2IHZNBB6K528 4.67 4.66 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 3.23 2.46 – – 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 2.74 1.53 – – 0.00 Morgan Stanley & Co. International PLC 4PQUHN3JPFGFNF3BB653 2.24 0.67 – – 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 1.92 0.85 – – 0.00 04 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    4. Equities and Securitized Derivatives Top 5 Venues – Execution Class of Instrument Other instruments Notification if <1 average trade per business day in the previous year Yes Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Morgan Stanley & Co. International PLC 4PQUHN3JPFGFNF3BB653 0.449 0.089 – – 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 0.407 0.065 – – 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 0.287 0.178 – – 0.00 Jane Street Financial Limited 549300ZHEHX8M31RP142 0.230 0.059 – – 0.00 Jefferies International Limited S5THZMDUJCTQZBTRVI98 0.048 0.024 – – 0.00 Top 5 Venues – Placement Class of Instrument Equities – Shares & Depositary Receipts – Tick Size liquidity bands 1 and 2 Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 13.82 8.69 n/a n/a 0.00 Invesco Asset Management (Japan) Limited 549300W1HDJZN5BPMH02 11.49 9.17 n/a n/a 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 10.12 12.69 n/a n/a 0.00 Macquarie Capital (Europe) Limited 549300GX4FPMFF91RJ37 9.94 8.38 n/a n/a 0.00 Invesco Hong Kong Limited 5493001YEU7254KG2F83 9.22 7.00 n/a n/a 0.00 05 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    4. Equities and Securitized Derivatives Top 5 Venues – Placement Class of Instrument Equities – Shares & Depositary Receipts – Tick size Liquidity bands 3 and 4 Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders LIQUIDNET EUROPE LIMITED 213800ZIRB79BE5XQM68 10.32 12.15 n/a n/a 0.00 VIRTU ITG EUROPE LIMITED 213800EEC95PRUCEUP63 6.98 7.87 n/a n/a 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 4.25 4.77 n/a n/a 0.00 UBS AG BFM8T61CT2L1QCEMIK50 4.17 7.04 n/a n/a 0.00 Numis Securities Ltd 213800P3F4RT97WDSX47 4.11 1.24 n/a n/a 0.00 Top 5 Venues – Placement Class of Instrument Equities – Shares & Depositary Receipts – Tick Size Liquidity bands 5 and 6 Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 6.58 8.72 n/a n/a 0.00 LIQUIDNET EUROPE LIMITED 213800ZIRB79BE5XQM68 6.36 7.91 n/a n/a 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 6.26 9.15 n/a n/a 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 6.01 7.11 n/a n/a 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 4.78 5.84 n/a n/a 0.00 06 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    4. Equities and Securitized Derivatives Top 5 Venues – Placement Class of Instrument Other instruments Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Hong Kong Limited 5493001YEU7254KG2F83 57.52 33.30 n/a n/a 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 9.12 14.31 n/a n/a 0.00 Macquarie Capital (Europe) Limited 549300GX4FPMFF91RJ37 7.67 6.96 n/a n/a 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 4.32 6.45 n/a n/a 0.00 Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 4.02 11.57 n/a n/a 0.00 Top 5 Venues – Execution Class of Instrument Securitized Derivatives – Warrants and Certificate Derivatives Notification if <1 average trade per business day in the previous year Yes Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 59.34 5.88 – – 0.00 Top 5 Venues – Placement Class of Instrument Securitized Derivatives – Warrants and Certificate Derivatives Notification if <1 average trade per business day in the previous year Yes Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Peel Hunt LLP 5493007DWN0R4YBM4C84 28.46 88.24 n/a n/a 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 12.19 5.88 n/a n/a 0.00 07 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    5. Exchange traded products The Execution Factors Order execution by client categorisation When dealing in exchange traded products, specifically for With respect to order execution, IAML does not treat clients standard size orders where there is ample liquidity, ‘price’ has differently based on client categorisation. All execution decisions been the primary factor. Where the market is volatile, ‘speed of are made by the respective IAML trading desk who execute execution’ has been prioritised. In some instances, ‘implicit cost’ trades in line with the IAML Order Execution Policy. is prioritised to limit the market impact of larger size orders in the absence of volatility or where the product is illiquid. Data and Tool Usage IAML currently monitor and review venues used for execution. Close Links RTS 27 and 28 data is starting to be analysed but the analysis is There are no close links or conflicts of