Best Execution Disclosure – Fixed Income (Bonds) & Equities
William Blair B.V. is committed to taking all sufficient steps to obtain the best possible results for its clients when executing or transmitting orders in accordance with Article 27 of MiFID II and its Best Execution Policy.
This disclosure summarises where client orders in fixed income and equity instruments were executed during the previous calendar year and how execution quality was assessed.
Top Five Execution Venues and Counterparties
By Volume, 2024 – Debt Instruments
| Rank | Venue/Counterparty | % of Notional Volume | % of Orders | Execution Type |
| 1 | MarketAxess Europe Ltd. | 77% | 79% | MTF |
| 2 | ICBC | 6% | 5% | OTC |
| 3 | Bank of America | 5% | 4% | OTC |
| 4 | JP Morgan | 4% | 5% | OTC |
| 5 | Jefferies GmbH | 3% | 2% | OTC |
By Volume, 2024 –Equities
| Rank | Venue/Counterparty | % of Notional Volume | % of Orders | Execution Type |
| 1 | Piper Sandler & Co | 58.94% | 54.6% | OTC |
| 2 | Liquidnet | 16.17% | 13.97% | MTF |
| 3 | Raymond James & Associates | 4.21% | 3.13% | OTC |
| 4 | Cowen & Company | 4.00% | 5.33% | OTC |
| 5 | JonesTrading | 3.55% | 3.31% | OTC |
Qualitative Statement
Fixed income and equity orders are executed either bilaterally with dealer counterparties or via electronic venues such as MarketAxess Europe Ltd. Liquidity is provided by counterparties, and execution selection is based on price, liquidity, likelihood of execution, and settlement reliability. Execution quality and counterparties are reviewed periodically in accordance with the firm’s Best Execution Policy.