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:
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.
(b)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.