PT - JOURNAL ARTICLE AU - Wayne H. Wagner TI - Transaction Costs and Best Execution DP - 2005 Mar 20 TA - Trading PG - 80--86 VI - 2005 IP - 1 4099 - http://guides.pm-research.com/content/2005/1/80.short 4100 - http://guides.pm-research.com/content/2005/1/80.full AB - 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.