
Boris Brings On Brexit
by Thomas Clarke, Partner | August 13, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
Although Boris Johnson’s appointment as prime minister of the United Kingdom (U.K.) in July has spiced up the Brexit story, the political risks around Brexit are consistent with what we had anticipated and prepared for earlier this year. Johnson was Theresa May’s...
Why Rates Will Stay Low
by Brian Singer, CFA, Partner | July 24, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
“You let everybody know, but don’t play with me, ’cause you’re playing with fire,” sang the Rolling Stones. Fed Chair Jerome Powell and other central bankers around the world appear to be singing the same tune. Translated, it means “low rates, long time.”...
Spanish Election Implications for Europe
by Edouard Senechal, CFA, FRM | May 21, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
There are two important takeaways from the recent Spanish election that we can apply to our analysis of the rest of Europe. First, populism is morphing throughout Europe, with far-right populism rising and far-left populism declining. Second, the rise of new parties...
Carry Trade: Ruble Reversion
by Thomas Clarke, Partner | April 29, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
There has always been a degree of skepticism from the general market about whether you can make money in active currency management. Currencies tend to show up on the front pages only when they are in turmoil, which feeds perennial suspicion and contributes to many...
Turkish Lira Headwinds and Tailwinds
by Thomas Clarke, Partner | March 18, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
While macroeconomic forces are favorable for the Turkish lira, we recently reduced our long exposure as geopolitical risks rise. Monetary Policy Delivers Tailwinds The Turkish lira is currently one of the two largest long exposures in our currency strategy (along with...
Why This Disruption Is Different—Circuit Breakers
by Brian Singer, CFA, Partner | January 29, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
As central banks now embark on a disjointed unwinding of their balance sheets, we add to these uncharted paths material concerns about the proliferation of rules-based strategies, the Volcker Rule, and uncoordinated circuit breakers, the latter of which is my focus...
Why This Disruption Is Different—the Volcker Rule
by Brian Singer, CFA, Partner | January 23, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
Along with monetary policy and rules-based strategies, a primary concern for us is the role played by the Volcker Rule—the capstone of the financial industry regulations that came out of the 2008 financial crisis—which changed the dynamics of the markets for the...
Have Your Currency Cake and Eat It Too
by Thomas Clarke, Partner | January 17, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
At a time when investors are concerned about equity valuations and rising correlations among asset classes, currencies’ low correlation with equities may be particularly appealing. And if done correctly, separating currency and equity investment decisions can result...
Why This Disruption Is Different—Rules-Based Strategies
by Brian Singer, CFA, Partner | January 15, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
As in the prior three waves of quantitative easing, central banks’ current ultra-easy monetary policies have pushed volatility levels down and asset prices up. The age-old dictum, “Don’t fight the Fed,” is even more powerful when several central banks simultaneously...
The Bigger the Easing, the Bigger the Fall
by Brian Singer, CFA, Partner | January 8, 2019 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
If the effects of past waves of easy monetary policy are any indication, it’s difficult to see how this latest wave can end well. Of utmost concern should be current monetary policy’s distortionary effects on asset prices and the suppressed growth potential of the...
Energy Prices: Stable Expectations
by Brian Singer, CFA, Partner | October 31, 2018 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
Since the increase in intensity and scope of sanctions on Iran, the price of energy has re-emerged as a significant influence on our investment analysis, particularly in the short- and intermediate-term. We capture important nonfundamental macro influences through the...
5% Bond Yields—How We’ll Act
by Brian Singer, CFA, Partner | October 18, 2018 | Multi-Asset/Alternatives, z_Active Never Rests, z_SICAV
With the possibility of 5% bond yields looming in the United States, what would provoke us into either buying or selling U.S. Treasuries? Getting to 5% First, let’s examine why we’re closing in on 5% bond yields—by simply adding the components of bond yield. The first...CATEGORIES
Multi-Asset/AlternativesU.S. Equity Global/International EquityFixed IncomeSystematicNewsPodcastRSS FEED
Please carefully consider the Funds’ investment objective, risks, charges, and expenses before investing. This and other information is contained in the Funds’ prospectus and summary prospectus, which you may obtain by calling +1 800 742 7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.
Any statements or opinions expressed are those of the author as of the date of publication, are subject to change without notice as economic and markets conditions dictate, and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC or the Investment Management Division of William Blair & Company, L.L.C.
