When the benchmark becomes the rule

The proposal to rescind the trade-through rule would remove the mechanical test at the center of equity routing. What remains is best execution — and the benchmarks and records that have to prove it.

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From the Primer

Lesson 01 · order

Where an order begins

Tracing the order from the decision to trade to the point it reaches the market, and the data it creates along the way.

Lesson 02 · order

The order record and its identifiers

The identifiers that name an order — firm, instrument, order, and decision — and the reporting that depends on them.

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