Swap reforms force best execution rethink

Arrival of limit order books means old policies may no longer cut it

Hitting the spot: best execution may be on the verge of a radical overhaul

The concept of best execution has never sat well with over-the-counter derivatives markets. Asset managers may promise it to their clients, and have policies that claim to deliver it, but because quotes have traditionally been solicited over the phone from a limited number of houses, it is impossible to be sure a better price is not available elsewhere. Now, the arrival of new OTC trading rules – and the trading platforms that accompany them – means best execution may be on the verge of a radica

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