It is a client-focused fiduciary agency principle designed to give the client the best result. According to the CSA, these four broad elements encompass more specific considerations such as order size, reliability of quotes, liquidity, market impact and opportunity costs.8 ATS availability arguably makes best execution more challenging: dealers now have a choice of venues on which they can execute trades, with each venue providing a unique combination of price, speed, certainty of execution and overall cost. Instead of being able to achieve best execution by simply identifying the best-priced order on a single marketplace, dealers must be able to access multiple marketplaces to