interest with any venue that still in its early days and as we are able to process the data more we currently use for executing orders in this class of instrument. effectively in the future we will look to integrate the additional information into our execution process. Specific Arrangements There are no specific arrangements concerning rebates or non- Consolidated Tape Provider monetary benefits with execution venues used to execute trades Consolidated tape providers were not providing a consolidated for this class of instrument. tape for this class of financial instrument for the 2019 calendar year. If this becomes available, IAML will review the usefulness Change in Execution Venues of the consolidated tape and will utilise it where it allows IAML to To access liquidity that may be unique to them at any time, the judge the quality of price received from various counterparties following were added as a new broker in 2019: Optiver. and aide in the benchmarking of brokers. Top 5 Venues – Execution Class of Instrument Exchange traded products (Exchange traded funds, exchange traded notes and exchange traded commodities) Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Tradeweb Europe Limited 2138001WXZQOPMPA3D50 80.80 82.80 – – 0.00 Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Jane Street Financial Limited 549300ZHEHX8M31RP142 31.35 25.73 – – 0.00 Flow Traders B.V. 549300CLJI9XDH12XV51 31.11 25.98 – – 0.00 Optiver V.O.F 7245009KRYSAYB2QCC29 4.58 12.56 – – 0.00 Susquehanna International Securities Ltd 635400IAV22ZOU1NFS89 4.40 4.82 – – 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 2.85 4.76 – – 0.00 08 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    5. Exchange traded products Top 5 Venues – Placement Class of Instrument Exchange traded products (Exchange traded funds, exchange traded notes and exchange traded commodities) Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 12.81 7.01 n/a n/a 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 4.17 0.55 n/a n/a 0.00 Invesco Hong Kong Limited 5493001YEU7254KG2F83 1.63 5.24 n/a n/a 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 0.33 1.71 n/a n/a 0.00 Macquarie Capital (Europe) Limited 549300GX4FPMFF91RJ37 0.11 0.55 n/a n/a 0.00 09 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    6. Debt Instruments – Bonds The Execution Factors Change in Execution Venues Within the fixed income space execution costs are almost There have been no changes to the execution venues for this entirely standardised and so ‘execution cost’ is unlikely to be class of financial instrument for the 2019 calendar year. considered a high priority. We placed highest priority on ‘price’ where it’s possible to obtain quotes from multiple counterparties. Order execution by client categorisation Sometimes we prioritised ‘size of order’ as the sizes to be traded With respect to order execution, IAML does not treat clients were larger than the market would have expected. In these differently based on client categorisation. All execution decisions cases, we worked with one or two liquidity providers to execute are made by the respective IAML trading desk who execute the trade rather than sending to multiple dealers and risking trades in line with the IAML Order Execution Policy. market sensitive information moving the price. Despite the size being manageable for the market most of the time, there were Data and Tool Usage instances where the position or directionality of the dealers were IAML currently monitor and review venues used for execution. restrictive, such as trying to buy a bond when most dealers are RTS 27 and 28 data is starting to be analysed but the analysis is also looking to buy or the liquidity of a bond being very low. In still in its early days and as we are able to process the data more such cases, we prioritised ‘likelihood of execution’ as we looked effectively in the future we will look to integrate the additional to trade with the counterparty most likely to execute where the information into our execution process. screen prices were unlikely to be honoured by dealers. Consolidated Tape Provider Close Links Consolidated tape providers were not providing a consolidated There are no close links or conflicts of interest with any venue that tape for this class of financial instrument for the 2019 calendar we currently use for executing orders in this class of instrument. year. If this becomes available, IAML will review the usefulness of the consolidated tape and will utilise it where it allows IAML to Specific Arrangements judge the quality of price received from various counterparties There are no specific arrangements concerning rebates or non- and aide in the benchmarking of brokers. monetary