Definition
Under UMIR 5.1 and CIRO Rule 3600 series, dealers must use reasonable efforts to achieve best execution for client orders. Best execution considers price, speed, certainty of execution, and overall transaction cost — not just the lowest price for a buy or highest for a sell. Best Price (UMIR 5.2) is a separate, stricter rule that applies to certain protected orders.
Source
UMIR 5.1; CIRO IDPC Rule 3600 series; NI 23-101
Where this shows up on the CIRE
- Outcome 8.1