# What Is the Role of a Best Execution Committee in Firm Governance and Oversight? ▴ Question

**Published:** 2025-08-07
**Categories:** Question

---

![A polished Prime RFQ surface frames a glowing blue sphere, symbolizing a deep liquidity pool. Its precision fins suggest algorithmic price discovery and high-fidelity execution within an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-intelligence.jpg)

![A macro view of a precision-engineered metallic component, representing the robust core of an Institutional Grade Prime RFQ. Its intricate Market Microstructure design facilitates Digital Asset Derivatives RFQ Protocols, enabling High-Fidelity Execution and Algorithmic Trading for Block Trades, ensuring Capital Efficiency and Best Execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-core-system-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-advanced-market-microstructure-optimization.jpg)

## Concept

![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

## The Fiduciary Fulcrum

A [Best Execution Committee](https://prime.greeks.live/area/best-execution-committee/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the central governance body within a financial institution responsible for upholding the fiduciary duty to achieve the most favorable terms for a client’s transactions under prevailing market conditions. Its existence and function are a direct manifestation of a firm’s commitment to placing client interests at the forefront of all trading activities. This committee operates as the analytical core and supervisory engine for the entire trade lifecycle, ensuring that execution strategies are not only compliant with regulations like FINRA Rule 5310 and MiFID II but are also systemically sound and demonstrably effective. The committee’s mandate extends beyond a simple review of transaction costs; it encompasses a holistic evaluation of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), considering factors such as price, speed, likelihood of execution, and settlement efficiency.

The establishment of such a committee is a structural response to the complexities of modern financial markets. With a fragmented landscape of trading venues ▴ including regulated markets, multilateral trading facilities (MTFs), and alternative trading systems (ATSs) ▴ the path to optimal execution is rarely linear. The committee provides a formalized, evidence-based framework for navigating this complexity.

It is composed of individuals from various functions within the firm, typically including senior personnel from trading, [compliance](https://prime.greeks.live/area/compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), portfolio management, and research, to ensure a multi-faceted perspective on execution quality. This cross-functional composition allows the committee to analyze trading outcomes with a depth that a single department could not achieve, balancing the need for speed with the imperative of [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and risk management.

![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## A System of Record and Review

The committee’s primary function is to conduct “regular and rigorous” reviews of the firm’s execution practices. This process is systematic and data-driven, relying heavily on [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) and other quantitative reports. These reviews assess the performance of the brokers, venues, and algorithms the firm uses to route client orders. The goal is to identify any deficiencies, address potential conflicts of interest, and continuously refine the firm’s [order routing](https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) policies to adapt to changing market conditions and technologies.

The committee’s work is meticulously documented, creating an auditable trail that demonstrates the firm’s diligence in meeting its [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obligations. This documentation is critical during regulatory examinations and serves as a key piece of evidence that the firm has a robust supervisory system in place.

> The Best Execution Committee serves as the firm’s dedicated oversight body, ensuring that all client transactions are executed in a manner that is demonstrably in their best interest.

This systematic review process is not a static exercise. The committee is responsible for the continuous updating of the firm’s Written Supervisory Procedures (WSPs) and best execution analysis to reflect market and technology changes. For instance, the emergence of a new trading venue or a change in a broker’s execution algorithm would trigger a review and potential modification of the firm’s routing logic. By formalizing this process, the committee transforms best execution from a passive obligation into an active, dynamic discipline, embedding a culture of continuous improvement within the firm’s trading operations.

![Precision metallic mechanism with a central translucent sphere, embodying institutional RFQ protocols for digital asset derivatives. This core represents high-fidelity execution within a Prime RFQ, optimizing price discovery and liquidity aggregation for block trades, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-hub.jpg)

![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## Strategy

![A translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## The Strategic Mandate of the Committee

The strategic importance of the Best [Execution Committee](https://prime.greeks.live/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) lies in its ability to translate regulatory obligations into a competitive advantage. The committee’s work directly impacts a firm’s profitability, client retention, and regulatory standing. A well-functioning committee moves beyond mere compliance to actively enhance execution quality, which in turn can lead to improved portfolio performance and greater client satisfaction.

The strategic framework of the committee is typically outlined in a formal charter that establishes its objectives, authority, and responsibilities. This charter is a critical document that empowers the committee to effect meaningful change within the organization.