benefits with execution venues used to execute trades for this class of instrument. Top 5 Venues – Execution Class of Instrument Debt instruments – Bonds Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Tradeweb Europe Limited 2138001WXZQOPMPA3D50 22.60 20.54 – – 0.00 Bloomberg Trading Facility Limited 549300ROEJDDAXM6LU05 20.03 23.83 – – 0.00 MarketAxess Capital Limited 529900CTXON8S5AOCB70 4.50 9.04 – – 0.00 Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders HSBC BANK PLC MP6I5ZYZBEU3UXPYFY54 14.24 8.16 – – 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 12.00 8.81 – – 0.00 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 7.26 5.21 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 7.09 7.85 – – 0.00 BARCLAYS CAPITAL SECURITIES LIMITED K9WDOH4D2PYBSLSOB484 5.86 7.80 – – 0.00 10 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    6. Debt Instruments – Bonds Top 5 Venues – Placement Class of Instrument Debt instruments – Bonds Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 6.417 4.100 n/a n/a 0.00 Invesco Senior Secured Management, Inc. 3FYT3RWGZKJBHC3GB850 0.001 0.006 n/a n/a 0.00 11 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    7. Debt Instruments – Money Market Instruments (MMI) The Execution Factors Order execution by client categorisation Due to the limited number of high quality issuers offering With respect to order execution, IAML does not treat clients competitive levels, high demand for paper and, in primary differently based on client categorisation. All execution decisions issuance dealers tend to offer identical prices. We placed the are made by the respective IAML trading desk who execute highest importance on ‘likelihood of execution’, ‘speed of trades in line with the IAML Order Execution Policy. execution’ and ‘diversity of supply’. Data and Tool Usage Close Links IAML currently monitor and review venues used for execution. There are no close links or conflicts of interest with any venue that RTS 27 and 28 data is starting to be analysed but the analysis is we currently use for executing orders in this class of instrument. still in its early days and as we are able to process the data more effectively in the future we will look to integrate the additional Specific Arrangements information into our execution process. There are no specific arrangements concerning rebates or non- monetary benefits with execution venues used to execute trades Consolidated Tape Provider for this class of instrument. Consolidated tape providers were not providing a consolidated tape for this class of financial instrument for the 2019 calendar Change in Execution Venues year. If this becomes available, IAML will review the usefulness There have been no changes to the execution venues for this of the consolidated tape and will utilise it where it allows IAML to class of financial instrument for the 2019 calendar year. judge the quality of price received from various counterparties and aide in the benchmarking of brokers. Top 5 Venues – Execution Class of Instrument Debt instruments – Money markets instruments Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Tradeweb Europe Limited 2138001WXZQOPMPA3D50 3.81 27.45 – – 0.00 Bloomberg Trading Facility Limited 549300ROEJDDAXM6LU05 1.40 0.92 – – 0.00 Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders BARCLAYS CAPITAL SECURITIES LIMITED K9WDOH4D2PYBSLSOB484 18.11 14.73 – – 0.00 BGC Brokers L.P. ZWNFQ48RUL8VJZ2AIC12 17.04 10.10 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 11.85 8.92 – – 0.00 ING Bank N.V. 3TK20IVIUJ8J3ZU0QE75 7.13 5.07 – – 0.00 CREDIT AGRICOLE CIB FINANCIAL SOLUTIONS 1VUV7VQFKUOQSJ21A208 4.57 3.63 – – 0.00 12 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    7. Debt Instruments – Money Market Instruments (MMI) Top 5 Venues – Placement Class of Instrument Debt instruments – Money markets instruments Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 4.83 11.10 n/a n/a 0.00 13 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    8. Interest Rate Derivatives Interest rate derivatives – Futures and options admitted to trading on a trading venue (listed) Interest rate derivatives – Swaps, forwards and other interest rates derivatives (over the counter) The Execution Factors – Futures and options admitted to Specific Arrangements trading on a trading venue There are no specific arrangements concerning rebates or non- When trading in listed instruments, ‘speed of execution’ has been monetary benefits with execution venues used to execute trades the primary factor given the prevailing market price and explicit for this class of instrument. costs are equivalent across brokers, specifically for standard size orders. This is also the case