According to the Nasdaq Trader Manual
The duty of “best execution” arises from the common law duty of loyalty owed by a broker to its retail customers. The Securities and Exchange Commission (SEC) has stated that “when an agent acts on behalf of a customer in a transaction, the agent is under a duty to exercise reasonable care to obtain the most advantageous terms for the customer.” … The SEC has stated that, as a general manner, the duty of best execution refers to your duty to seek to
execute your customer’s order in the best available market.
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