TY - JOUR T1 - Transaction Costs and Best Execution JF - Trading SP - 80 LP - 86 VL - 2005 IS - 1 AU - Wayne H. Wagner Y1 - 2005/03/20 UR - http://guides.pm-research.com/content/2005/1/80.abstract N2 - This article presents a framework for thinking about trading and its costs upon which to base an effective investment-manager compliance program. An efficient and effective transaction process is vital to the satisfactory implementation of an investment strategy. The author shows why controlling transaction costs is an important component of successful investment management. He discusses the history of regulation and voluntary compliance standards, the surprising complexity of institutional trading, and concludes with some practical suggestions to reduce transaction costs and enhance performance. ER -