This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions.
Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Investments are subject to market risk. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of any financial instrument. Statements concerning financial market trends are based on current market conditions, which will fluctuate.
William Blair does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax questions and concerns.
Distributed by William Blair & Company, L.L.C., member FINRA/SIPC.
The William Blair Funds are available to U.S. residents only. Non-U.S. residents, please click here.
Copyright © 2019 William Blair & Company, L.L.C. "William Blair” is a registered trademark of William Blair & Company, L.L.C. No part of this material may be reproduced in any form, or referred to in any other publication, without express written consent.
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TWEETS
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Check out how the #ChinaAShares market stacks up against developed and #EmergingMarkets https://t.co/gn5CDgtXQE https://t.co/yMgdxeoKG9
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The opportunity in #ChinaAShares is vast. View chart to see why https://t.co/8vwDGyC4Tr #WBInsightsBlog https://t.co/LzSW76R1qF
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The #Fed embarked on a tightening cycle, but the rest of the world is slow to follow suit https://t.co/r1bcchvspf #InternationalEquities
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#ChinaAShares listed in Shanghai and Shenzhen account for the majority of the investible opportunity set in… https://t.co/4P4QbKWvh3
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Economic activity strengthening in #Japan and #EmergingMarkets supports positive outlook for #InternationalEquities https://t.co/GKNgKudQ1m
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WB’s Casey Preyss details the rapidly growing parts of the #Chinese economy that foreign investors now have access… https://t.co/JlVjYoYDJ5
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WB’s David Merjan: “The Trump administration has clearly backed down from its 2016 campaign posture that a stronger… https://t.co/NvELWD3kaQ
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3 themes support #InternationalEquities. See what they are on the #WBFundsBlog https://t.co/uNHwEMMYe8 https://t.co/bQGMyCFcmL
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WB’s John Simmons describes how modeling non-fundamental influences help quantify what #risk environment we’re in https://t.co/FRxJc0s0Qr
Archives
QUOTED
“While most Fed watchers are focused on what the policymakers will do with the federal funds rate, a more interesting topic may be the so-called ‘FedTrade.’ ”
“Rising income inequality can have a broad effect on the economy, reducing aggregate demand for goods and services, which can hurt businesses.”
CATEGORIES
Multi-Asset/AlternativesU.S. Equity Global/International EquityFixed IncomeSystematicNewsPodcastRSS FEED
Please carefully consider the Funds’ investment objective, risks, charges, and expenses before investing. This and other information is contained in the Funds’ prospectus and summary prospectus, which you may obtain by calling +1 800 742 7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.
Any statements or opinions expressed are those of the author as of the date of publication, are subject to change without notice as economic and markets conditions dictate, and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC or the Investment Management Division of William Blair & Company, L.L.C.
This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions.
Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Investments are subject to market risk. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of any financial instrument. Statements concerning financial market trends are based on current market conditions, which will fluctuate.
William Blair does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax questions and concerns.
Distributed by William Blair & Company, L.L.C., member FINRA/SIPC.
The William Blair Funds are available to U.S. residents only. Non-U.S. residents, please click here.
Copyright © 2019 William Blair & Company, L.L.C. "William Blair” is a registered trademark of William Blair & Company, L.L.C. No part of this material may be reproduced in any form, or referred to in any other publication, without express written consent.
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PRIVACY AND COOKIES
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William Blair & Company, L.L.C. is a broker dealer and investment adviser dually registered with the U.S. Securities and Exchange Commission (“SEC”). William Blair, along with affiliated entities William Blair Investment Management, LLC and William Blair International, Ltd (collectively, “William Blair”) sponsors and publishes posts on or through pages, profiles, accounts, feeds, channels or other portions of various social media platforms, including but not limited to YouTube, Facebook, LinkedIn and Twitter (each, a “Site”) for educational, promotional or other business reasons.
About William Blair Posts
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William Blair posts on social media may include statements concerning financial market trends, and are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such. The investment strategies and broad themes discussed in William Blair’s social media posts may be unsuitable for investors depending on their specific investment objectives and financial situation. Information contained in posts has been obtained from sources believed to be reliable, but not guaranteed. You should note that the materials on the social media platforms are provided “as is” without any express or implied warranties. Past performance is not a guarantee of future results. All investments involve a degree of risk, including the risk of loss. No part of William Blair posts may be altered without express written permission from William Blair.
