ConceptIntermediate
Execution Policy
A formal document describing how a broker handles order routing, price formation, priority logic, and conflict-of-interest mitigation.
Last updated: February 1, 2026
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Regulators require brokers to document how they handle client orders.
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The execution policy describes order routing logic, venue selection criteria, and conflict management.
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It specifies the factors considered for best execution: price, speed, likelihood of execution, cost, and settlement.
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The policy must be reviewed and updated periodically.
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Clients must be able to access the policy before opening an account.