Trading: Best Execution

For every order, our traders assess which market offers the best price and least impact. We search the major exchanges, as well as market makers, ECNs, and dark pools to secure the best price available for our clients. We provide brokerage services to our clients in accordance with the SEC definition of Best Execution as outlined in Section V of Release 34-23170:

As a fiduciary, a money manager has an obligation to obtain "best execution" of clients' transactions under the circumstances of the particular transaction. The money manager must: execute securities transaction for clients in such a manner that the client's total cost or proceeds in each transaction is the most favorable under the circumstances.
A money manager should consider the full range and quality of a broker's services in placing brokerage including, among other things, the value of research as well as execution capability, commission rate, financial responsibility, and responsiveness to the money manager. The Commission wishes to remind money managers that the determinative factor is not the lowest possible commission cost but whether the transaction represents the best qualitative execution for the managed account.

SEC Rule 605 requires market centers that trade national market system securities to make available to the public monthly electronic reports that include uniform statistical measures of execution quality. SEC Rule 606 requires broker-dealers that route orders in certain equity and option securities to make publicly available quarterly reports that present a general overview of their routing practices. Based on the SECís requirements, these statistics capture only a portion of The Interstate Group/NatAlliance Securities, LLCís order flow.


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