1. Where a client order may be executed on two or more execution venues included in the list referred to in Article 2(2), investment firms shall specify in their order execution policy the criteria and their relative importance for identifying the execution venue where they expect to obtain the best possible result for executing a client order.
2. The criteria referred to in paragraph 1 shall enable investment firms to identify the execution venue expected to obtain the best possible result for executing the client order, including by taking into account the following:
the class of financial instruments that has been identified in accordance with Article 9;
whether the client is a retail or a professional client;
all costs directly related to the execution of the order, including any fees and commissions charged by the investment firm itself;
the size and nature of the order;
market data, including historical market data, where relevant and available.
Investment firms that execute orders on behalf of retail clients shall only take into account the criteria that have a direct impact on the total consideration for retail clients, as referred to in Article 27(1) of Directive 2014/65/EU.
3. Investment firm that use an automatic order routing system shall specify in their order execution policy:
the main characteristics of the system;
the arrangements in place to ensure that the functioning of that automatic order routing system takes into account the criteria set out in paragraphs 1 and 2 in order to obtain the best possible result for their clients.