Order execution policy

This document sets out the Order Execution Policy and approach to providing ‘Best Execution’ as required by the Markets in Financial Instruments Directive (MiFID) of CCLA.

MiFID requires CCLA to take all reasonable steps to obtain the best possible result for clients, taking into account relevant execution factors, whether we are executing orders on behalf of clients or placing orders with, or passing orders to others for execution.

To enable CCLA to achieve the best possible result for clients on a consistent basis we have developed an Order Execution Policy which is backed up by internal procedures.

If you have any questions about CCLA’s Order Execution Policy, we will be happy to answer them.  Further details are available upon request – please contact your Client Relationship Manager.


CCLA’s Order Execution Policy applies to all transactions in eligible financial instruments for both professional and retail clients. This includes:

  1. The execution of orders on a client’s behalf, and

  2. Receiving and transmitting client orders.

“Executing orders on a client’s behalf” relates to the orders generated by CCLA in its role as Discretionary Fund Manager.

“Receiving and transmitting orders” relates to the instances where, at the request of a client, CCLA arranges the sale or purchase of securities.

Execution and Transmission of Orders

When executing orders, CCLA will take all reasonable steps to achieve the best outcome for its clients. The execution factors that will be taken into account are: price; costs; speed; likelihood of execution and settlement; size and nature or any other consideration relevant to the execution of the order. CCLA will use its professional judgement and experience to determine the relative importance of these factors for any given order.

When receiving and transmitting orders for immediate execution, CCLA will always place orders “at best” with a broker.

Eligible Financial Instruments

Eligible financial instruments comprise transferable securities (e.g. equities & bonds), money market instruments (e.g. certificates of deposit), units in regulated collective investment schemes, options, futures and other financial derivatives. For clarity, eligible financial instruments do not include direct property, unregulated collective investment schemes, cash accounts, money market deposits and foreign exchange transactions. We may execute orders in eligible financial instruments outside a regulated market or a Multilateral Trading Facility.

Method of Execution

Having assessed the relevant factors and any specific instruction provided by a client, CCLA will select the most appropriate venue(s) from those available and execute the order accordingly.

Limited Scope

In some cases the Best Execution obligation technically applies but, because of the nature of the order given by the client or of the transaction, the obligation is, in effect, satisfied. For example, single venue transactions preclude the use of comparable prices and the only pricing consideration is time of execution.

Specific Instructions from a Client

When receiving and transmitting orders at the request of a client, CCLA will follow the specific instructions provided by the client.  This may prevent CCLA from taking the steps we have designed and implemented to obtain the best possible result for the execution of an order.

Collective Investment Schemes

For transactions in the shares or units of Collective Investment Schemes, the sole point of execution will be the scheme manager or their agent and the price will be established as per the scheme’s particulars or prospectus. Orders will be placed with the relevant single venue according to the known valuation point of the scheme in question at the quoted price.

In-House Managed Funds

CCLA will execute purchases or redemptions on the instructions of the client at the published offer/bid prices at the valuation points on the dealing days. 

Shares in CBF Funds can only be created or liquidated by CBF Funds Trustee Limited on behalf of the Funds and units in COIF Funds can only be created or liquidated through the Corporate Trustee, HSBC Bank plc, on behalf of the Funds.

Execution Venues

Execution venues are the centres through which securities transactions are ultimately facilitated. These include the major Regulated Markets, Multilateral Trading Facilities (e.g. crossing networks), Systematic Internalisers (a firm that deals on its own account), the UK Money Market, third-party investment firms (brokers acting as market makers or other liquidity providers) and the managers of Collective Investment Schemes.

CCLA is not a direct member of a Regulated Market or a Multilateral Trading Facility and uses approved brokers to transact on its behalf or deals directly with its approved deposit takers (in the case of most money market instruments). CCLA’s approved brokers and deposit takers are deemed to be the Execution Venues for the purpose of this Policy.

Where CCLA transmits a client order to an approved broker for execution we will look to use its experience in order to improve the terms on which we transact in that market. CCLA looks to use the execution best placed to help the firm add value to any transactions.

CCLA’s list of approved brokers and deposit takers can be found at the end of this Policy (see Appendix 1).


CCLA will actively monitor compliance with its Order Execution Policy and notify clients of any material changes. 

Review of the Order Execution Policy

We will review the Policy at least annually and post an updated version of this on our website.