A core strategic function of the committee is the development and maintenance of the firm’s [Best Execution Policy](https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This policy articulates the firm’s approach to achieving best execution and discloses its order routing practices to clients. It details the criteria used to select execution venues and brokers, and explains how the firm evaluates the quality of execution. The policy is a living document, subject to regular review and amendment by the committee in response to its findings and changes in the market environment.

The committee also plays a pivotal role in managing conflicts of interest, particularly those related to order routing decisions, such as payments for order flow or the use of affiliated brokers. By providing independent oversight, the committee ensures that these conflicts are identified, disclosed, and managed in a way that prioritizes the client’s interests.

![Abstract, interlocking, translucent components with a central disc, representing a precision-engineered RFQ protocol framework for institutional digital asset derivatives. This symbolizes aggregated liquidity and high-fidelity execution within market microstructure, enabling price discovery and atomic settlement on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/principal-crypto-derivatives-rfq-protocol-execution-system-dynamics.jpg)

## Core Responsibilities and Charter Elements

The committee’s strategic responsibilities are multifaceted and require a structured approach. A typical committee charter will delineate the following core duties:

- **Policy [Governance](https://prime.greeks.live/area/governance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The committee is tasked with the creation, annual review, and updating of the firm’s Best [Execution Policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to ensure it remains relevant and effective.

- **Venue and Broker Analysis** ▴ It conducts systematic reviews of all execution venues, counterparties, and brokers used by the firm. This includes a due diligence process for onboarding new brokers and a regular performance assessment of existing relationships.

- **Performance Monitoring** ▴ The committee analyzes execution data, primarily through [TCA reports](https://prime.greeks.live/area/tca-reports/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), to monitor performance against defined benchmarks and identify opportunities for improvement. This includes reviewing execution quality on a security-by-security and order-by-order basis where appropriate.

- **Reporting and Escalation** ▴ The committee provides regular reports to the firm’s senior management and board of directors on its findings and recommendations. It has the authority to mandate changes to order routing arrangements and supervisory procedures.

![A central, precision-engineered component with teal accents rises from a reflective surface. This embodies a high-fidelity RFQ engine, driving optimal price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-for-price-discovery.jpg)

## Comparative Analysis of Execution Factors

A key strategic task for the committee is to weigh the various factors that contribute to best execution. The determination of “best” is not always about achieving the highest or lowest price; it is about finding the most favorable outcome under the circumstances. The committee must consider a range of qualitative and quantitative factors in its analysis.

### Table 1 ▴ Key Execution Factor Analysis

| Execution Factor | Description | Key Metrics | Strategic Consideration |
| --- | --- | --- | --- |
| Price | The price at which a transaction is executed. | Price Improvement Statistics, Effective/Quoted Spread | Primary consideration for most orders, but must be balanced with other factors. |
| Speed | The time elapsed between order routing and execution. | Order Fill Times (in milliseconds), Latency Measurements | Critical for marketable orders in volatile markets to minimize slippage. |
| Likelihood of Execution | The probability that an order will be filled. | Fill Rates, Order Completion Rates | Important for illiquid securities or large orders where market impact is a concern. |
| Size of Transaction | The number of shares or contracts in the order. | Market Impact Models, Block Liquidity Access | Large orders may require specialized handling to source liquidity and minimize market impact. |
| Settlement | The process of transferring securities and funds after the trade. | Settlement Failure Rates, Counterparty Risk Assessment | Ensures the finality of the transaction and minimizes operational risk. |

![Central polished disc, with contrasting segments, represents Institutional Digital Asset Derivatives Prime RFQ core. A textured rod signifies RFQ Protocol High-Fidelity Execution and Low Latency Market Microstructure data flow to the Quantitative Analysis Engine for Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-system-high-fidelity.jpg)

![Sharp, intersecting elements, two light, two teal, on a reflective disc, centered by a precise mechanism. This visualizes institutional liquidity convergence for multi-leg options strategies in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-block-trade-execution.jpg)

## Execution

![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## The Operational Cadence of the Committee

The execution of the committee’s mandate is a continuous, cyclical process. It is not a one-time assessment but an ongoing operational discipline. The committee typically meets on a quarterly basis, or more frequently depending on the firm’s business model and the volatility of the market.

