Best Execution Review overview

Analyzes execution quality against MiFID II and Reg NMS best-execution benchmarks — measuring implementation shortfall versus arrival price, VWAP, and TWAP benchmarks, evaluating venue selection and smart order routing effectiveness, analyzing broker algorithm performance with per-broker scorecards, reviewing execution costs across explicit (commissions, exchange fees) and implicit (spread, market impact) components, assessing order handling and routing practices for conflicts of interest, and preparing best-execution policy compliance documentation. Produces best-execution review reports, broker ranking tables, and regulatory compliance attestations. Excludes execution algorithm development and order routing infrastructure changes.