IIROC Reports Best Execution Survey Results

On March 28, 2014, IIROC released a notice (14-0082) summarizing the results of an online survey on the issue of best execution of its members engaged in secondary market trading of listed securities. The survey was conducted between December 2012 and February 2013.

"Best execution" is defined under National Instrument 23-101 as the "most advantageous execution terms reasonably available under the circumstances", and the NI 23-101 obligation is to use "reasonable efforts" to achieve best execution. For IIROC regulated dealers, the obligation as set out in Rule 5.1 of the Universal Market Integrity Rules (UMIR) is to "diligently pursue the execution of each client order on the most advantageous execution terms reasonably available under the circumstances."