These meetings are formal proceedings with a set agenda, minutes, and action items. The operational workflow of the committee can be broken down into three distinct phases ▴ data collection and analysis, deliberative review, and implementation of decisions.

> A firm’s commitment to best execution is ultimately demonstrated through the consistent and rigorous operational rhythm of its oversight committee.

In the data collection phase, the compliance or trading support team gathers all relevant information for the committee’s review. This includes comprehensive [TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reports, execution quality statistics from various venues, broker performance scorecards, and reports on any exceptions or rule violations. The analysis of this data is crucial; it must be presented in a way that allows the committee to identify trends, compare performance across different routing options, and pinpoint areas of concern. The deliberative review phase is the core of the committee meeting, where members discuss the findings, challenge assumptions, and debate potential changes to the firm’s execution arrangements.

This is where the diverse expertise of the committee members becomes invaluable. A portfolio manager may offer insights on the [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of a particular routing strategy, while a compliance officer ensures that all decisions are aligned with regulatory requirements.

![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## A Sample Committee Meeting Agenda

The structure of a committee meeting is designed to ensure a comprehensive and efficient review of the firm’s execution practices. The agenda provides a roadmap for the discussion and ensures that all critical areas are covered.

- **Call to Order and Approval of Previous Minutes** ▴ Formal start to the meeting and confirmation of the record from the prior session.

- **Review of Market Conditions and Regulatory Updates** ▴ A summary of significant market structure changes, new technologies, or relevant regulatory developments since the last meeting.

- **Presentation of Transaction Cost Analysis (TCA) Reports** ▴ A deep dive into the quantitative data on execution quality, including performance against benchmarks for different asset classes and order types.

- **Broker and Venue Performance Review** ▴ An assessment of the execution quality provided by the firm’s key brokers and routing venues, including a review of any qualitative feedback from the trading desk.

- **Review of Conflicts of Interest** ▴ An open discussion and review of any potential or actual conflicts of interest related to order routing, including payments for order flow and affiliated relationships.

- **Policy and Procedure Review** ▴ Consideration of any necessary amendments to the firm’s Best Execution Policy or Written Supervisory Procedures based on the findings of the meeting.

- **New Business and Action Items** ▴ Discussion of any other relevant matters and the assignment of specific action items to be completed before the next meeting.

![A precise, multi-layered disk embodies a dynamic Volatility Surface or deep Liquidity Pool for Digital Asset Derivatives. Dual metallic probes symbolize Algorithmic Trading and RFQ protocol inquiries, driving Price Discovery and High-Fidelity Execution of Multi-Leg Spreads within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-mechanism-for-digital-asset-derivatives-price-discovery-and-high-fidelity-execution-via-prime-os.jpg)

## Key Performance Indicators for Execution Quality

The committee relies on a set of Key Performance Indicators (KPIs) to objectively measure and track execution quality over time. These KPIs form the basis of the committee’s quantitative analysis and provide a common language for discussing performance.

### Table 2 ▴ Best Execution KPIs

| KPI Category | Specific Metric | Description |
| --- | --- | --- |
| Price Improvement | Effective/Quoted Spread | Measures the spread captured by the trade relative to the National Best Bid and Offer (NBBO) at the time of order routing. |
| Execution Speed | Average Execution Speed | The average time from order routing to execution for marketable orders. |
| Fill Quality | Order Fill Rate | The percentage of total shares in an order that were successfully executed. |
| Market Impact | Implementation Shortfall | Measures the total cost of execution relative to the price at the time the investment decision was made. |

Following the deliberative review, the committee moves to the implementation phase. This involves formally documenting its decisions, communicating them to the relevant stakeholders, and tracking their implementation. For example, a decision to cease routing orders to a particular broker due to poor performance would be formally minuted, communicated to the head of trading, and the firm’s routing systems would be updated accordingly. The committee’s work is therefore a closed loop, where the outcomes of one review cycle become the inputs for the next, ensuring a process of continuous, data-driven refinement.

![A sleek, multi-component device with a dark blue base and beige bands culminates in a sophisticated top mechanism. This precision instrument symbolizes a Crypto Derivatives OS facilitating RFQ protocol for block trade execution, ensuring high-fidelity execution and atomic settlement for institutional-grade digital asset derivatives across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/advanced-mechanism-for-principal-trading-firm-rfq-protocols-and-high-fidelity-digital-asset-derivatives-execution.jpg)

## References

- Financial Industry Regulatory Authority. (2023). Best Execution. FINRA.org.