William Blair posts may provide links to third party websites only as a convenience and the inclusion of such links does not imply any endorsement, approval, investigation, verification or monitoring by William Blair of any content or information contained within or accessible from the linked sites. While we make every attempt to provide links only to those websites we think are trustworthy and accurate, we cannot be responsible for the content or accuracy of the information presented on those websites and we specifically disclaim any liability for any loss or damages which you may incur, directly or indirectly, as a result of your use of them. We reserve the right to terminate a link to a third party website at any time.
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Any descriptions of, references to, or links to other products, publications or services do not constitute an endorsement, authorization, sponsorship by, or affiliation with William Blair with respect to any hyper-linked site or its sponsor, unless expressly stated by William Blair. William Blair expressly disclaims any responsibility for the posts, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites, as posted by third-parties on any William Blair Social media page.
Use Social Media Platforms at Your Own Risk
William Blair is in no way affiliated with any social media platform and has no responsibility for any social media page’s operations and services. William Blair and their respective affiliates, directors, officers, or employees are not liable for any direct, indirect, incidental, consequential, punitive or special damages arising out of or in any way connected with your access or use of, or inability to access or use, a social media platform, any William Blair social media page thereon or reliance on any William Blair post or any failure of performance, interruption, defect, delay in transmission, computer viruses or other harmful components, or line or system failure associated with a social media platform or any William Blair social media page thereon. Use of a social media platform or any William Blair social media page thereon is at your own risk.
Privacy Policy
William Blair is not responsible for the terms of use or privacy policies of any social media platform on which William Blair posts may appear, including in any William Blair social media page. For additional information regarding account security and privacy, refer to our Privacy and Security statement
Copyrights and Trademarks
Each social media page’s content and information, and all trademarks, service marks, trade names, trade dress, logos, copyrights and other intellectual property displayed on the Site by William Blair (“Content”) are protected by U.S. and worldwide copyright and trademark laws and treaty provisions, and are owned by, controlled by or licensed to William Blair or their respective owners. By using any social media page, we do not grant you any rights to reproduce, sell, or license any of the content contained herein, except that you may print a copy of the information contained herein for your personal use only. You may not reproduce or distribute the text or graphics to others or copy all or substantially all of the content to your own hard drive or server without the prior written permission of William Blair.
Permitted Uses of Our Sites and Content
We have listed below the permitted uses of our Content. We reserve the right to change our permitted uses at any time.
- William Blair grants you a limited, revocable, nonexclusive and nontransferable right to view, store, bookmark, download, copy and print pages from the Site for your personal and noncommercial use only. Unless you receive our permission in advance, you may not exploit any of the Content commercially or forward it as a mass distribution.
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Prohibited Uses of Our Sites and Content
William Blair does not grant, by implication, estoppel or otherwise, any license or right to use Content on any social media page other than those set forth above, and you shall not make any other use of such Content without William Blair’s written permission. Without limiting the generality of the foregoing:
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William Blair has the right (but not the obligation) to monitor any social media page for unauthorized or objectionable conduct and to take all appropriate actions in response, without notice to you. We reserve the right to change or supplement our website policies at any time to the fullest extent permitted by applicable law.
Forward-Looking Statements
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Forward-looking statements reflect our current views with respect to, among other things, the operations and performance of our businesses. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate” or the negative version of these words or other comparable words. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
International Use
The Content provided in or accessible through any social media page 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 law or regulation or which would subject William Blair to any registration or other requirement within such jurisdiction or country. William Blair reserves the right to limit access to the Site to any person, geographic region or jurisdiction. Unless otherwise expressly set forth herein, William Blair makes no representations that transactions, products or services discussed on or accessible through the Site are available or appropriate for sale or use in all jurisdictions or by all users, or that access by any user in the place it is located is not illegal or prohibited. Users who choose to access the Site from other locations do so on their own initiative and are responsible for establishing the legality, usability and correctness of any information or Content on the Site under the laws of any applicable jurisdictions. You may not use or export the Content on the Site or accessible through the Site in violation of applicable laws and regulations.
