BP Group conducts its global trading activities through a function known as Integrated Supply and Trading (‘IST’).  IST has two UK Financial Conduct Authority (‘FCA’) authorised MiFID II* Investment Firms, Britannic Energy Trading Limited (‘BET’) (reference number: 184256) and Britannic Trading Limited (‘BTL’) (reference number: 140459) who only deal with professional clients and eligible counterparties as defined by FCA rules.  BET and BTL are required to provide an annual disclosure ‘RTS 28’, regarding execution venues used as well as information regarding the quality of execution received, if applicable.

RTS 28 Annual Best Execution Disclosure 2017

BET and BTL in most cases, transact on an OTC bilateral basis directly as principal rather than executing transactions on a third party venue.  The only third party venue used by BET and BTL in 2017 was ICE Futures Europe which is used to execute Block Trades in Commodity derivatives outside the central order book further to specific instructions from clients.  Consequently no further detailed qualitative or quantitative analysis is published. 

* EU Regulation 2017/565 implementing Directive 2014/65/EU (MiFID II)