%0 Journal Article %A Richard McSherry %T Institutions React to Further Definition of Best Execution by SEC %B First Time in 25 Years %D 2001 %J Trading %P 78-82 %V 2001 %N 1 %X Recent actions by the SEC that require exchanges and broker dealers to publish time-stamped trade data has created heightened interest among institutions to analyze their trading costs. Increased volatility and decreased liquidity in an environment of high turnover have produced trading costs that range from 1% to 5% of portfolio performance. This alone has encouraged pension funds and investment managers to take a closer look at their trading costs and the effect they have on their investment performance. %U https://guides.pm-research.com/content/iijtrading/2001/1/78.full.pdf