[Verse 1]
When brokers handle client trades, the law demands they seek
The finest price and fastest fill, no shortcuts or technique
That favors their own bottom line above the client's gain
Best execution's not a choice, it's regulatory chain
[Chorus]
Price, speed, likelihood complete
Market impact, cost compete
PRICE-SPEED-LIKE-MARKET-COST
Five factors or your license lost
Best execution, serve them right
Every trade must pass this test tonight
[Verse 2]
Market makers quote their spreads while dark pools hide their size
Electronic networks flash their rates before your eyes
The broker weighs each venue's strength, compares what each can bring
Not just the cheapest ticket fare, but total cost of trading
[Chorus]
Price, speed, likelihood complete
Market impact, cost compete
PRICE-SPEED-LIKE-MARKET-COST
Five factors or your license lost
Best execution, serve them right
Every trade must pass this test tonight
[Bridge]
Document decisions made, keep records crystal clean
Compliance officers review each trading machine
Regular assessments of where orders flow
Prove to regulators that you're protecting those you owe
[Verse 3]
Large blocks need careful handling, small orders need quick fills
Liquid stocks trade differently than those on distant hills
The same security might route to different floors
Based on order size and type, the best path through these doors
[Chorus]
Price, speed, likelihood complete
Market impact, cost compete
PRICE-SPEED-LIKE-MARKET-COST
Five factors or your license lost
Best execution, serve them right
Every trade must pass this test tonight
[Outro]
Fiduciary duty calls, put clients first in line
Best execution obligations, cross every T and dot each I