Article 3 Information on the top five execution venues and quality of execution obtained

Investment firms shall publish the top five execution venues in terms of trading volumes for all executed client orders per class of financial instruments referred to in Annex I. Information regarding retail clients shall be published in the format set out in Table 1 of Annex II and information regarding professional clients shall be published in the format set out in Table 2 of Annex II. The publication shall exclude orders in Securities Financing Transactions (SFTs) and shall contain the following information:

1. (a)

   class of financial instruments;

2. (b)

   venue name and identifier;

3. (c)

   volume of client orders executed on that execution venue expressed as a percentage of total executed volume;

4. (d)

   number of client orders executed on that execution venue expressed as a percentage of total executed orders;

5. (e)

   percentage of the executed orders referred to in point (d) that were passive and aggressive orders;

6. (f)

   percentage of orders referred to in point (d) that were directed orders;

7. (g)

   confirmation of whether it has executed an average of less than one trade per business day in the previous year in that class of financial instruments.

Investment firms shall publish the top five execution venues in terms of trading volumes for all executed client orders in SFTs for class of financial instruments referred to in Annex I in the format set out in Table 3 of Annex II. The publication shall contain the following information:

1. (a)

   volume of client orders executed on that execution venue expressed as a percentage of total executed volume;

2. (b)

   number of client orders executed on that execution venue expressed as a percentage of total executed orders;

3. (c)

   confirmation of whether the investment firm has executed an average of less than one trade per business day in the previous year in that class of financial instruments.

Investment firms shall publish for each class of financial instruments, a summary of the analysis and conclusions they draw from their detailed monitoring of the quality of execution obtained on the execution venues where they executed all client orders in the previous year. The information shall include:

1. (a)

   an explanation of the relative importance the firm gave to the execution factors of price, costs, speed, likelihood of execution or any other consideration including qualitative factors when assessing the quality of execution;

2. (b)

   a description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders;

3. (c)

   a description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received;

4. (d)

   an explanation of the factors that led to a change in the list of execution venues listed in the firm's execution policy, if such a change occurred;

5. (e)

   an explanation of how order execution differs according to client categorisation, where the firm treats categories of clients differently and where it may affect the order execution arrangements;

6. (f)

   an explanation of whether other criteria were given precedence over immediate price and cost when executing retail client orders and how these other criteria were instrumental in delivering the best possible result in terms of the total consideration to the client;

7. (g)

   an explanation of how the investment firm has used any data or tools relating to the quality of execution, including any data published under Delegated Regulation (EU) 2017/575;

8. (h)

   where applicable, an explanation of how the investment firm has used output of a consolidated tape provider authorised in accordance with the Data Reporting Services Regulations 2017.