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An Introduction to Trading in the Financial Markets: Global Markets, Risk, Compliance, and Regulation by R. Tee Williams

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Step 2: Buy-Side Order Management

Buy-side order management is the process of deciding when, where, and how much of orders from portfolio managers to execute in an effort to minimize the transaction cost required to complete an order (see Figure 5.2). In some cases, it is not possible to complete an order, and a portion of the order must be canceled.

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Figure 5.2 Buy-side order management is the process of deciding where, when, and how much of each order to execute in an effort to complete the order under the obligations of best execution.

Professional management firms are under obligation to achieve best execution for the beneficial owner of ...

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