The Law and Economics of Best Execution
分析证券交易中最佳执行义务的法律与经济问题，指出定义和执行的双重困境使其难以作为强制法律义务，并探讨了支付指令流、内部化等市场实践的影响。
This paper reviews and analyzes the legal and economic aspects of the duty of best execution. Although a well-established principle of securities trading, we show that the dual problems of definition and enforcement make best execution both unwieldy and unworkable as a mandated legal duty. We examine the impact of several market practices on best execution, in particular payment for order flow, preferencing and internalization practices, and price improvement and order execution protocols. We suggest three possible directions for the future rule and interpretation of the duty of best execution.Journal of Economic LiteratureClassification Numbers: G10, G18, K22, K23.