美国券商之最佳执行原则及其启示

就美国证券领域而言，反映最佳执行原则的实体规则广泛分布在美国证券法律、法规和自律规则中。虽然最佳执行原则可以有多元的法理解释框架，但在具体界定何谓最佳执行的标准问题上，美国实务界也承认难以对其给出一个准确的回答。因此，在证券交易实践中，有关各方更多地通过对证券交易市场形式规则的设计来间接保障投资者交易指令在既有市场结构中的最佳执行，从而为最佳执行的标准问题从程序法的角度提供一个较为可靠与灵活的答案。最佳执行原则也为我国证券市场的制度设计和证券公司的行为规范提供了有益的启示与借鉴。

The Best Execution Principles of the U. S Broker-dealer and its Enlightenment

Best Execution principle is the embodiment of the loyal duty in the phase of entrusted execution of broker-dealer.The substantive rules of best execution are distributed widely in the statutes,administrative rules and SRO rules.Despite multiple jurisprudential frameworks related to the explanation of best execution,the very concrete standards of best execution are in anyway hard to define.Therefore,in practice,the best execution is mostly guaranteed indirectly by the design of procedural rules for the securities transaction,which will guard the interest of the general public to the best.This way will also offer an answer to the problem of suitable standard of best execution in alternative view.Best Execution principle will be a good enlightenment and reference for Chinese securities market institutional design and securities company conduct rules drafting.