where the market is volatile, where Change in Execution Venues the objective is to quickly achieve a better price than would be There have been no changes to the execution venues for this obtained by executing over a period of time. In some instances, class of financial instrument for the 2019 calendar year. ‘implicit cost’ is prioritised to limit the market impact of larger size orders in the absence of volatility. Order execution by client categorisation With respect to order execution, IAML does not treat clients The Execution Factors – Swaps, forwards and other interest differently based on client categorisation. All execution decisions rates derivatives are made by the respective IAML trading desk who execute We generally traded on the best ‘price’ basis asking multiple trades in line with the IAML Order Execution Policy. counterparties when the size was within the size manageable by the market participants for that trading day. For trades that Data and Tool Usage were larger than the normal market size (prioritising ‘size of IAML currently monitor and review venues used for execution. order’), we looked for counterparties who had a natural opposing RTS 27 and 28 data is starting to be analysed but the analysis is position that would enable them to take the risk without moving still in its early days and as we are able to process the data more the market. Where a naturally opposing position is not found, we effectively in the future we will look to integrate the additional considered counterparties who would be able to distribute the information into our execution process. risk efficiently through their franchise. Consolidated Tape Provider Close Links Consolidated tape providers were not providing a consolidated There are no close links or conflicts of interest with any venue that tape for this class of financial instrument for the 2019 calendar we currently use for executing orders in this class of instrument. year. If this becomes available, IAML will review the usefulness of the consolidated tape and will utilise it where it allows IAML to judge the quality of price received from various counterparties and aide in the benchmarking of brokers. Top 5 Venues – Execution Class of Instrument Interest rates derivatives – Swaps, forwards, and other interest rates derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Tradeweb Europe Limited 2138001WXZQOPMPA3D50 17.53 19.00 – – 0.00 Tradeweb SEF LLC 5493003NKIZWOQGS5U67 10.76 24.42 – – 0.00 Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders BNP PARIBAS R0MUWSFPU8MPRO8K5P83 9.61 13.17 – – 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 9.14 10.07 – – 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 7.55 12.63 – – 0.00 UBS AG BFM8T61CT2L1QCEMIK50 7.07 6.87 – – 0.00 DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86 3.66 3.84 – – 0.00 14 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


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    8. Interest Rate Derivatives Interest rate derivatives – Futures and options admitted to trading on a trading venue (listed) Interest rate derivatives – Swaps, forwards and other interest rates derivatives (over the counter) Top 5 Venues – Placement Class of Instrument Interest rates derivatives – Swaps, forwards, and other interest rates derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 54.62 34.80 n/a n/a 0.00 Top 5 Venues – Placement Class of Instrument Interest rates derivatives – Futures and options admitted to trading on a trading venue Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493 52.98 17.71 n/a n/a 0.00 Nomura International PLC DGQCSV2PHVF7I2743539 24.90 1.82 n/a n/a 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 7.98 40.59 n/a n/a 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 3.67 8.63 n/a n/a 0.00 Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 2.62 2.16 n/a n/a 0.00 15 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 16

    9. Credit Derivatives Credit Derivatives – Other credit derivatives The Execution Factors Order execution by client categorisation We generally traded on the best ‘price’ basis asking multiple With respect to order execution, IAML does not treat clients counterparties when the size was within the size manageable differently based on client categorisation. All execution decisions by the market participants for that trading day. For trades that are made by the respective IAML trading desk who execute were larger than the normal market size (prioritising ‘size of trades in line with the IAML Order Execution Policy. order’), we looked for counterparties who had a natural opposing position that would enable them to take the risk without moving Data and Tool Usage the market. Where