“Best Execution, Price Transparency, and Linkages: Protecting the Investor Interest”

Today I want to revisit the components of best execution, transparency, and linkages, but I want to approach them from a slightly different angle. Often, when we discuss concepts such as “trade execution” or “price visibility” or “order interaction,” it’s easy to get mired in highly technical, even puzzling details. These are not necessarily straightforward concepts, and meaningful debates about their impact on our markets often demand rigorous analysis. It’s easy to lose sight of what’s at the very core of these principles—and that’s serving the investor interest.

Execution quality takes some effort to consider, but it is more than worth it for most investors.