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首页> 外文期刊>Journal of Investment Compliance >NASD expands broker-dealer's duty of best execution
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NASD expands broker-dealer's duty of best execution

机译：NASD扩大了经纪交易商的最佳执行职责

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摘要

Purpose – This paper seeks to explain amendments to NASD Rule 2320(a), commonly known as the “best execution rule”, approved by the Securities and Exchange Commission on August 21, 2006. Design/methodology/approach – Explains the scope of the best execution obligation, as amended; outlines factors relevant to a best execution determination; and suggests questions broker-dealers should consider as they review their best execution policies and procedures in light of the amendments. Findings – Most significantly, the amendments make the rule applicable to “any transaction for or with a customer or a customer of another broker-dealer”, thus imposing the duty of best execution on a member that executes a customer order received from another broker-dealer. The NASD also has reiterated that debt transactions are subject to the rule. In addition, the rule amendments update certain language and add new Interpretive Material regarding certain aspects of the rule. Originality/value – A useful interpretation of recent amendments to the best execution rule.
机译：目的–本文旨在解释美国证券交易委员会于2006年8月21日批准的对NASD规则2320（a）（通常称为“最佳执行规则”）的修订。设计/方法/方法-解释修订后的最佳执行义务；概述与最佳执行决定有关的因素；并提出经纪交易商根据修正案审查最佳执行政策和程序时应考虑的问题。调查结果–最重要的是，这些修订使该规则适用于“与另一经纪交易商的客户或客户进行的交易或与之进行的任何交易”，从而使执行从另一经纪人处接收到的客户订单的成员具有最佳执行义务，经销商。 NASD还重申，债务交易必须遵守规则。此外，规则修订会更新某些语言，并添加有关规则某些方面的新解释性材料。原创性/价值–最佳执行规则最新修正的有用解释。

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