April 2016


Appendix 1

List of Approved Brokers

Arden Partners Plc

Barclays Capital Securities Ltd

Canaccord Genuity Ltd

Cantor Fitzgerald Europe

Cenkos Securities Plc

Citigroup Capital Markets Ltd

Commerzbank AG

Credit Suisse Securities (Europe) Ltd

Deutsche Bank AG

Dexion Capital Plc

HSBC Bank Plc

Investment Technology Group Ltd

Jefferies International Ltd

JP Morgan Securities Plc

Morgan Stanley & Co International Plc

Newedge Group

Numis Securities Ltd

Panmure Gordon & Co

RiA Capital Markets Ltd

Royal Bank of Canada Europe Ltd

Royal Bank of Scotland Plc

Stifel Nicolaus Europe Ltd


Winterflood Securities Ltd


List of Approved Deposit Takers

ANZ Banking Group Ltd

Bank Nederlandse Gemeenten (BNG)

Bank of America NA

Bank of Montreal

Bank of New York Mellon

Bank of Nova Scotia

Bank of Scotland Plc

Barclays Bank Plc

Bayerische Landesbank

BNP Paribas

Citibank NA

Clydesdale Bank Plc

Commonwealth Bank of Australia

Coventry Building Society

Credit Agricole CIB

Credit Industriel et Commercial (CIC)

Danske Bank Plc

DBS Bank Ltd

Deutsche Bank AG


DZ Bank AG

HSBC Bank Plc


JP Morgan Chase Bank NA

Landesbank Baden-Wuerttemberg

Landesbank Hessen-Thueringen Girozentrale

Lloyds Bank Plc

National Australia Bank Ltd

National Bank of Canada

Nationwide Building Society

Nordea Bank AB


Royal Bank of Canada

Santander UK Plc

Skandinaviska Enskilda Banken AB

Societe Generale

Standard Chartered Bank

Svenska Handelsbanken AB

Swedbank AB

Toronto-Dominion Bank


United Overseas Bank Ltd

Westpac Banking Corporation




Terms and conditions

Website terms of use policy

Welcome to CCLA's website for:

  • fund management services for The CBF Church of England Funds and the COIF Charities Funds (together referred to as "the Funds"); and for
  • discretionary investment management services for individual client portfolios.

This page provides you with information about CCLA and the legal terms and conditions ("Terms of Use") on which you can access and use this website.

By using or accessing any part of this website, you confirm that you accept these Terms of Use and that you agree to comply with them. Please read these Terms of Use carefully and make sure that you understand them before using this website. If you do not wish to be bound by these terms and conditions you must not use or access this website.

Where necessary, we may amend these Terms of Use from time to time and where this is the case we will do so by updating this page. We therefore recommend that you check this page periodically to ensure that you understand the terms which will apply from time to time.

  1. Information about CCLA

Any reference to "CCLA" on this website (including these Terms of Use) means CCLA Investment Management Limited and/or CCLA Fund Managers Limited (as applicable).

CCLA Investment Management Limited (a company registered in England and Wales with Company No. 2183088) and CCLA Fund Managers Limited (a company registered in England and Wales with Company No. 8735639) are each authorised and regulated by the Financial Conduct Authority ("FCA") under the Financial Services and Markets Act 2000 ("FSMA"), and are entered in the FCA Register under Registration Numbers 119281 and 611707 respectively. CCLA Fund Managers Limited is a wholly owned subsidiary of CCLA Investment Management Limited.

CCLA Investment Management Limited is the manager of The CBF Church of England Funds and provides discretionary investment management services for individual client portfolios. CCLA Fund Managers Limited is the manager of the COIF Charities Funds. The registered office of CCLA Investment Management Limited and CCLA Fund Managers Limited is Senator House, 85 Queen Victoria Street, London, EC4V 4ET.

2. Who may use this website

The information in this website is primarily intended for "charities" in the United Kingdom (and in particular the information in relation to the Funds is intended for UK "charities" only).  "Charities" for these purposes are charities or charitable organisations who are registered with the Charity Commission, or charities exempt from registration, or other persons eligible to participate in collective investment schemes constituted under the Church Funds Investment Measure 1958 or section 24 of the Charities Act 1993, or equivalent organisations in Scotland or Northern Ireland. Certain investments or services to which this material relates may only be available to such persons. This material must not be relied upon or acted upon by any other persons in the United Kingdom.

3. The purpose of this website

This website is for information purposes only and is intended as a general introduction to CCLA and its products. The website content and any products and/or services described within it are subject to change without notice. We do not accept any liability to you, or any third party, for the accuracy, completeness or appropriateness of the information and materials made available on this website and your use of any information or materials is entirely at your own risk provided that nothing contained in this section or elsewhere in these terms shall limit or exclude our liability to you to the extent that such liability is attributable to a breach by us of the FCA's rules, FSMA or any other applicable law.

Any application or investment must only be made on the basis of the relevant investment documents which will be issued to you when you make an enquiry about investing in a CCLA fund, such as, for example, the scheme particulars and terms and conditions. Nothing contained on this website constitutes the provision of investment, tax, legal or other advice.

Persons who do not have professional experience in matters relating to investments are strongly encouraged to consult with a financial adviser before making any investment decision. Any opinions expressed on individual funds, services or products represent our views at the time of preparation and should not be interpreted as a personal recommendation to buy or sell any of the investments that may be referred to.

4. Risk warning

The value of the Funds’ units and/or shares and the income from them can fall as well as rise and an investor may not get back the amount originally invested. Past performance is no guarantee of future returns.

