US questions best execution

Marshall Blume, finance professor at Center for Financial Research at the Wharton School of the University of Pennsylvania, has questioned the operability of best execution in the major financial marketplaces. His paper, entitled Competition and Fragmentation in the Equity Markets: The Effect of Regulation NMS, warns that best execution, as a concept, could backfire and stifle market innovation. He says the principle that "all buyers see the prices asked by all sellers and all sellers see th

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