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ARTICLE · 07 DECEMBER 2015

MSRB's Execution Guidance Under Rule G-18: Forward With Flexibility

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The Municipal Securities Rulemaking Board ("MSRB") recently released its best execution guidance under MSRB Rule G-18 (the "Rule" or "Rule G-18").

United StatesCorporate/Commercial Law
Adam Parker
Adam Parker
Dee Wisor
Dee Wisor
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The Municipal Securities Rulemaking Board ("MSRB") recently released its best execution guidance under MSRB Rule G-18 (the "Rule" or "Rule G-18"). The Rule will be effective as of March 21, 2016. The Rule provides: "The best-execution rule requires brokers, dealers and municipal securities dealers to use reasonable diligence to ascertain the best market for the subject security and buy or sell in that market so that the resultant price to the customer is as favorable as possible under prevailing market conditions." You can find the full text of Rule G-18 here and MSRB's guidance on implementation here. This post provides a summary of the rule and offers a few observations about its impact going forward.

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