Specific Instruction refers to a precise, unambiguous directive that outlines a particular action, procedure, or sequence of tasks to be executed. Its fundamental meaning is to eliminate ambiguity and provide clear, detailed guidance for an intended operation or outcome.
Mechanism
The operational mechanism of specific instruction relies on clarity of language, explicit parameters, and detailed step-by-step guidance, leaving no room for subjective interpretation. It often includes conditions under which the instruction applies and the expected results. This mechanism ensures consistent execution and reduces errors in complex or critical processes.
Methodology
The strategic methodology behind specific instruction aims to standardize operations, maintain quality control, and ensure regulatory compliance within technical or procedural systems. It serves to formalize operational knowledge, facilitate training, and provide an auditable record of task performance, thereby enhancing system reliability and accountability.
The Legitimate Reliance Test recalibrates best execution from a uniform process to a dynamic duty, aligning the firm's obligation with the professional client's demonstrated expertise in an RFQ.
A directed order transfers venue selection responsibility to the client, refining the broker's best execution duty to precise, compliant execution at the chosen destination.
A Professional Client can partially waive best execution by providing specific, documented instructions for a trade, for which the firm's obligation is then satisfied.
A professional client can override a firm's best execution policy with a specific instruction, shifting the firm's duty from outcome optimization to precise adherence.
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