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In this act Article 3 of 11
Text as of 26 Oct 2026 · Commission Delegated Regulation (EU) 2026/825, OJ L, 2026/825, 23.7.2026 · Same wording as today’s text.Today’s text

Article 3 — Selection of execution venues for the order execution policy

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

3(1)

1.When selecting execution venues for their order execution policy, investment firms shall take into account the characteristics and needs of the clients to which they provide investment services and the elements referred to in Article 27(1) of Directive 2014/65/EU, including in particular:

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3(1)(a)
(a)the availability of certain order types;
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3(1)(b)
(b)for the criterion of size, the typical or relevant order sizes of their clients and the typical or relevant frequencies of orders;
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3(1)(c)
(c)for the criterion of price, a comparison of execution prices of potential execution venues with the reference data referred to in paragraph 2;
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3(1)(d)
(d)for the criterion of costs, the following fees and costs charged to the investment firm:
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3(1)(d)(i)
(i)order execution fees and any other trading fees on execution venues;
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3(1)(d)(ii)
(ii)costs of membership to execution venues or connectivity to them;
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3(1)(d)(iii)
(iii)costs and charges for clearing, settlement, custody and other administration services related to the choice of execution venues.
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For the purposes of point (c), investment firms may use, for the reference dataset, information from consolidated tape providers, where such information is available.

3(2)

2.The reference data on which investment firms shall rely, shall comply with the following conditions:

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3(2)(a)
(a)those data provide a complete and accurate presentation of the execution prices obtained in the market for the class of financial instruments assessed and that has been identified in accordance with Article 9;
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3(2)(b)
(b)those data contain at least the data on execution prices from the most liquid execution venues for the instruments traded within each class of financial instruments that has been identified in accordance with Article 9;
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3(2)(c)
(c)for classes of financial instruments that have been identified in accordance with Article 9 and any sub-classes of financial instruments in those classes, which are executed over-the- counter, including bespoke products, those data contain market data which enable the investment firm to assess the fairness of the price proposed to the client, as referred to in Article 64(4) of Delegated Regulation (EU) 2017/565.
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Investment firms may use reference data from consolidated tape providers, where such information is available.

3(3)

3.Investment firms that select only one execution venue to execute client orders for a given class of financial instruments identified in accordance with Article 9, or for all client orders, shall justify in their order execution policy how selecting only one execution venue ensures that that choice obtains the best possible result for clients on a consistent basis.

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