Series 24: Best Execution And Inter-positioning

Taken from our Series 24 Online Guide

Best Execution and Inter-positioning

The best execution rule requires broker-dealers to make reasonable efforts to find as favorable a price as possible for a customer’s transaction given the prevailing conditions of the market. However, best execution means more than getting the customer a favorable price. In deciding how and where to best execute a trade, a broker-dealer is expected to consider these factors:

1. the character of the market for the security: such as its price, volatility and liquidity;
2. the size and the type of transaction;
3. the number of markets checked;
4. the accessibility of the quotation; and
5. the terms and conditions of the transaction as communicated to the broker-dealer.

When a member firm gets an order, it must go directly to a market maker. It cann

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