Best Execution Review and Documentation Worksheet

Documents periodic review of execution quality, broker selection, and trade routing to support best execution oversight and regulatory documentation.

Submission Notice and Review Scope

• Review period start date
• Review period end date
• Review frequency
• Scope of review
• Primary basis for this review
• Review notes
  Summarize the objective of the review and any constraints, such as asset class coverage or data limitations.

Reviewer and Governance

• Reviewer name
• Reviewer title or role
• Department
• Additional participants or approvers
  List names and roles only if needed for the audit trail.
• Any conflicts of interest disclosed?
• Conflict details
  Describe the conflict and any mitigation steps taken.

Execution Quality Assessment

• Price improvement assessed
• Execution speed assessed
• Fill rate assessed
• Market impact assessed
• Execution quality summary
  Summarize the data reviewed, trends observed, and whether execution quality met expectations.
• Benchmark or comparison method used

Broker and Venue Review

• Brokers reviewed
• Venues reviewed
• Routing rationale
  Explain why the selected broker or venue remained appropriate based on execution quality, cost, and service considerations.
• Did broker selection change during the review period?
• Broker change details
  Describe the change, effective date, and reason for the decision.
• Any venue or broker concerns identified?

Exceptions, Corrective Actions, and Follow-Up

• Exceptions summary
  Summarize any outliers, failed trades, routing issues, or other exceptions.
• Corrective actions
  List actions to address issues, including policy updates, broker discussions, or monitoring changes.
• Follow-up owner
• Follow-up due date
• Next scheduled review date

Audit Trail and Attestation

• Supporting documents
  Attach reports, broker scorecards, or analysis files used in the review.
• Data sources used
  Identify the systems, reports, or datasets used for the review.
• Attestation