# What Are the Key Differences in Documenting Best Execution for Liquid versus Illiquid Bonds? ▴ Question

**Published:** 2025-08-08
**Categories:** Question

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## Concept

The mandate to document [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in [fixed income](https://prime.greeks.live/area/fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) markets operates on a spectrum of complexity, fundamentally dictated by an instrument’s liquidity profile. For a U.S. Treasury, a highly liquid asset, the process is an exercise in capturing and verifying readily available quantitative data. The documentation serves as a transparent record of a trade executed in a market characterized by high-frequency data and tight bid-ask spreads.

The narrative of the trade is told through timestamps, competing quotes, and execution prices benchmarked against a continuous stream of market data. The challenge is one of data management and systematic verification.

Contrast this with the documentation for an unrated municipal bond issued for a niche infrastructure project. Here, the concept of [best execution documentation](https://prime.greeks.live/area/best-execution-documentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) transforms from a quantitative verification task to a qualitative, judgment-based narrative. The market for such a bond may be opaque, with few, if any, recent trades to serve as a benchmark. [Price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) itself is a significant part of the execution process.

Consequently, the documentation must capture the trader’s rationale, the search for liquidity, the selection of counterparties, and the justification for the final [execution price](https://prime.greeks.live/area/execution-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the absence of a clear market consensus. The record is not merely a log of data points; it is a defensible testament to the diligence exercised in an information-scarce environment.

> Documenting best execution for liquid bonds is a process of recording evidence, while for illiquid bonds, it is a process of building a case.

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## The Core Mandate a Universal Principle

At its heart, the best execution obligation, as enforced by bodies like FINRA and the SEC, requires firms to use “[reasonable diligence](https://prime.greeks.live/area/reasonable-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” to ascertain the best market for a security and to buy or sell in that market so that the resulting price to the customer is as favorable as possible under prevailing market conditions. This principle is universal, applying to all asset classes. However, its practical application and the nature of the documentation required to prove compliance diverge dramatically between liquid and [illiquid bonds](https://prime.greeks.live/area/illiquid-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The “reasonable diligence” standard is not a one-size-fits-all checklist; it is a dynamic standard that adapts to the specific facts and circumstances of each trade. 

![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Liquidity as the Defining Variable

The defining variable that shapes the [documentation process](https://prime.greeks.live/area/documentation-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is liquidity. The liquidity of a bond influences every aspect of the trade lifecycle, from pre-trade analysis to the choice of execution venue and the post-trade reporting. For [liquid bonds](https://prime.greeks.live/area/liquid-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the abundance of data and the availability of electronic trading platforms create a relatively straightforward path to documenting best execution. The documentation can be highly automated, relying on data feeds from multiple venues to demonstrate that the executed price was competitive.

For illiquid bonds, the scarcity of data and the reliance on manual, voice-based trading protocols necessitate a more narrative and descriptive form of documentation. The focus shifts from simply recording prices to documenting the process of price discovery. The documentation must tell the story of the trade, explaining the challenges faced and the rationale behind the decisions made. This narrative is crucial for demonstrating to regulators and clients that the firm acted in the best interests of the client, even in the absence of clear quantitative benchmarks.

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## Strategy

Developing a strategic framework for documenting best execution in the bond market requires a bifurcated approach, with distinct methodologies for liquid and illiquid instruments. The strategy for liquid bonds is one of systematic data capture and automated analysis, leveraging technology to monitor and record a high volume of structured data. The goal is to create a comprehensive and auditable trail of execution quality that can be easily benchmarked against market-wide data. This strategy is built on the foundation of transparency and data availability that characterizes liquid markets.

Conversely, the strategy for illiquid bonds is one of proactive, qualitative documentation. It is a more manual and intellectually intensive process that requires traders to articulate their thought process and justify their actions in a market defined by opacity. The strategy must be designed to build a robust, defensible narrative around each trade, demonstrating that the firm exercised due diligence in the face of significant informational challenges. This involves documenting the search for liquidity, the rationale for counterparty selection, and the price discovery process.

