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BROKER-DEALER REGULATION § 18A:5 The Dodd-Frank Act.................................................18A-22 § 18A:5.1 Section 929X ..................................................18A-23 § 18A:5.2 Section 417.....................................................18A-23 § 18A:5.3 Comment Request..........................................18A-24 Chapter 19 Best Execution and Customer Order Handling Marcia L. MacHarg & George Braxton Raine § 19:1 Introduction.................................................................. 19-3 § 19:1.1 Financial Industry Regulatory Authority (FINRA) ................................................................ 19-6 § 19:2 Types of Orders and Execution Forums........................ 19-6 § 19:2.1 Agents and Principals ........................................... 19-6 [A] Brokers.................................................................. 19-7 [B] Dealers.................................................................. 19-7 [C] Market Makers and Specialists ............................. 19-7 [D] Riskless Principals ................................................ 19-8 § 19:2.2 Types of Orders ..................................................... 19-8 [A] Customer Orders Versus Non-Customer Orders ................................................................... 19-8 [B] Market Orders ...................................................... 19-9 [C] Limit Orders ......................................................... 19-9 [D] Orders for Execution at Specific Time ................ 19-10 [E] Fill-or-Kill and All-or-None Orders..................... 19-10 [F] Directed Orders .................................................. 19-11 [G] Discretionary Orders........................................... 19-11 [H] Block Trades........................................................ 19-11 [I] Small Orders; Odd-Lot Orders............................ 19-12 [J] Short Sales .......................................................... 19-12 [K] Cross Trades ....................................................... 19-12 § 19:2.3 Markets, Trading Systems, and Other Forums for Execution.......................................... 19-13 [A] Exchanges ........................................................... 19-13 [B] OTC Markets ..................................................... 19-13 [C] Automated Trading Systems (ATSs).................... 19-14 § 19:3 Best Execution ............................................................ 19-15 § 19:3.1 Underlying Legal Basis for the Duty of Best Execution .................................................... 19-15 [A] Origins of the Best Execution Duty .................... 19-15 [B] Regulatory Definition of Best Execution............. 19-16 § 19:3.2 Factors in Determining Best Execution .............. 19-18 [A] Reasonable Diligence .......................................... 19-18 [B] Best Price ............................................................ 19-19 [C] National Best Bid and Offer (NBBO) and the Newton Case ...................................................... 19-21 xc
[D] Price Improvement ............................................. 19-22 [E] Speed and Timing of Execution .......................... 19-22 [F] Certainty of Execution........................................ 19-23 [G] Anonymity and Other Client-Specific Questions............................................................ 19-23 [H] Interpositioning .................................................. 19-23 § 19:3.3 To Whom and When the Duty of Best Execution Is Owed.............................................. 19-24 [A] Duty Owed to Customers................................... 19-24 [B] Evaluation and Procedural Duties in Best Execution ............................................................ 19-26 § 19:3.4 Securities Fraud................................................... 19-28 § 19:4 Addressing Priority of Interests in Execution ............. 19-28 § 19:4.1 Conflicts of Interest ............................................ 19-28 [A] Internalization .................................................... 19-29 [B] Preferencing ........................................................ 19-30 [C] Related Investment Advisers and Investment Companies.......................................................... 19-30 § 19:4.2 Priority of Execution Among Customers ............ 19-30 [A] Table of Contents Basic Rule: Execute Customer Orders Chronologically................................................... 19-31 [B] Block Trades........................................................ 19-31 § 19:4.3 Proprietary Trades ............................................... 19-32 [A] Basic Rule: Never Trade Ahead of Customers ...... 19-32 [B] Limit Orders ....................................................... 19-33 § 19:4.4 Front Running..................................................... 19-36 § 19:5 Other Order Handling Rules ...................................... 19-37 § 19:5.1 Maintaining Professional Standards in Order Handling ............................................................. 19-37 § 19:5.2 Backdrop of the National Market System........... 19-38 § 19:5.3 Trade-Through Rules........................................... 19-40 § 19:5.4 Other Sources for Regulation.............................. 19-41 § 19:6 Record Keeping for Order Handling............................ 19-42 § 19:6.1 Order Tickets and Trade Confirmations............. 19-42 § 19:6.2 Records of Trade Execution................................. 19-44 § 19:6.3 Order Audit Trail System (OATS) ....................... 19-44 Chapter 20 Soft Dollars and Other Means of Obtaining Business Andrew L. Bab & Kenneth J. Berman § 20:1 Introduction.................................................................. 20-3 § 20:2 What Are Soft Dollars?................................................. 20-3 § 20:3 The Basic Legal Framework: Section 28(e) ................... 20-6 (Broker-Dealer Reg., Rel. #3, 5/13) xci
Page 1 and 2: Table of Contents VOLUME 1 About th
Page 3 and 4: [A] Generally .....................
