Pine River Capital Management L.P.
2018 Calendar Year – RTS 28 Qualitative Report

Relative factor importance 

The following is a list of factors used in broker selection for the indicated product types.  Pine River attempted to list these factors in order of relative importance; however, on any given trade, the importance of one factor over another is unique to the position, timing, size and liquidity.

Equities:
Overall costs of a transaction including commissions, mark-ups, markdowns or spreads; reputation; financial strength and stability; ongoing reliability; block trading and block positioning capabilities; circuit breakers; breadth of market coverage; market share

Debt Instruments:
Ongoing reliability; willingness to execute difficult transactions; execution of an ISDA Master Agreement with the Firm’s clients; Anonymity of trading activity; scheduled auctions; reversion analysis; breadth of market coverage; willingness to put balance sheet at risk for non-centrally cleared OTC transactions

Derivatives and Other Instruments:
Accurate and timely execution, settlement, clearance and error/dispute resolution processes; market intelligence regarding trading activity; clearing schemes; breadth of market coverage; liquidity analysis; willingness and ability to locate and/or commit capital to complete transactions; execution at a desired time for the transaction; clearing schemes; reputation, financial strength and stability

Venue conflicts
Not applicable

Venue payments
None.  Beginning in 2018, in compliance with the MiFID II general restriction on inducements, Pine River restricts non-monetary benefits unless paid for separately by clients or directly by the firm.

Venue changes
Pine River adds counterparties to its approved list from time to time based on changing market dynamics and changes to the strategies and securities in which it trades for its funds.

Client categorization
Not applicable, as all Pine River’s clients are private funds.

Retail factors
Not applicable, as Pine River has no retail clients.

Execution analysis tools
Pine River used data from Bloomberg, its counterparties, and independent pricing services to analyze the best execution it received.

CTP usage
Not applicable