The archive
The home page carries the latest essay and the two before it. The complete run lives here, newest first — across market structure, surveillance, transaction reporting, best execution, and settlement.
European regulators have repealed the reports firms once used to disclose best execution. This traces what replaced them, how the American and British models compare, and whether the duty itself has actually grown more subjective.
The proposal to rescind the trade-through rule removes the mechanical test at the center of equity routing. What remains is best execution, measured against benchmarks and shown through the record.