Order Execution Policy

The MidChains FZE (the “Firm”) trading team manually places orders through voice-broking with a liquidity provider, and the order will be routed based on the best price. All the Execution Factors are considered by the Firm to ensure Best Execution for the Client.

If an order is placed through MidChains’ Smart Order Router, the following factors will be considered by the Firm:

• Price

• Cost of execution

• Available balances/credit limits on venues

• Likelihood of execution

• Size of order

The order may be split across multiple venues if this is likely to achieve the best overall execution for the client.

Best Execution and Order Routing

MidChains is committed to delivering Best Execution by aggregating pricing across a minimum of two liquidity venues, ensuring we do not list token pairs reliant on a single venue. Our all-in client pricing dynamically accounts for order size, market conditions, client trading volume, available venue balances/credit, and settlement timing. Orders may be split across multiple venues whenever necessary to achieve the optimal outcome for the client.

• OTC & Voice Brokering: Orders are primarily routed based on best price, while taking into account execution costs, venue balance availability, and settlement speed.

• API Trading: Pricing is dynamically aggregated, with order routing determined by the client’s selected order type (RFQ, Market, or Limit) and real-time order book depth.

• Routing Disclosures: In accordance with regulatory requirements, if 20% or more of client orders are routed to any single liquidity source, MidChains will explicitly identify such venue(s) in its public disclosures.