PT - JOURNAL ARTICLE AU - Robert A. Schwartz AU - Robert A. Wood TI - Best Execution AID - 10.3905/jpm.2003.319893 DP - 2003 Jul 31 TA - The Journal of Portfolio Management PG - 37--48 VI - 29 IP - 4 4099 - https://pm-research.com/content/29/4/37.short 4100 - https://pm-research.com/content/29/4/37.full AB - “Best execution,” an obligation on equity market professionals that has been a holy grail in the United States since enactment of the Securities Acts Amendments of 1975, is a multifaceted concept that is difficult to define—and even more challenging to measure. The authors delineate the various measurement and implementation problems. They consider advice for the buy-side trader, implications for the providers of trading services, and caveats with regard to public policy. The best execution obligation in fact is shared across buy-side institutions, broker/dealer intermediaries, and the market centers themselves.