TY - JOUR T1 - Best Execution JF - The Journal of Portfolio Management SP - 37 LP - 48 DO - 10.3905/jpm.2003.319893 VL - 29 IS - 4 AU - Robert A. Schwartz AU - Robert A. Wood Y1 - 2003/07/31 UR - https://pm-research.com/content/29/4/37.abstract N2 - “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. ER -