a naturally opposing position is not found, we IAML currently monitor and review venues used for execution. considered counterparties who would be able to distribute the RTS 27 and 28 data is starting to be analysed but the analysis is risk efficiently through their franchise. still in its early days and as we are able to process the data more effectively in the future we will look to integrate the additional Close Links information into our execution process. There are no close links or conflicts of interest with any venue that we currently use for executing orders in this class of instrument. Consolidated Tape Provider Consolidated tape providers were not providing a consolidated Specific Arrangements tape for this class of financial instrument for the 2019 calendar There are no specific arrangements concerning rebates or non- year. If this becomes available, IAML will review the usefulness monetary benefits with execution venues used to execute trades of the consolidated tape and will utilise it where it allows IAML to for this class of instrument. judge the quality of price received from various counterparties and aide in the benchmarking of brokers. Change in Execution Venues There have been no changes to the execution venues for this class of financial instrument for the 2019 calendar year. Top 5 Venues – Execution Class of Instrument Credit derivatives – Other credit derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Tradeweb Europe Limited 2138001WXZQOPMPA3D50 67.27 31.50 – – 0.00 Tradeweb SEF LLC 5493003NKIZWOQGS5U67 4.27 17.89 – – 0.00 Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Goldman Sachs International W22LROWP2IHZNBB6K528 26.52 10.57 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 20.81 5.74 – – 0.00 Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493 12.32 9.56 – – 0.00 DEUTSCHE BANK AKTIENGESELLSCHAFT 7LTWFZYICNSX8D621K86 3.76 8.55 – – 0.00 BARCLAYS BANK PLC G5GSEF7VJP5I7OUK5573 3.12 2.02 – – 0.00 16 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 17

    9. Credit Derivatives Credit Derivatives – Other credit derivatives Top 5 Venues – Placement Class of Instrument Credit derivatives – Other credit derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 25.05 41.28 n/a n/a 0.00 17 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 18

    10. Equity Derivatives Equity derivatives – Futures and options admitted to trading on a trading venue (listed) Equity derivatives – Swaps and other equity derivatives (over the counter) The Execution Factors – Futures and options admitted to Change in Execution Venues trading on a trading venue There have been no changes to the execution venues for this When trading in listed instruments, ‘speed of execution’ has been class of financial instrument for the 2019 calendar year. the primary factor given the prevailing market price and explicit costs are equivalent across brokers, specifically for standard size Order execution by client categorisation orders. This is also the case where the market is volatile, where With respect to order execution, IAML does not treat clients the objective is to quickly achieve a better price than would be differently based on client categorisation. All execution decisions obtained by executing over a period of time. In some instances, are made by the respective IAML trading desk who execute ‘implicit cost’ is prioritised to limit the market impact of larger trades in line with the IAML Order Execution Policy. size orders in the absence of volatility. Data and Tool Usage The Execution Factors – Swaps and other equity derivatives IAML currently monitor and review venues used for execution. Price has been the most important factor. In some instances, RTS 27 and 28 data is starting to be analysed but the analysis is a combination of both ‘price’ and ‘likelihood of execution’ have still in its early days and as we are able to process the data more been prioritised. effectively in the future we will look to integrate the additional information into our execution process. Close Links There are no close links or conflicts of interest with any venue that Consolidated Tape Provider we currently use for executing orders in this class of instrument. Consolidated tape providers were not providing a consolidated tape for this class of financial instrument for the 2019 calendar Specific Arrangements year. If this becomes available, IAML will review the usefulness There are no specific arrangements concerning rebates or non- of the consolidated tape and will utilise it where it allows IAML to monetary benefits with execution venues used to execute trades judge the quality of price received from various counterparties for this class of instrument. and aide in the benchmarking of brokers. Top 5 Venues – Execution Class of Instrument Equity Derivatives – Swaps and other equity derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders UBS AG BFM8T61CT2L1QCEMIK50 23.04 33.29 – – 0.00 BARCLAYS BANK PLC G5GSEF7VJP5I7OUK5573 9.11 3.15 – – 0.00 SOCIETE GENERALE O2RNE8IBXP4R0TD8PU41 8.24 14.29 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 3.13 8.33 – – 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 2.34 9.64 – – 0.00 18 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 19