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## A Tale of Two Frameworks

The strategic divergence in documenting best execution for liquid versus illiquid bonds can be understood by examining the core components of the documentation framework for each. For liquid bonds, the framework is quantitative and data-driven. For illiquid bonds, it is qualitative and process-driven.

The following table illustrates the key strategic differences in the documentation frameworks for liquid and illiquid bonds:

### Table 1 ▴ Strategic Documentation Frameworks

| Documentation Component | Liquid Bonds Strategy | Illiquid Bonds Strategy |
| --- | --- | --- |
| Pre-Trade Analysis | Automated screening of multiple electronic venues and data sources (e.g. TRACE, composite pricing feeds). Documentation focuses on capturing a snapshot of the market at the time of the order. | Manual, in-depth market sounding. Documentation includes notes from conversations with dealers, a record of failed inquiries, and an assessment of the potential for market impact. |
| Execution Venue Selection | Documentation of the rationale for choosing a specific electronic platform (e.g. based on historical execution quality data). Often automated through smart order routing logic. | Detailed justification for the selection of a limited number of counterparties for an RFQ or for a single-dealer negotiation. Documentation must explain why other venues were not suitable. |
| Price Discovery | Documentation consists of a record of competing quotes received electronically. The focus is on the number and competitiveness of the quotes. | Narrative description of the price discovery process, including the trader’s assessment of the fairness of the price based on available information (e.g. comparable bonds, recent news). |
| Post-Trade Analysis | Automated transaction cost analysis (TCA) comparing the execution price to various benchmarks (e.g. VWAP, arrival price). Documentation is typically a standardized report. | Qualitative review of the execution, often involving a discussion between the trader and a compliance officer. Documentation is a narrative summary of this review. |

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## The Role of Technology

Technology plays a crucial role in both strategies, but its application differs significantly. For liquid bonds, technology is used to automate the entire documentation process, from data capture to analysis and reporting. This allows firms to handle a high volume of trades efficiently and consistently.

For illiquid bonds, technology is more of a supporting tool. It can be used to log notes from conversations, track inquiries, and store documentation, but it cannot replace the human judgment and expertise required to navigate opaque markets.

> For liquid bonds, technology is the engine of documentation; for illiquid bonds, it is the scribe.

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## Regulatory Considerations

The regulatory framework, particularly rules like FINRA’s Rule 5310 and the MSRB’s Rule G-18, accommodates the differences between liquid and illiquid markets. These rules are principles-based, requiring “reasonable diligence” rather than prescribing a rigid set of documentation requirements. This flexibility is essential for the illiquid bond market, where a one-size-fits-all approach would be impractical.

However, this flexibility also places a greater burden on firms to develop and articulate a clear and consistent documentation strategy for illiquid instruments. The firm’s policies and procedures must explicitly address how they will handle trades in securities with limited pricing information and how they will document their compliance.

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## Execution

The execution of a best execution documentation policy represents the tangible manifestation of a firm’s commitment to this regulatory and fiduciary duty. The operational protocols for liquid and illiquid bonds are fundamentally different, reflecting the distinct market structures and data environments in which these instruments trade. The execution of documentation for liquid bonds is a high-volume, data-intensive process, while for illiquid bonds, it is a high-touch, judgment-intensive process.

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## Operational Protocols for Liquid Bonds

For liquid bonds, such as on-the-run U.S. Treasuries or highly traded corporate bonds, the documentation process is deeply integrated into the electronic trading workflow. The following is a breakdown of the typical operational protocol:

- **Order Inception** ▴ The portfolio manager’s order is electronically transmitted to the trading desk, automatically capturing the order’s key parameters (e.g. security, size, side, limit price).

- **Pre-Trade Snapshot** ▴ The order management system (OMS) automatically captures a pre-trade snapshot of the market from multiple data feeds. This includes the best bid and offer (BBO) from various electronic platforms, recent trade data from TRACE, and composite pricing from data vendors.

- **Execution** ▴ The trader uses a smart order router (SOR) or an execution management system (EMS) to access multiple sources of liquidity simultaneously. The system’s logic for routing the order is itself a key piece of documentation. For an RFQ, the system will send the request to multiple dealers and record all responses.

