This Order Handling Policy is effective as of 7 May 2025 (AEST) and applies to all trading customers of Revolut Payments Australia Pty Ltd that applied from 10 April 2025 (AEST).
For trading customers that applied before 10 April 2025 (AEST), the previous version of this policy at the bottom of the page here continues to apply to you until 6 June 2025 (AEST).
Introduction
This Order Handling Policy is provided by Revolut Payments Australia Pty Ltd ("we" or "Revolut") and provides you with important information about how we will treat Orders submitted by you via the Revolut app. Unless otherwise defined in the Trading Terms, capitalised terms have the same meaning as in the Personal Terms.
Revolut provides clients with the ability to buy and sell various Instruments made available via the Revolut app. Before using your Revolut app to submit Orders in relation to Instruments, you should ensure that you have read this Order Handling Policy. If you have any questions or are in any doubt about the content of this document, you should seek appropriate professional advice. You must also read our Trading Risk Disclosurewhich you can access through the Trading Terms.
Our capacity
We will not execute any Orders that you submit via the Revolut app - we will instead transmit Orders to a Third Party Broker for execution and the transactions will appear in our Omnibus Account with the Third Party Broker. Under no circumstances will we act in any other capacity, and a transaction will arise between us and the Third Party Broker in relation to the execution of your Order.
How we handle your Orders
Unless instructed otherwise by you or where prevailing market conditions prevent us from doing so, Orders will be transmitted to the Third Party Broker sequentially and promptly.
If you place an Order after Regular Market Hours or Extended Market Hours, we will place your Order for execution and will seek to have the Third Party Broker execute it once that market opens again, at which point the price of the relevant Instrument may have moved (but we will continue to have the Order executed by the Third Party Broker despite those movements). Orders for fractional shares outside of Regular Market Hours can only be US Dollar based.
For Recurring Buy Orders that are made up of more than one underlying Buy Order, we will transmit each underlying Buy Order without further instruction or confirmation from you in line with the specified dates in your instruction. If the relevant market or exchange that the Instrument is traded on is closed on one of the dates you select, we will transmit the underlying Buy Order to the Third Party Broker on the next available trading day.
For Orders placed during Regular Market Hours, you can only cancel if we and/or the Third Party Broker consent to it.
For Orders placed outside of Regular Market Hours or Extended Market Hours, you will be able to request to cancel your Order at any time before the opening of the relevant exchange. However, we cannot guarantee that we will be able to action your request for cancellation once submitted. Please cancel your Order with plenty of time before the relevant market opens to avoid any risks associated with cancellation or price volatility once the market opens.
For Recurring Buy Orders, we may not be able to cancel the next Buy Order as part of your instruction if it has already been transmitted to the Third Party Broker (unless we and the Third Party Broker consent to cancelling it).
Revolut will not be liable for any losses you suffer as a result of fluctuations in price while submitting an Order outside of Regular Market Hours or Extended Market Hours. We will also not be liable for any losses you suffer as a result of an Instrument’s value changing from the time you submit a Recurring Buy Order and the time it is executed.
During Extended Market Hours trading, you will only be able to place Limit Orders for whole shares.
Best Execution
We will endeavour to act in your best interest when transmitting an Order to the Third Party Broker for execution.
When choosing a Third Party Broker, we carry out due diligence to ensure:
- they have the right experience, knowledge and relationships to provide us with best execution in relation to your Orders; and
- they can deliver outcomes that are at least as good as the result that can be obtained by transmitting Orders to other entities for execution or onwards transmission.
In selecting the Third Party Broker we have considered industry guidance to determine that the Third Party Broker has the necessary expertise to provide best execution for Orders in the Instruments available via the Revolut app.
The Third Party Broker is not an executing broker in respect of shares and all such Orders received by it are automatically routed on an agency basis to another broker-dealer for execution. The Third Party Broker is an executing broker in respect of fractional shares and these Orders will be executed by it against its proprietary account.
The Third Party Broker is registered with the Securities Exchange Commission ("SEC") in the United States and is a member of the Financial Regulatory Authority ("FINRA"). The Third Party Broker is subject to best execution rules and required to publish information about their routing practices and the venues to which individual orders are routed for execution.
The Third Party Broker is by law required to conduct a "regular and rigorous" review of the execution quality of customer orders. The Third Party Broker reviews and monitors its trade routing through its Best Execution Committee which considers various factors, including the characteristics of the market for the Instruments traded, the size of the order, the speed of execution, the number of markets checked, terms and conditions of the order and the accessibility of the quotation.
The Third Party Broker keeps its executing brokers' practices under review to ensure its order handling is in line with expectations. The Third Party Broker receives daily and monthly reports from its executing brokers, which show the execution quality across a number of measures in order to determine whether best execution is being achieved.
The Third Party Broker has a system in place with regards to its fractional shares and listed securities arrangements that aims to ensure that its customers obtain best execution and/or benefits from price improvements where the Third Party Broker fills an order in a dual capacity (as agent and principal).
By submitting an Order through the Revolut app you are deemed to have accepted this Order Handling Policy, including the Trading Terms.
If you have any further questions about our arrangements you can contact us via the Revolut app chat function.
Review
We will review this Order Handling Policy regularly to ensure it remains fit for purpose and to reflect any changes to Applicable Law that may apply. Our review will include reviewing the performance of the Third Party Broker to confirm that they continue to provide execution services that align with our customers’ best interests on a consistent basis.
If there are material changes in this Order Handling Policy, these will be notified to you. The Third Party Broker will notify us of any material changes to their best execution policy, and we will in turn notify you of any material changes to the Third Party Broker's best execution policy which may impact how your Orders are transmitted and executed.