Transmission to and From any Social Media Page
Subject to any applicable terms and conditions set forth in our Privacy and Security Statement, any communication or other material that you send to us through the Internet or post on any social media page by electronic mail or otherwise, is and will be deemed to be non-confidential as between you and us and William Blair shall have no obligation of any kind with respect to such information. William Blair will be free to use, for any purpose, and without compensation due or payable to you, any ideas, concepts, know-how or techniques provided by you to William Blair through any social media page.
Disclaimer and Indemnity
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The investments and strategies discussed in the content may not be suitable for all investors and are not obligations of William Blair or any of its affiliates or guaranteed by William Blair or any of its affiliates. The investments are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other entity and are subject to investment risks, including the loss of the principal amount invested. Nothing contained on the Site constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should obtain and carefully review any applicable prospectus, statement of additional information and/or offering memorandum as well the William Blair Form ADV, as applicable, before making any investment decision. Decisions based on information or materials contained on any social media page are the sole responsibility of the user.
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Miscellaneous Provisions
YouTube, Facebook, LinkedIn, Twitter, and any other social media sites are public sites. William Blair is in no way affiliated with them and has no responsibility for their operations and services or for related service sites. William Blair is not responsible for any social media platform’s terms of use or privacy or security policies, or any other third party sites that may be linked to by a social media platform. By using a social media platform, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of William Blair, your Internet Service Provider, and you.
For additional information regarding account security and privacy, refer to our Privacy and Security statement. For customer service inquiries or questions about your accounts, please visit our website at: www.williamblair.com.
Your Acceptance of these Terms
Your use of the Site constitutes your acceptance of the terms contained herein. You may reject these terms by leaving the Site at any time.
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Terms of use
The following is a legal agreement between William Blair, (“we,” “us,” or “our”) and “you,” the user of William Blair.
By accessing, browsing and/or using the William Blair website, you acknowledge that you have read, understand and agree to be bound to these terms of use (“Terms”) and to comply with all applicable laws and regulations. This agreement contains warranty disclaimer and other provision that limit our liability to you. Please read this agreement in its entirety. If you do not agree to these Terms, do not use William Blair website.
Your use of the William Blair website
A valid log in ID and password are required for you to use or access portions of the William Blair website. In order to help protect the confidentiality and security of your information or data, you must use your password each time you access your account. You are solely responsible for maintaining the confidentiality of your password and for any use or misuse of our site by anyone using your password. We are not responsible and shall not be liable for any disclosure, misuse, modification or loss of any of your information or data by anyone accessing your account using your password.
You acknowledge and understand that no form of protection can completely ensure that the William Blair website will be completely protected against unauthorized entry or behavior. We shall have no liability for any claim or damages arising out of any breach of network security or any disclosure, misuse, modification or loss of data or information as a result thereof.
You are solely responsible for your actions and communications undertaken or transmitted using the William Blair website. Neither we nor our affiliates exercise editorial control over your transmissions; however, we do reserve the right to review your uploads and transmissions in order to, among other things, ensure compliance with these Terms.
Your use of the William Blair website is subject to all applicable local, state, national and international laws and regulations, and you agree not to use the William Blair website for purposes that violate such laws and regulations. You agree to abide by our copyright policy as set forth in our Copyright & Disclaimers page. In addition, you agree that:
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- You will comply with all United States laws regarding the transmission of technical data exported from the United States.
No Transfer of Property Rights
The products, technology and/or processes described and/or used on the William Blair website may be the subject of intellectual property rights reserved by William Blair or other third parties. Nothing contained herein shall be construed as conferring to you in any manner, whether by implication, estoppel or otherwise, any license, title, or ownership of or to any intellectual property right of William Blair or any third party.
Updates to the William Blair Website
We reserve the right to modify the William Blair website and the materials, features and services provided on the site at any time without prior notice to you.
Warranty Restriction; Limitation Of Liability
The materials, information and services provided on the William Blair website are provided “as is” without warranty of any kind, either expressed or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. There is no warranty against interference with your enjoyment of any materials, information or services (including, but not limited to, any data, text, images, sounds or computer programs (including collections and compilations of them) or against infringement.
