Commission Delegated Regulation (EU) 2026/825 Article 7: Monitoring of the order execution policy

Article 7 - Monitoring of the order execution policy

‹

Article 7

Monitoring of the order execution policy

›

Investment firms shall monitor the effectiveness of their order execution policy, including the following elements:

((a))

whether client orders are executed in compliance with the order execution policy;

((b))

the quality obtained by executing client orders in compliance with the order execution policy;

((c))

the price of execution, taking into account the reference data, including, where available, reference data from the consolidated tape that the firm may have used;

((d))

for each class of financial instruments identified in accordance with Article 9, based on a representative sample for each class, whether the execution quality is obtained on a consistent basis, based on thresholds pre-determined by the investment firm for the following indicators:

((i))

the accepted deviation of the execution price of client orders from the relevant value of execution prices in the reference data;

((ii))

the minimum percentage of the total volume traded of executed client orders that meets the relevant values of execution prices in the reference data out of the total number of executed client orders;

((iii))

the minimum number of executed client orders that meets the relevant values of execution prices in the reference data;

((e))

all other factors relevant to the execution of client orders as set out in Article 27(1) of Directive 2014/65/EU.