Best What?
COMPLIANCE
The European Union's Markets in Financial Instruments Directive (MiFID) mandates that firms take "all reasonable steps" to provide best execution for their clients, but it doesn't spell out what those steps are or in what order to take them. The UK's Financial Services Authority (FSA) has offered some further guidance, but the financial services industry is still pondering the meaning of best execution. To get an idea of how thoughts on the issue are evolving, we asked some MiFID experts
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