Page 5 and 6: Table of Contents Chapter 3 Brokers
Page 7 and 8: Table of Contents Chapter 5 Broker-
Page 9 and 10: Table of Contents § 5A:6.2 Exempti
Page 11 and 12: Table of Contents [E] Damages .....
Page 13 and 14: Table of Contents § 6:7.5 Qualific
Page 15 and 16: § 8:3.5 Training..................
Page 17 and 18: § 10:5 Harmonizing the Broker-Deal
Page 19 and 20: Table of Contents § 12:2.7 Use of
Page 21 and 22: § 13:2 Establishment and Maintenan
Page 23 and 24: § 13:4.2 Firm-Initiated Transfers
Page 25 and 26: [B][2] Disclosures Applicable to Mu
Page 27 and 28: Table of Contents [C][2] Financial
Page 29 and 30: § 15:2.3 MSRB Rules ..............
Page 31 and 32: [D][3] SEC v. Materia: Misappropria
Page 33 and 34: § 17:4 SRO Research Rules.........
Page 35 and 36: § 17:6 Global Research Analyst Set
Page 37 and 38: § 18:5.2 Definition of Exchange ..
Page 39: § 18:7.2 Exchange Act Rule 15c3-5
Page 43 and 44: Table of Contents § 20:5.2 The Dut
Page 45 and 46: Table of Contents [D] Introducing B
Page 47 and 48: § 25:3 Understanding the Arrangeme
Page 49 and 50: Table of Contents § 25:17.31 Anti-
Page 51 and 52: Table of Contents § 27:7.1 Disclos
Page 53 and 54: Table of Contents § 28:2.4 Fraudul
Page 55 and 56: [C] Risk Management for Banks......
Page 57 and 58: Table of Contents Chapter 31A SEC a
Page 59 and 60: PART X: Compliance, Examinations, a
Page 61 and 62: Table of Contents § 33:3.8 Where R
Page 63 and 64: [B] Administrative Proceedings.....
Page 65 and 66: § 36:2.2 To What Extent Should the
Page 67 and 68: Table of Contents § 37:4.1 Broker-
Page 69 and 70: Table of Contents § 37B:2.3 Arbitr
Page 71 and 72: § 37C:3.2 Institutional Investment
Page 73 and 74: Table of Contents § 37D:3 Treasury
Page 75 and 76: Table of Contents § 38:6.4 Educati
Page 77 and 78: § 39:5.6 Rule G-34 CUSIP Numbers a
Page 79 and 80: § 40:2.2 Municipal Entity and Obli
Page 81 and 82: Table of Contents [E] Communication
Page 83 and 84: § 42:4.3 Exclusive Benefit Rule...
Page 85 and 86: Table of Contents [C] Underwriting
Page 87 and 88: Table of Contents [D] Implications
Page 89 and 90: § 42C:3.2 Consequences of Breachin
Page 91 and 92:
Table of Contents § 42D:3.3 Applic
Page 93 and 94:
§ 42E:6 Considerations in Connecti
Page 95 and 96:
PART XVI: Special Topics Table of C
Page 97 and 98:
§ 44:4 FINRA Rule 5121 (Public Off
Page 99 and 100:
§ 44:9.3 Procedures Required by Ru
Page 101 and 102:
[B][3] Stabilizing When the Princip
Page 103 and 104:
Chapter 46 U.S. Securities Activiti
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