We would like to take this opportunity to remind you of the measures Bank of America Merrill Lynch (BofAML) has in place for trading in volatile market conditions.
In periods of extreme volatility, we have on some occasions seen delays to trades, including requests for quotes (RFQs), order taking, order processing, price streaming and/or market data dissemination. As a reminder, we are not obligated to provide price streaming, respond to RFQs, or accept orders for execution in any particular manner, and all determinations of if, whether, or when market criteria have been met for execution shall be made by us in our sole discretion.
BofAML’s electronic trading platforms have volatility controls that may temporarily suspend execution and price streaming in response to rapid and adverse market movements. It is possible that different clients submitting orders or requesting trades with similar profiles may achieve different outcomes, including whether and when orders or trades will be executed.
During volatile markets, we will endeavour to continue to serve clients but we may not be able to provide the product offering, level of execution, liquidity and pricing – including in electronic markets – as would be the case under more normalized market conditions.