When you send an order into the marketplace, speed is a big part of best execution.
"Praxair has the best execution track record in the industry, " says Laurence Alexander, an analyst at Jeffries.
They are the best execution so far of how Apple could make use of its curved glass display patents.
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But if he really wants best execution, he should take care not to cut off innovation in its prime.
But every investor and advisor I know has to think a long time before they can talk about the best execution they have ever seen.
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As you know, all managers would rather have complete control over client commissions for a variety of reasons including best execution concerns and soft dollar opportunities.
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Even Wal-Mart, ostensibly one of the best execution-oriented companies of all time, has struggled to grow revenue and profit for a decade in highly dynamic, global markets.
If best execution were too stringently defined, managers would have to worry about the legal consequences of subsequently discovering a transaction could have been executed more cheaply or by other means.
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Any manager who determines in his judgment that achievement of the minority brokerage goals is not consistent with his best execution duty may simply refuse to do business with minority brokers.
Best execution is a given and impossible to prove.
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The SEC recently took action against one custodian affiliated brokerage for allegedly disadvantaging pensions by not providing best execution on trades, to the benefit of a handful of favored hedge fund accounts.
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Since there is no agreed-upon legal definition of best execution and probably never will be due to the rapidity with which securities trading is evolving, it is obviously impossible to evaluate trading practices for compliance with the standard.
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Furthermore, the way we look at it, by slowing an order down and displaying the information of that order to a limited audience who has no obligation to the flashed order ahead of a potential execution, you are not fulfilling the fiduciary responsibility of best execution as we interpret it.
In the past large defined contribution plans overseen by unsophisticated employees with other corporate duties, without an investment consultant or investment policy statement to guide them, utilizing well-known mutual fund families exclusively (without competitive bidding), failing to monitor best execution, revenue sharing, securities lending, custody arrangements and other issues, was the norm.
These include worries over the application of best-execution rules to securities other than shares, such as corporate bonds or specialised derivatives, that are traded off-exchange.
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As the stock market began to recover later that year, however, Datek's software for active traders began to garner a new following with its streaming data, the same bleeps and bongs as on institutional trading screens and best-execution order-routing software.
One of his more notable works was the New York Times best seller, Execution: The Discipline of Getting Things Done.
Buy-side firms want to see who is doing the best job of execution and they need TCA as investors and regulators expect more from them in fiduciary responsibility.
The best known, a warrant of execution, gives county court bailiffs the power either to collect the money owed or to remove goods belonging to a defendant to sell at auction.
Of course, ideas, even the best ones, are much easier than the execution of them.
The best possible score, of course, will come from flawless execution of the most difficult dive.
This would enable Best Buy to quickly turn a business idea or strategy into execution.
We can immediately deliver value to stockholders, while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise.
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"We're very confident in the structure and quality of the hybrid market, and in the ability of the NYSE and NYSE Arca to compete and continue to provide our customers with the best overall price and market quality, access to the greatest source of liquidity and greater choice in order execution, " he said.
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