- **Post-Trade Capture** ▴ Upon execution, the system automatically captures the execution price, time, counterparty, and venue. This information is then compared against the pre-trade snapshot to calculate various [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) metrics.

The documentation for a liquid bond trade is thus a comprehensive, time-stamped electronic record that provides a clear and verifiable audit trail. The following table details the specific data points typically captured:

### Table 2 ▴ Documentation Data Points for Liquid Bonds

| Data Point | Description | Source |
| --- | --- | --- |
| Order Timestamp | The precise time the order was received by the trading desk. | OMS |
| Pre-Trade BBO | The best bid and offer available across all connected electronic venues at the time of the order. | EMS/Data Feeds |
| Number of Quotes | The number of dealers that responded to the RFQ. | EMS |
| All Quotes Received | A complete record of all bid and offer prices received from dealers. | EMS |
| Execution Timestamp | The precise time of the execution. | Trading Venue |
| Execution Price | The final price at which the trade was executed. | Trading Venue |
| TCA Metrics | Calculations such as spread capture, price variance from arrival, and comparison to VWAP. | TCA System |

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## Operational Protocols for Illiquid Bonds

For illiquid bonds, the documentation process is far more manual and narrative-driven. The focus is on capturing the trader’s expertise and the diligence of their search for liquidity. The following is a breakdown of the typical operational protocol:

- **Initial Assessment** ▴ The trader conducts an initial assessment of the bond’s liquidity, which may involve checking for any recent TRACE prints (which may be stale), looking for indicative quotes on dealer runs, and consulting internal records of past trades in the same or similar securities. This assessment is documented in a free-text field in the OMS.

- **Market Sounding** ▴ The trader will contact a select group of dealers who are known to have an axe in the security or sector. These conversations are often conducted over the phone or via chat. The trader must document the key points of these conversations, including any price talk, the dealer’s level of interest, and any color on market conditions.

- **Counterparty Selection** ▴ The trader documents the rationale for selecting the counterparties to include in a formal RFQ. This may be based on the market sounding, historical trading relationships, or the dealer’s perceived expertise in a particular type of bond.

- **Execution and Justification** ▴ Upon execution, the trader writes a narrative summary of the trade. This summary explains why the final price was considered fair and reasonable in light of the prevailing market conditions and the limited liquidity. It will reference the conversations with dealers, any available data points, and the trader’s overall assessment of the market.

> The documentation for an illiquid bond is less of a data file and more of a trader’s logbook.

The documentation for an illiquid bond trade is a qualitative record that demonstrates the firm’s process for achieving best execution in a challenging environment. It is designed to withstand regulatory scrutiny by showing that the firm was thoughtful, diligent, and acted in the client’s best interest.

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## References

- The Investment Association. “FIXED INCOME BEST EXECUTION ▴ NOT JUST A NUMBER.” 2018.

- Securities and Exchange Commission. “Regulation Best Execution.” Federal Register, Vol. 88, No. 18, 27 Jan. 2023, pp. 5636-5749.

- Municipal Securities Rulemaking Board. “Best Execution ▴ The Investor’s Perspective.” MSRB, 2016.

- Association Française de la Gestion Financière. “Best Execution.” AFG, 2003.

- Financial Industry Regulatory Authority. “Regulatory Notice 15-46 ▴ Guidance on Best Execution Obligations in Equity, Options and Fixed Income Markets.” FINRA, Nov. 2015.

- Keim, Donald B. and Ananth N. Madhavan. “The costs of institutional equity trades.” Financial Analysts Journal, vol. 54, no. 4, 1998, pp. 50-69.

- Harris, Lawrence. “Trading and exchanges ▴ Market microstructure for practitioners.” Oxford University Press, 2003.

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## Reflection

![A precision mechanism with a central circular core and a linear element extending to a sharp tip, encased in translucent material. This symbolizes an institutional RFQ protocol's market microstructure, enabling high-fidelity execution and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Beyond the Checklist

The distinction between documenting best execution for liquid and illiquid bonds transcends a simple procedural dichotomy. It reflects a fundamental difference in the nature of information and the role of human expertise in financial markets. For liquid instruments, the system of documentation is an exercise in data integrity and algorithmic verification. The challenge is to build a robust architecture capable of capturing, processing, and analyzing a vast and continuous stream of data.

