With the proliferation of technology-driven trading, it is more important than ever for brokers and investment advisers to have a complete understanding of how their orders are handled, routed, and executed. Regulators are increasingly focused on modernizing brokers' and investors' fiduciary and best execution obligations to reflect modern markets and advancements in analytics, and we are too.

Healthy Markets is working to promote data transparency so firms can engage in more meaningful qualitative and quantitative reviews of their service providers. At the same time, we are working to develop and promote best practices and standards for execution reviews and analysis. Collectively, these efforts are intended to help enable investment advisers and brokers to continue to protect investors in rapidly evolving markets.

In March of 2018, we released our third edition of Better Best Execution, which is designed to help investors understand their Best Execution obligations. The report outlines the analogous best execution obligations for broker dealers, then exploring the contours of the SEC’s best execution expectations for advisers, including as informed by relevant cases. The report also discusses the impact of new European best execution obligations and the role of public disclosures in aiding the fulfillment of best execution duties. Lastly, the report examines various strategies used by investment advisers to fulfill their evolving duties.