PT - JOURNAL ARTICLE AU - William W. Uchimoto TI - Evolution of Best Execution in the National Market System DP - 2002 Mar 20 TA - Trading PG - 95--97 VI - 2002 IP - 1 4099 - http://guides.pm-research.com/content/2002/1/95.short 4100 - http://guides.pm-research.com/content/2002/1/95.full AB - Many regulatory and securities industry initiatives have dramatically enhanced the opportunity for money managers and their brokers to achieve “best execution.” These initiatives include regulation of alternative trading systems, decimalization, and market center and broker order execution disclosure rules. All these initiatives are grounded in core principles penned over a quarter century ago in the National Market System. Congress had the foresight to create a regulatory structure that refused to define “best execution,” but allowed the concept to evolve to meet progressively higher standards over time. This article reviews the two driving forces of competition and technological innovation, and how they continue to shape best execution policy.