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A Trading Desk’s View of Market QualityDoes Best Execution Make Sense?

A Trading Desk’s View of Market Quality: Does Best Execution Make Sense? CHAPTER 6: DOES BEST EXECUTION MAKE SENSE? Moderator – Ananth Madhavan, Global Head of Trading Research, Barclays Global Investors Theodore Aronson, Managing Principal, Aronson+Johnson+Ortiz Minder Cheng, Global Head of Equity and Currency Trading, Barclays Global Investors Natan Tiefenbrun, Senior Vice President, Instinet Corporation Wayne Wagner, Chairman, Plexus Group ANANTH MADHAVAN: This panel, the last of the day, is on ‘best execution.’ The topic is important, it is charged, and it is highly controversial. Let me begin by putting it in perspective. The topic is now at the center of debates on market structure. Anthony Neuberger, in his remarks this morning, mentioned one of the factors that is driving this interest in best execution on his side of the Atlantic – the Myners report. The Myners report has shaken up the U. K securities industry and raised awareness of best execution. It has emphasized the importance of non-commissioned costs, which is something that Wayne Wagner has been talking about for a long time. Wayne is the person who popularized the concept of the ‘iceberg of costs.’ That notion has now gained widespread acceptance. The Myners At the time of the conference, Ananth was Managing Director of Research at ITG, Inc. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Trading Desk’s View of Market QualityDoes Best Execution Make Sense?

Part of the Zicklin School of Business Financial Markets Conference Series Baruch College Book Series
Editors: Schwartz, Robert A.; Byrne, John Aidan; Colaninno, Antoinette
Madhavan, Ananth; Aronson, Theodore; Cheng, Minder; Tiefenbrun, Natan; Wagner, Wayne
Springer Journals — Jan 1, 2005
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Publisher
Springer US
Copyright
© Kluwer Academic Publishers Boston 2005
ISBN
978-1-4020-7510-0
Pages
117 –137
DOI
10.1007/0-387-23114-5_6
Publisher site
See Chapter on Publisher Site

Abstract

CHAPTER 6: DOES BEST EXECUTION MAKE SENSE? Moderator – Ananth Madhavan, Global Head of Trading Research, Barclays Global Investors Theodore Aronson, Managing Principal, Aronson+Johnson+Ortiz Minder Cheng, Global Head of Equity and Currency Trading, Barclays Global Investors Natan Tiefenbrun, Senior Vice President, Instinet Corporation Wayne Wagner, Chairman, Plexus Group ANANTH MADHAVAN: This panel, the last of the day, is on ‘best execution.’ The topic is important, it is charged, and it is highly controversial. Let me begin by putting it in perspective. The topic is now at the center of debates on market structure. Anthony Neuberger, in his remarks this morning, mentioned one of the factors that is driving this interest in best execution on his side of the Atlantic – the Myners report. The Myners report has shaken up the U. K securities industry and raised awareness of best execution. It has emphasized the importance of non-commissioned costs, which is something that Wayne Wagner has been talking about for a long time. Wayne is the person who popularized the concept of the ‘iceberg of costs.’ That notion has now gained widespread acceptance. The Myners At the time of the conference, Ananth was Managing Director of Research at ITG, Inc.

Published: Jan 1, 2005

Keywords: Transaction Cost; Hedge Fund; Trading Cost; Execution Cost; Retail Investor

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