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| Author: | Macey, J. O'Hara, M. |
| Title: | The law and economics of best execution |
| Journal: | Journal of Financial Intermediation
1997 : JUL, VOL. 6:3, p. 188-233 |
| Index terms: | ECONOMICS LAW FINANCIAL INTERMEDIARIES |
| Language: | eng |
| Abstract: | This paper reviewes and analyzes the legal and economic aspects of the duty of best execution. Although a well- established principle of securities trading, the authors show that the dual problems of definition and enforcement make best execution both unwieldy and unworkableas a mandated legal duty. The authors examine the impact of several market practices on best execution, in particular payment for order flow, preferencing and internalization practices. |
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