Please refer to the Funds’ scheme particulars for an overview of the investment risks identified by CCLA and the applicable terms and conditions for investing in the Funds, including rules concerning when sums invested may be realised by the investor. Any estimates of future capital or income returns or details of past performance on this website are for information purposes and are not to be relied on as a guide to future performance.

The investments and investment services referred to on this website may not be suitable for all eligible investors.

As the Funds are not authorised unit trusts within the meaning of FSMA, investments or deposits in the Funds are not covered by the Financial Services Compensation Scheme (FSCS).

However, unitholders and/or shareholders may be eligible for compensation under FSCS if CCLA cannot meet its obligations. There are limits on who can claim and the amount of compensation available. Further information about FSCS is available at www.fscs.org.uk

5. CCLA's liability for website content

The information on this website does not necessarily reflect our views and opinions. Neither should any suggestions or advice contained on the website be relied upon in place of individual advice. You are responsible for checking the accuracy of relevant facts, instructions, suggestions and/or opinions given on the website before entering into any commitment based upon them. We do not accept any liability arising from any inaccuracy or omission in the information.

CCLA is not responsible for the accuracy of information contained within websites provided by third parties, which may have links to or from our pages.

The information on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Due to the inherent nature of the Internet, errors, interruptions and delays may occur in the service at any time. Accordingly, this website is provided on an "AS IS" and "AS AVAILABLE" basis without any warranties of any kind. CCLA shall have no liability, contingent or otherwise, to you or to third parties, or any responsibility whatsoever, for the failure of any connection or communication service to provide or maintain your access to this service, or for any interruption or disruption of such access or any erroneous communication between CCLA and you, regardless of whether the connection or communication service is provided by CCLA or a third party service provider.

CCLA shall have no liability, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, timeliness, reliability, performance, continued availability, completeness or delays, omissions, or interruptions in the delivery of the data and services available on this website or for any other aspect of the performance of this service or for any failure or delay in the execution of any transactions through this service. CCLA makes no warranty whatsoever to you, express or implied, regarding the security of the website.

This service may provide links to certain websites sponsored and maintained by third parties. CCLA makes no representations concerning the content of such third party websites. The fact that CCLA may provide a link to another website does not constitute an endorsement, authorisation, sponsorship, or affiliation by CCLA with respect to that website, its owners, or its providers. Your use of the products and services on this website may be monitored by CCLA.

6. Copyright and trade marks

CCLA is the owner or the licensee of all intellectual property rights in this website, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

You must not use any part of the materials on this website for commercial purposes without obtaining a licence to do so from us or our licensors.

No use of CCLA's name, logos and/or other trade marks (whether registered or unregistered) may be made by you without separate express written agreement being given by us, which shall be at our sole discretion.

7. Data protection

We will hold any personal information that you may provide to us through our CCLA website in confidence and in accordance with the Data Protection Act 1998. CCLA is the data controller of any such information for these purposes. CCLA will use any such information for the administration and servicing of your investments and all other related activities. We may disclose your information to our agents and service providers. Where a financial adviser acts on your behalf, we may disclose such information to that financial adviser.

By accepting these Terms of Use, you agree to the processing and disclosure of personal information as above. You are entitled to request details of information we may hold about you upon payment of a fee and to require us to correct any inaccuracies in your personal data.

If you supply such information to us via this website, CCLA may use your personal data to contact you by post, e-mail or telephone to bring to your attention additional products or services which may be of interest to you. You may inform CCLA at any time if you do not want to receive such communications.

Full details of CCLA’s Data Protection Policy, including its Privacy Notice are available on request.

8. Cookies

This website uses cookies to distinguish you from other users of the website. This helps us to provide you with a good experience when you browse the website and also allows us to improve the website.

Please note that when you confirm you have read this page we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this website on future occasions. The cookie will expire after six months, or sooner should there be a change to this important information.

Please note that you can activate the setting on your Internet browser to refuse the setting of all or some cookies. However, if you use your Internet browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of the website. To help us provide a more personalised viewing experience we recommend that you view this website with a JavaScript enabled browser.

For more information about cookies, including how to set your Internet browser to reject cookies, please visit www.allaboutcookies.org.

9. General

Unfortunately, the transmission of information via the Internet is not completely secure. Although we will do our best to protect your information (including personal data), we cannot guarantee the security of your data transmitted to this website; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access. However, CCLA accepts no liability in the unlikely event of a breach of our secure computer servers.

We will use reasonable endeavours to ensure that this website does not contain or promulgate any viruses or other malicious code. However, it is recommended that you should virus check all materials downloaded from this website and regularly check for the presence of viruses and other malicious code. We exclude to the fullest extent permitted by applicable laws all liability in connection with any damage or loss caused by computer viruses or other malicious code originating or contracted from this website.

Each of the paragraphs of these Terms of Use operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.

If we fail to insist that you perform any of your obligations under these Terms of Use, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations.

These Terms of Use are governed by English law and are available only in English. You and we both agree that the courts of England and Wales will have non-exclusive jurisdiction over any dispute or claim arising under these Terms of Use.

September 2015