Neither William Blair nor any of its principals, officers, employees or affiliates shall be liable for any direct, indirect, special, consequential, punitive, exemplary and/or incidental damages of any kind whatsoever (including, but not limited to, lost profits or attorneys’ fees) in any way due to, resulting from or arising in connection with your access to, inability to access, or use of the site, or from your reliance on any information provided on the site, even if William Blair has been advised of the possibility of such damages. This limitation applies to all causes of action in the aggregate including, but not limited to, breach of contract, breach of warranty, negligence, strict liability, misrepresentation and any other tort. In the event the foregoing limitation of liability set forth herein shall be for any reason held unenforceable or inapplicable, you agree that William Blair and its affiliates’ aggregate Liability shall not exceed five hundred dollars ($500).
Neither William Blair nor its affiliates takes any responsibility or assumes any liability for any content uploaded or otherwise transmitted by you or any third party, or for any mistakes, defamation, slander, libel, omissions, falsehoods, obscenity, pornography, indecency, lewdness, harassment, threats, abuse or profanity you may encounter in using the William Blair website. You agree to hold harmless William Blair and its affiliates and parties with whom William Blair has contracted for purposes of hosting or maintaining the site from all claims based upon communications or materials made available by you on the site.
International Use
Neither William Blair nor its affiliates makes any representation that materials, features or services on the site are appropriate or available for use in locations outside the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the site from other locations do so on their own initiative and are responsible for compliance with local laws.
Indemnification
Upon a request by William Blair, you agree to defend, indemnify and hold harmless William Blair and its affiliates, and their employees, contractors, officers and directors, from all liabilities, claims and expenses, including attorney’s fees that arise from your use or misuse of the William Blair website. William Blair reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will cooperate with William Blair in asserting any available defenses.
Enforcement by William Blair
In the event William Blair determines, in its sole discretion, that you have violated these Terms, William Blair shall have the right to immediately terminate your access to the site, without prior notice to you, and/or pursue any other remedies available to it under applicable law.
Governing Law
This Agreement, and the respective rights and obligations of the parties hereto, shall be governed by and construed in accordance with the laws of the State of Illinois (excluding any conflict of laws provisions of the State of Illinois that would refer to and apply the substantive laws of another jurisdiction). Any suit or proceeding regarding the William Blair website or any part of the site shall be brought only in Illinois. Each of the parties consent to the exclusive personal jurisdiction and venue of the court, state and federal, located in city of Chicago, Illinois.
Updates to Terms
William Blair shall have the right to revise these Terms at anytime by updating this posting. By using the William Blair website, you agree to be bound by any such revisions and should therefore periodically visit the site to determine the then-current Terms to which you are bound.
The Annual and Semi-annual Consolidated Statements of Financial Condition of William Blair & Company, L.L.C., and its wholly
owned subsidiary, William Blair International, Limited (collectively the “Company”) are available below (as PDFs).
12/31/12: Annual Statement
06/30/12: Semi-annual Statement
12/31/11: Annual Statement
06/30/11: Semi-annual Statement
12/31/10: Annual Statement
06/30/10: Semi-annual Statement
12/31/09: Annual Statement
Clients may also request a printed copy of the statements by calling 1-800-621-0687 ext.5001.
Disclosure of SEC-Required Order Execution Information and Routing Information
For the convenience of our clients, below we provide links to order execution data and routing information as required by the Securities and Exchange Commission rules and regulations.
NMS Rule 605 – Order Execution Information
William Blair & Company presents this order execution information pursuant to NMS Rule 605. Access our William Blair Rule 605 Data files.
The data that you will find by following the link above will provide you with an indication of the type of execution you will receive for stocks in which William Blair is a market maker. However, please be aware that the majority of the order flow executed by William Blair & Company is not covered by NMS Rule 605 due to special handling requests by customers. The execution results from this order flow will not appear in the data and may differ substantially from the results.
NMS Rule 606 – Order Routing Information
William Blair & Company presents this order routing information pursuant to NMS Rule 606. View William Blair Rule 606 Data (PDF).
William Blair takes into consideration many factors when determining where to route customers’ orders. These include opportunities for price improvement, speed of execution, market depth and order size, cost of execution and the reputation of a particular venue. William Blair actively monitors the execution quality provided by the different market makers and exchanges, and routes orders to venues that have provided consistent, high-quality executions over time.
FINRA Rule 4370 requires that members and member firms establish and maintain business continuity and contingency plans relating to an emergency or significant business disruption.
Click to view William Blair & Company’s Business Continuity Plan Summary (PDF).
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