For illiquid instruments, the system is one of intellectual integrity and narrative justification. The challenge is to cultivate a culture of diligence and to create a framework that allows traders to articulate their professional judgment in a clear, consistent, and defensible manner. The documentation becomes a record of the firm’s intellectual capital in action.

As you refine your own firm’s operational framework, consider how it accommodates both of these realities. Does your system empower your traders to not only execute trades but also to tell the story of those trades, particularly the ones that require the most skill and judgment to complete?

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## Glossary

<a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Fixed Income

Meaning ▴ Fixed Income refers to a class of financial instruments characterized by regular, predetermined payments to the investor over a specified period, typically culminating in the return of principal at maturity. </a><a href="https://prime.greeks.live/area/best-execution-documentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Best Execution Documentation

Meaning ▴ Best Execution Documentation constitutes the verifiable record of an institution's adherence to its best execution policy, encompassing pre-trade analysis, real-time decision-making, and post-trade validation. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><a href="https://prime.greeks.live/area/execution-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Execution Price

Meaning ▴ The Execution Price represents the definitive, realized price at which a specific order or trade leg is completed within a financial market system. </a><a href="https://prime.greeks.live/area/reasonable-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Reasonable Diligence

Meaning ▴ Reasonable Diligence denotes the systematic and prudent level of investigation and care an institutional participant is expected to undertake to identify, assess, and mitigate risks associated with financial transactions, market participants, and operational processes within the digital asset ecosystem. </a><a href="https://prime.greeks.live/area/illiquid-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Illiquid Bonds

Meaning ▴ Illiquid bonds are debt instruments not readily convertible to cash at fair market value due to insufficient trading activity or limited market depth. </a><a href="https://prime.greeks.live/area/documentation-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Documentation Process

Meaning ▴ The Documentation Process defines the formalized methodology for capturing, organizing, and maintaining all critical information pertaining to the design, implementation, operation, and evolution of systems and protocols within the institutional digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/liquid-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Liquid Bonds

Meaning ▴ Liquid Bonds represent highly fungible, debt-like digital instruments engineered for institutional capital deployment within decentralized finance and digital asset markets. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [FINRA Rule 5310](https://options.greeks.live/area/finra-rule-5310/), [Liquid Bonds](https://options.greeks.live/area/liquid-bonds/), [Execution Price](https://options.greeks.live/area/execution-price/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Regulatory Compliance](https://options.greeks.live/area/regulatory-compliance/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/)	

## Discover More

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### [What Are the Key Differences in Best Execution for Liquid versus Illiquid Bonds?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-for-liquid-versus-illiquid-bonds/)
![A chrome cross-shaped central processing unit rests on a textured surface, symbolizing a Principal's institutional grade execution engine. It integrates multi-leg options strategies and RFQ protocols, leveraging real-time order book dynamics for optimal price discovery in digital asset derivatives, minimizing slippage and maximizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-execution-digital-asset-derivatives-hub.jpg)

Best execution in bonds is a tale of two markets: optimizing against visible data for liquids versus discovering hidden liquidity for illiquids.

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![A central processing core with intersecting, transparent structures revealing intricate internal components and blue data flows. This symbolizes an institutional digital asset derivatives platform's Prime RFQ, orchestrating high-fidelity execution, managing aggregated RFQ inquiries, and ensuring atomic settlement within dynamic market microstructure, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-facilitating-high-fidelity-rfq-protocol-optimization-for-best-execution-and-atomic-settlement.jpg)

Best execution analysis shifts from quantitative optimization for liquid equities to qualitative investigation for illiquid bonds.

- 
### [How Does a Firm Prove Best Execution for a Bond with No Recent Trades?](https://options.greeks.live/question/how-does-a-firm-prove-best-execution-for-a-bond-with-no-recent-trades/)
![Diagonal composition of sleek metallic infrastructure with a bright green data stream alongside a multi-toned teal geometric block. This visualizes High-Fidelity Execution for Digital Asset Derivatives, facilitating RFQ Price Discovery within deep Liquidity Pools, critical for institutional Block Trades and Multi-Leg Spreads on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-optimization-leveraging-proprietary-institutional-prime-os-for-optimal-price-discovery-and-latency-reduction.jpg)

A firm proves best execution for an illiquid bond by architecting a defensible, documented process of price discovery.

