Quest for 'Best'
EDITORS LETTER
So far, the European Union hasn't explicitly defined this all-important term. Imagine building a highway and taking aim at drivers who exceed the speed limit—without setting a speed limit. How can rules be followed if they aren't clear?
Does best execution mean the best price at the time of execution? Does it mean knowing the best array of prices before the trade is made? If so, what qualifies as "before" a trade? Is it 30 minutes or 30 seconds? If a trade takes days to settle, and the risk of it
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