    10. Equity Derivatives Equity derivatives – Futures and options admitted to trading on a trading venue (listed) Equity derivatives – Swaps and other equity derivatives (over the counter) Top 5 Venues – Placement Class of Instrument Equity Derivatives – Options and Futures admitted to trading on a trading venue Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 30.82 12.76 n/a n/a 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 17.77 32.75 n/a n/a 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 13.08 13.73 n/a n/a 0.00 UBS AG BFM8T61CT2L1QCEMIK50 12.35 14.87 n/a n/a 0.00 BARCLAYS BANK PLC G5GSEF7VJP5I7OUK5573 8.91 5.51 n/a n/a 0.00 Top 5 Venues – Placement Class of Instrument Equity Derivatives – Options and Futures admitted to trading on a trading venue Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 50.02 27.19 n/a n/a 0.00 19 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 20

    11. Currency Derivatives Currency derivatives – Futures and options admitted to trading on a trading venue (listed) Currency derivatives – Swaps, forwards and other currency derivatives (over the counter) The Execution Factors – Futures and options admitted to Specific Arrangements trading on a trading venue There are no specific arrangements concerning rebates or non- When trading in listed instruments, ‘speed of execution’ has been monetary benefits with execution venues used to execute trades the primary factor given the prevailing market price and explicit for this class of instrument. costs are equivalent across brokers, specifically for standard size orders. This is also the case where the market is volatile, where Change in Execution Venues the objective is to quickly achieve a better price than would be There have been no changes to the execution venues for this obtained by executing over a period of time. In some instances, class of financial instrument for the 2019 calendar year. ‘implicit cost’ is prioritised to limit the market impact of larger size orders in the absence of volatility. Order execution by client categorisation With respect to order execution, IAML does not treat clients The Execution Factors – Swaps, forwards and other differently based on client categorisation. All execution decisions currency derivatives are made by the respective IAML trading desk who execute We generally traded on the best ‘price’ basis asking multiple trades in line with the IAML Order Execution Policy. counterparties when the size was within the size manageable by the market participants for that trading day. For trades that were Data and Tool Usage larger than the normal market size (prioritising ‘size of order’), we IAML currently monitor and review venues used for execution. looked for counterparties who had a natural opposing position that RTS 27 and 28 data is starting to be analysed but the analysis is would enable them to take the risk without moving the market. still in its early days and as we are able to process the data more Where a naturally opposing position was not found, we considered effectively in the future we will look to integrate the additional counterparties who would be able to distribute the risk efficiently information into our execution process. through their franchise. In some instances, a combination of both ‘price’ and ‘likelihood of execution’ have been prioritised. Consolidated Tape Provider Consolidated tape providers were not providing a consolidated Close Links tape for this class of financial instrument for the 2019 calendar There are no close links or conflicts of interest with any venue that year. If this available, IAML will review the usefulness of the we currently use for executing orders in this class of instrument. consolidated tape and will utilise it where it allows IAML to judge the quality of price received from various counterparties and aide in the benchmarking of brokers. Top 5 Venues – Execution Class of Instrument Currency derivatives – Swaps, forwards, and other currency derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders State Street Global Markets International Limited (FX Connect) 549300SQM0MRIF4HE647 80.79 54.91 – – 0.00 Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Goldman Sachs International W22LROWP2IHZNBB6K528 32.08 30.74 – – 0.00 BARCLAYS BANK PLC G5GSEF7VJP5I7OUK5573 17.26 16.18 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 15.70 7.01 – – 0.00 Citigroup Global Markets Limited XKZZ2JZF41MRHTR1V493 7.28 6.05 – – 0.00 Natwest Markets PLC RR3QWICWWIPCS8A4S074 5.82 3.44 – – 0.00 20 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 21

