RT Journal Article SR Electronic T1 Evolution of Best Execution in the National Market System JF Trading FD Institutional Investor Journals SP 95 OP 97 VO 2002 IS 1 A1 William W. Uchimoto YR 2002 UL http://guides.pm-research.com/content/2002/1/95.abstract AB Many regulatory and securities industry initiatives have dramatically enhanced the opportunity for money managers and their brokers to achieve “best execution.” These initiatives include regulation of alternative trading systems, decimalization, and market center and broker order execution disclosure rules. All these initiatives are grounded in core principles penned over a quarter century ago in the National Market System. Congress had the foresight to create a regulatory structure that refused to define “best execution,” but allowed the concept to evolve to meet progressively higher standards over time. This article reviews the two driving forces of competition and technological innovation, and how they continue to shape best execution policy.