- ACA Group. (n.d.). The Importance of Best Execution. HubSpot.

- Janus Henderson Investors. (2021). Best Execution Policy.

- Financial Industry Regulatory Authority. (2015). Regulatory Notice 15-46 ▴ Guidance on Best Execution Obligations.

- Frankenfield, J. (2023). Best Execution Rule ▴ What it is, Requirements and FAQ. Investopedia.

- U.S. Securities and Exchange Commission. (1986). Inspection Report on the Soft Dollar Practices of Broker-Dealers, Investment Advisers and Mutual Funds.

- Madoff, B. L. (2001). Testimony Concerning Market Structure. U.S. House of Representatives Committee on Financial Services.

- Angel, J. J. Harris, L. E. & Spatt, C. S. (2015). Equity Trading in the 21st Century ▴ An Update. Quarterly Journal of Finance.

![A dark, circular metallic platform features a central, polished spherical hub, bisected by a taut green band. This embodies a robust Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing market microstructure for best execution, and mitigating counterparty risk through atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-high-fidelity-execution-across-diverse-market-microstructures.jpg)

## Reflection

![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## From Obligation to Optimization

The existence of a Best Execution Committee fulfills a critical regulatory and fiduciary function. Its processes provide a defensible framework for a firm’s trading activities, grounding them in a repeatable, evidence-based discipline. The data-rich analyses and structured oversight transform the abstract principle of “best execution” into a measurable and manageable operational reality. This machinery is essential for navigating the complexities of modern markets and satisfying the stringent expectations of regulators and clients.

The ultimate potential of this committee, however, is realized when its function evolves beyond a purely supervisory capacity. How does the intelligence gathered within the committee’s quarterly reviews feed back into the firm’s broader strategic thinking? When the insights from TCA reports and venue analysis are used not only to police execution quality but to proactively inform portfolio construction, risk management, and algorithmic strategy, the committee becomes a source of competitive intelligence. The central question for any firm is how to bridge the gap between oversight and optimization, transforming a governance requirement into a dynamic engine for enhancing alpha and delivering superior client outcomes.

![Precision instrument with multi-layered dial, symbolizing price discovery and volatility surface calibration. Its metallic arm signifies an algorithmic trading engine, enabling high-fidelity execution for RFQ block trades, minimizing slippage within an institutional Prime RFQ for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-platform-calibrating-rfq-protocols-for-high-fidelity-execution-and-market-microstructure-optimization.jpg)

## Glossary

<a href="https://prime.greeks.live/area/best-execution-committee/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered central mechanism, with a white rounded component at the nexus of two dark blue interlocking arms, visually represents a robust RFQ Protocol. This system facilitates Aggregated Inquiry and High-Fidelity Execution for Institutional Digital Asset Derivatives, ensuring Optimal Price Discovery and efficient Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/centralized-hub-for-institutional-digital-asset-derivatives-rfq-protocol-aggregated-inquiry-and-optimal-price-discovery.jpg)

## Best Execution Committee

Meaning ▴ The Best Execution Committee functions as a formal governance body within an institutional trading framework, specifically mandated to define, implement, and continuously monitor policies and procedures ensuring optimal trade execution across all asset classes, including institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central reflective hub with radiating metallic rods and layered translucent blades. This visualizes an RFQ protocol engine, symbolizing the Prime RFQ orchestrating multi-dealer liquidity for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-rfq-execution-and-liquidity-management.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic structural component interlocks with two black, dome-shaped modules, each displaying a green data indicator. This signifies a dynamic RFQ protocol within an institutional Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg)

## Price Improvement

Meaning ▴ Price improvement denotes the execution of a trade at a more advantageous price than the prevailing National Best Bid and Offer (NBBO) at the moment of order submission. </a><a href="https://prime.greeks.live/area/compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two off-white elliptical components separated by a dark, central mechanism. This embodies an RFQ protocol for institutional digital asset derivatives, enabling price discovery for block trades, ensuring high-fidelity execution and capital efficiency within a Prime RFQ for dark liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-4.jpg)