    11. Currency Derivatives Currency derivatives – Futures and options admitted to trading on a trading venue (listed) Currency derivatives – Swaps, forwards and other currency derivatives (over the counter) Top 5 Venues – Placement Class of Instrument Currency derivatives – Futures and options admitted to trading on a trading venue Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Goldman Sachs International W22LROWP2IHZNBB6K528 62.74 38.08 n/a n/a 0.00 BofA SECURITIES EUROPE SA 549300FH0WJAPEHTIQ77 21.71 36.07 n/a n/a 0.00 Merrill Lynch International GGDZP1UYGU9STUHRDP48 14.63 24.15 n/a n/a 0.00 Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 0.63 1.24 n/a n/a 0.00 BARCLAYS BANK PLC G5GSEF7VJP5I7OUK5573 0.30 0.46 n/a n/a 0.00 Top 5 Venues – Placement Class of Instrument Currency derivatives – Swaps, forwards, and other currency derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 4.68 3.64 n/a n/a 0.00 21 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 22

    12. Commodities Derivatives Commodities derivatives – Futures and options admitted to trading on a trading venue (listed) Commodities derivatives – Other commodities derivatives (over the counter) The Execution Factors Order execution by client categorisation When trading in listed instruments, ‘speed of execution’ has been With respect to order execution, IAML does not treat clients the primary factor given the prevailing market price and explicit differently based on client categorisation. All execution decisions costs are equivalent across brokers, specifically for standard size are made by the respective IAML trading desk who execute orders. This is also the case where the market is volatile, where trades in line with the IAML Order Execution Policy. the objective is to quickly achieve a better price than would be obtained by executing over a period of time. In some instances, Data and Tool Usage ‘implicit cost’ is prioritised to limit the market impact of larger IAML currently monitor and review venues used for execution. size orders in the absence of volatility. RTS 27 and 28 data is starting to be analysed but the analysis is still in its early days and as we are able to process the data more Close Links effectively in the future we will look to integrate the additional There are no close links or conflicts of interest with any venue that information into our execution process. we currently use for executing orders in this class of instrument. Consolidated Tape Provider Specific Arrangements Consolidated tape providers were not providing a consolidated There are no specific arrangements concerning rebates or non- tape for this class of financial instrument for the 2019 calendar monetary benefits with execution venues used to execute trades year. If this becomes available, IAML will review the usefulness for this class of instrument. of the consolidated tape and will utilise it where it allows IAML to judge the quality of price received from various counterparties Change in Execution Venues and aide in the benchmarking of brokers. There have been no changes to the execution venues for this class of financial instrument for the 2019 calendar year. Top 5 Venues – Execution Class of Instrument Commodities Derivatives – Other commodities derivatives Notification if <1 average trade per business day in the previous year Yes Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Morgan Stanley & Co. International PLC 4PQUHN3JPFGFNF3BB653 0.552 1.08 – – 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 0.163 6.87 – – 0.00 Macquarie Bank Limited 4ZHCHI4KYZG2WVRT8631 0.040 0.54 – – 0.00 J.P. MORGAN SECURITIES LLC K6Q0W1PS1L1O4IQL9C32 0.033 1.27 – – 0.00 J.P MORGAN A.G 549300ZK53CNGEEI6A29 0.021 0.72 – – 0.00 22 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 23

    12. Commodities Derivatives Commodities derivatives – Futures and options admitted to trading on a trading venue (listed) Commodities derivatives – Other commodities derivatives (over the counter) Top 5 Venues – Placement Class of Instrument Commodities Derivatives – Options and Futures admitted to trading on a trading venue Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Goldman Sachs International W22LROWP2IHZNBB6K528 62.68 72.43 n/a n/a 0.00 Macquarie Bank Limited 4ZHCHI4KYZG2WVRT8631 37.32 27.57 n/a n/a 0.00 Top 5 Venues – Placement Class of Instrument Commodities Derivatives – Other commodities derivatives Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 99.19 89.51 n/a n/a 0.00 23 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 24

