The obligation of member firms to transact deals at best price and as soon as is reasonably practicable.
Brokers are advised to take reasonable care to find out the price which is the best available for their customers.
The act of achieving the most advantageous price for a transaction of a particular type and size. The duty is always owed to private customers as well as to non-private customers unless they have waived this right.
Best Execution refers to the obligation of an investment services firm (such as a stock broker) executing orders on behalf of customers to ensure that the prices those orders receive reflect the optimal mix of price improvement, speed and likelihood of execution. Brokers with customer orders are obligated to send orders to venues with the optimal "best execution stats."