- The policies and procedures for achieving best execution must address the following broad factors when executing all client orders:
- the price of the security,
- the speed of execution of the client order,
- the certainty of execution of the client order, and
- the overall cost of the transaction, when costs are passed on to clients.
- In addition to the broad factors listed in subsection 3121(1), the policies and procedures for best execution of client orders for listed securities and foreign-exchange traded securities must address the following specific factors:
- the considerations taken into account when determining appropriate routing strategies for client orders,
- the considerations for fair pricing of Opening Orders when determining where to enter an Opening Order,
- the considerations when not all Marketplaces are open and available for trading,
- how order and trade information from all appropriate Marketplaces, including unprotected Marketplaces and foreign organized regulated markets, is taken into account,
- the factors related to executing client orders on unprotected Marketplaces, and
- the factors related to sending client orders to a foreign intermediary for execution.
- The policies and procedures for best execution must address the factors used to achieve best execution when manually handling a client order for trades on a Marketplace, including the following “prevailing market conditions”:
- the direction of the market for the security,
- the depth of the posted market,
- the last sale price and the prices and volumes of previous trades,
- the size of the spread, and
- the liquidity of the security.
There is no history log for this rule.
There is no history log for this rule.