    13. Structured Finance Instruments The Execution Factors Order execution by client categorisation As CLO’s (Collateralised Loan Obligations) trade by appointment, With respect to order execution, IAML does not treat clients ‘price’ is not immediately observable. The primary consideration differently based on client categorisation. All execution decisions therefore tends to be ‘likelihood of execution’. Sometimes a are made by the respective IAML trading desk who execute competitive auction process is run to help establish clearing trades in line with the IAML Order Execution Policy. market levels (specifically where we want to trade multiple securities within a short timeframe). The primary consideration Data and Tool Usage in these instances would be ‘price’. IAML currently monitor and review venues used for execution. RTS 27 and 28 data is starting to be analysed but the analysis is Close Links still in its early days and as we are able to process the data more There are no close links or conflicts of interest with any venue that effectively in the future we will look to integrate the additional we currently use for executing orders in this class of instrument. information into our execution process. Specific Arrangements Consolidated Tape Provider There are no specific arrangements concerning rebates or non- Consolidated tape providers were not providing a consolidated monetary benefits with execution venues used to execute trades tape for this class of financial instrument for the 2019 calendar for this class of instrument. year. If this becomes available, IAML will review the usefulness of the consolidated tape and will utilise it where it allows IAML to Change in Execution Venues judge the quality of price received from various counterparties There have been no changes to the execution venues for this and aide in the benchmarking of brokers. class of financial instrument for the 2019 calendar year. Top 5 Venues – Execution Class of Instrument Structured finance instruments Notification if <1 average trade per business day in the previous year Yes Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Bloomberg Trading Facility Limited 549300ROEJDDAXM6LU05 0.06 0.51 – – 0.00 Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders BARCLAYS CAPITAL SECURITIES LIMITED K9WDOH4D2PYBSLSOB484 5.24 1.52 – – 0.00 Credit Suisse Securities (Europe) Limited DL6FFRRLF74S01HE2M14 2.79 1.26 – – 0.00 BNP PARIBAS R0MUWSFPU8MPRO8K5P83 2.48 0.76 – – 0.00 Goldman Sachs International W22LROWP2IHZNBB6K528 1.80 1.01 – – 0.00 CITIGROUP GLOBAL MARKETS INC. MBNUM2BPBDO7JBLYG310 1.41 0.76 – – 0.00 24 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 25

    13. Structured Finance Instruments Top 5 Venues – Placement Class of Instrument Structured finance instruments Notification if <1 average trade per business day in the previous year No Top 5 Venues ranking in terms of volume (descending order) Proportion of Proportion of volume executed orders executed as as a percentage of percentage of total Percentage of Percentage of Percentage of total in that class in that class passive orders aggressive orders directed orders Invesco Advisers, Inc. O37NHJVF7S22I1ONOU83 81.26 87.88 n/a n/a 0.00 25 Invesco Asset Management Limited Annual Trade Execution Report (RTS 28)


  • Page 26

    Important information The information contained herein is proprietary and provided for informational purposes only. No part of this material may be reproduced or redistributed without Invesco’s prior written consent. The information herein is believed to be reliable, but Invesco makes no representation, warranty or guarantee (express or implied) concerning this document and its contents. The information in this document is not intended to constitute and should be construed or relied upon as advice of any kind, whether in relation to legal, compliance, accounting, regulatory matters or otherwise. You should discuss with your professional legal, accounting or other adviser how it may affect you. Invesco is a business name of the following companies: Invesco Fund Managers Ltd Reg No 898166 Invesco Asset Management Ltd Reg No 949417 Authorised and regulated by the Financial Conduct Authority Invesco Life Ltd Reg No 3507379 Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority All companies are registered in England at Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK Group VAT No 245 055 771 64527-V2/PDF/200420


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