How will brokers satisfy their best execution responsibilities?
Brokers will satisfy their best execution responsibilities just as they do today – by reviewing the full range of execution opportunities available to their customers and reassessing their procedures on an ongoing basis. Because the model contemplates, at least at the outset, a continuing stream of consolidated data, brokers’ ability to implement their best execution procedures would not be impaired – and indeed are likely to be enhanced through increased incentives for data consolidators to create and offer users software and other tools to measure execution performance more effectively. Why is the model preferable to the existing model? Developments in communications technologies have made the existing monopoly system unnecessary to achieving the objectives of the 1975 Amendments. Indeed, those monopolies have arguably come to represent an impediment to flexibility, innovation and efficiency in achieving the policy objectives of the statute.20 As Congress recognized in 1975, moreover
