(1) When executing orders, an investment firm shall -

(a) take all sufficient steps to obtain the best possible result for their clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature and any other consideration relevant to the execution of the order, and

(b) notwithstanding subparagraph (a), whenever there is a specific instruction from a client, execute the order in line with the specific instruction.

(2) Where an investment firm executes an order on behalf of a retail client, the best possible result shall be determined in terms of the total consideration, representing -

(a) the price of the financial instrument, and

(b) the costs related to execution, including all expenses incurred by the client which are directly related to the execution of the order such as execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order.