## Compliance

Meaning ▴ Compliance, within the context of institutional digital asset derivatives, signifies the rigorous adherence to established regulatory mandates, internal corporate policies, and industry best practices governing financial operations. </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">
![A pristine, dark disc with a central, metallic execution engine spindle. This symbolizes the core of an RFQ protocol for institutional digital asset derivatives, enabling high-fidelity execution and atomic settlement within liquidity pools of a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-microstructure.jpg)

## 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><a href="https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, metallic components with reflective blue surfaces depict an advanced institutional RFQ protocol. Its central pivot and radiating arms symbolize aggregated inquiry for multi-leg spread execution, optimizing order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-microstructure-for-institutional-digital-asset-derivatives.jpg)

## Order Routing

Meaning ▴ Order Routing is the automated process by which a trading order is directed from its origination point to a specific execution venue or liquidity source. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, symmetrical, multi-faceted mechanism with four radiating arms, crafted from polished metallic and translucent blue-green components, represents an institutional-grade RFQ protocol engine. Its intricate design signifies multi-leg spread algorithmic execution for liquidity aggregation, ensuring atomic settlement within crypto derivatives OS market microstructure for prime brokerage clients](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-crypto-derivatives-liquidity-aggregation.jpg)

## 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/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

## Execution Committee

A Best Execution Committee systematically architects superior trading outcomes by quantifying performance against multi-dimensional benchmarks and comparing venues through rigorous, data-driven analysis. </a><a href="https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated metallic mechanism with a central pivoting component and parallel structural elements, indicative of a precision engineered RFQ engine. Polished surfaces and visible fasteners suggest robust algorithmic trading infrastructure for high-fidelity execution and latency optimization](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-mechanism-for-institutional-digital-asset-derivatives-rfq-and-high-fidelity-execution.jpg)

## Best Execution Policy

Meaning ▴ The Best Execution Policy defines the obligation for a broker-dealer or trading firm to execute client orders on terms most favorable to the client. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes in teal, navy, and grey intersect. A central beige object, symbolizing a precise RFQ inquiry, passes through a teal anchor, representing High-Fidelity Execution within Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution-liquidity-aggregation-price-discovery-market-microstructure.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/governance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, metallic, circular mechanism with central spindle and concentric rings embodies a Prime RFQ for Atomic Settlement. A precise black bar, symbolizing High-Fidelity Execution via FIX Protocol, traverses the surface, highlighting Market Microstructure for Digital Asset Derivatives and RFQ inquiries, enabling Capital Efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-1.jpg)

## Governance

Meaning ▴ Governance defines the structured framework of rules, processes, and controls applied to manage and direct an entity or system. </a><a href="https://prime.greeks.live/area/tca-reports/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, sleek, disc-shaped object features a central glossy black sphere with concentric green rings. This precise interface symbolizes an Institutional Digital Asset Derivatives Prime RFQ, optimizing RFQ protocols for high-fidelity execution, atomic settlement, capital efficiency, and best execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-control-system.jpg)

## Tca Reports

Meaning ▴ TCA Reports represent a structured, quantitative analytical framework designed to measure and evaluate the execution quality of trades by comparing realized transaction costs against a predefined benchmark, providing empirical data on implicit and explicit trading expenses within institutional digital asset operations. </a><a href="https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic mechanism with a luminous blue sphere at its core represents a Liquidity Pool within a Crypto Derivatives OS. Surrounding rings symbolize intricate Market Microstructure, facilitating RFQ Protocol and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-protocol-core-mechanism.jpg)

## Tca

Meaning ▴ Transaction Cost Analysis (TCA) represents a quantitative methodology designed to evaluate the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, segmented metallic disk with internal structural elements and reflective surfaces. This visualizes a sophisticated RFQ protocol engine, representing the market microstructure of institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-1.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a>

**Tags:** [Best Execution](https://options.greeks.live/area/best-execution/), [Best Execution Policy](https://options.greeks.live/area/best-execution-policy/), [Execution Policy](https://options.greeks.live/area/execution-policy/), [Fiduciary Duty](https://options.greeks.live/area/fiduciary-duty/), [TCA Reports](https://options.greeks.live/area/tca-reports/), [Implementation Shortfall](https://options.greeks.live/area/implementation-shortfall/)	

## Discover More

- 
### [What Are the Core Responsibilities of a Best Execution Committee Member?](https://options.greeks.live/question/what-are-the-core-responsibilities-of-a-best-execution-committee-member/)
![A complex, multi-layered electronic component with a central connector and fine metallic probes. This represents a critical Prime RFQ module for institutional digital asset derivatives trading, enabling high-fidelity execution of RFQ protocols, price discovery, and atomic settlement for multi-leg spreads with minimal latency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-rfq-engine-driving-best-execution-and-liquidity.jpg)

A Best Execution Committee member's core responsibility is to govern the firm's fiduciary duty through rigorous, data-driven oversight of all trading activities.