- 
### [How Do Firms Quantify Best Execution for Illiquid Instruments?](https://options.greeks.live/question/how-do-firms-quantify-best-execution-for-illiquid-instruments/)
![Two semi-transparent, curved elements, one blueish, one greenish, are centrally connected, symbolizing dynamic institutional RFQ protocols. This configuration suggests aggregated liquidity pools and multi-leg spread constructions. The precision illustrates high-fidelity execution within a Principal's operational framework, optimizing price discovery for digital asset derivatives, navigating complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-engine.jpg)

Quantifying best execution for illiquids is a process of validating the integrity of price discovery, not measuring against an absent benchmark.

- 
### [What Are the Core Differences between MiFID II and FINRA Best Execution Rules for RFQs?](https://options.greeks.live/question/what-are-the-core-differences-between-mifid-ii-and-finra-best-execution-rules-for-rfqs/)
![Internal components of a Prime RFQ execution engine, with modular beige units, precise metallic mechanisms, and complex data wiring. This infrastructure supports high-fidelity execution for institutional digital asset derivatives, facilitating advanced RFQ protocols, optimal liquidity aggregation, multi-leg spread trading, and efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-institutional-digital-asset-options.jpg)

MiFID II demands data-driven proof of "all sufficient steps," while FINRA requires procedural "reasonable diligence."

- 
### [What Are the Key Regulatory Differences between Equity and Fixed Income Best Execution?](https://options.greeks.live/question/what-are-the-key-regulatory-differences-between-equity-and-fixed-income-best-execution/)
![A central blue structural hub, emblematic of a robust Prime RFQ, extends four metallic and illuminated green arms. These represent diverse liquidity streams and multi-leg spread strategies for high-fidelity digital asset derivatives execution, leveraging advanced RFQ protocols for optimal price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-platform.jpg)

The key regulatory difference is applying a single best execution standard to two markets: one quantitative and benchmark-driven (equities), the other qualitative and process-driven (fixed income).

- 
### [How Do Firms Evidence Best Execution for Illiquid Instruments with Few Available Counterparties?](https://options.greeks.live/question/how-do-firms-evidence-best-execution-for-illiquid-instruments-with-few-available-counterparties/)
![Polished metallic surface with a central intricate mechanism, representing a high-fidelity market microstructure engine. Two sleek probes symbolize bilateral RFQ protocols for precise price discovery and atomic settlement of institutional digital asset derivatives on a Prime RFQ, ensuring best execution for Bitcoin Options.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-engine-core-market-microstructure-intelligence-layer.jpg)

Firms evidence best execution for illiquid assets by systematically documenting a rigorous, diligent search for liquidity and justifying the chosen execution path.

- 
### [How Does the Use of Evaluated Pricing Affect the Defensibility of a Best Execution Report?](https://options.greeks.live/question/how-does-the-use-of-evaluated-pricing-affect-the-defensibility-of-a-best-execution-report/)
![Abstract geometric design illustrating a central RFQ aggregation hub for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution via smart order routing across dark pools. Modular elements represent atomic settlement and capital efficiency within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-architecture.jpg)

Evaluated pricing provides a critical, independent benchmark that transforms best execution reporting from subjective justification to data-driven defense.

- 
### [How Is Best Execution Measured and Documented in an Electronic Rfq Process?](https://options.greeks.live/question/how-is-best-execution-measured-and-documented-in-an-electronic-rfq-process/)
![A precision-engineered device with a blue lens. It symbolizes a Prime RFQ module for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols. It optimizes price discovery, managing counterparty risk for block trades and latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-engine.jpg)

Best execution in an electronic RFQ is measured by systematically documenting and analyzing all competing quotes against the final execution terms.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-in-documenting-best-execution-for-liquid-versus-illiquid-bonds/
