The MSRB adopted clarifying amendments to the Implementation Guidance on MSRB Rule G-18 ("Best Execution").
The MSRB stated that the amendments are intended to provide clarification regarding the "number-of-markets-checked factor". The MSRB noted that the amendments are not intended to modify Rule G-18 or alter any of its requirements.
The amendments also clarify that a dealer is not required to "put a bid-wanted out with multiple fixed income alternative trading systems ("ATSs") or broker's brokers . . . or become a subscriber to every ATS to meet its best execution obligations." In addition, the amendments highlight that a single ATS or broker's broker can supply exposure to several dealers, each of which constitutes a "market," pursuant to Rule G-18.
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