- 
### [What Are the Key Differences in Best Execution Requirements between US and European Regulations?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-us-and-european-regulations/)
![Abstract composition featuring transparent liquidity pools and a structured Prime RFQ platform. Crossing elements symbolize algorithmic trading and multi-leg spread execution, visualizing high-fidelity execution within market microstructure for institutional digital asset derivatives via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-precision-engineering-facilitating-high-fidelity-execution-via-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

US best execution demands "reasonable diligence" via review, while the EU's MiFID II mandates "all sufficient steps" in a more prescriptive system.

- 
### [What Are the Key Responsibilities of a Best Execution Committee in Practice?](https://options.greeks.live/question/what-are-the-key-responsibilities-of-a-best-execution-committee-in-practice/)
![A sleek, multi-component device with a dark blue base and beige bands culminates in a sophisticated top mechanism. This precision instrument symbolizes a Crypto Derivatives OS facilitating RFQ protocol for block trade execution, ensuring high-fidelity execution and atomic settlement for institutional-grade digital asset derivatives across diverse liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/08/advanced-mechanism-for-principal-trading-firm-rfq-protocols-and-high-fidelity-digital-asset-derivatives-execution.jpg)

The Best Execution Committee operationalizes a firm's fiduciary duty, systematically translating policy into quantifiable execution quality.

- 
### [What Are the Regulatory Implications of Failing to Adequately Prove Best Execution for Your Order Flow?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-failing-to-adequately-prove-best-execution-for-your-order-flow/)
![A glossy, segmented sphere with a luminous blue 'X' core represents a Principal's Prime RFQ. It highlights multi-dealer RFQ protocols, high-fidelity execution, and atomic settlement for institutional digital asset derivatives, signifying unified liquidity pools, market microstructure, and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-core-for-best-rfq-digital-asset-derivatives-institutional-trade-flow.jpg)

Failing to prove best execution invites severe regulatory penalties, client litigation, and irreparable reputational harm.

- 
### [What Are the Regulatory Requirements for Proving Best Execution When Using Off-Exchange Venues?](https://options.greeks.live/question/what-are-the-regulatory-requirements-for-proving-best-execution-when-using-off-exchange-venues/)
![A sophisticated, multi-component system propels a sleek, teal-colored digital asset derivative trade. The complex internal structure represents a proprietary RFQ protocol engine with liquidity aggregation and price discovery mechanisms. This visualizes high-fidelity execution of Bitcoin options or Ethereum futures, demonstrating capital efficiency and slippage minimization within a market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-engine-for-digital-asset-derivatives-execution.jpg)

Proving best execution in off-exchange venues requires a data-driven system demonstrating superior results against all reasonable alternatives.

- 
### [What Are the Core Responsibilities of a Best Execution Committee?](https://options.greeks.live/question/what-are-the-core-responsibilities-of-a-best-execution-committee/)
![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

A Best Execution Committee is the central governance body that architects and enforces a firm's strategy for achieving optimal trading outcomes for clients.

- 
### [What Are the Primary Differences in Best Execution Obligations between CLOB and RFQ Markets?](https://options.greeks.live/question/what-are-the-primary-differences-in-best-execution-obligations-between-clob-and-rfq-markets/)
![Sleek, dark grey mechanism, pivoted centrally, embodies an RFQ protocol engine for institutional digital asset derivatives. Diagonally intersecting planes of dark, beige, teal symbolize diverse liquidity pools and complex market microstructure. This highlights high-fidelity execution, price discovery, and atomic settlement via Prime RFQ for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-powering-high-fidelity-execution-for-multi-leg-spreads-portfolio-margin-and-atomic-settlement-via-prime-os-for-block-trades.jpg)

CLOB best execution is a quantitative validation against public data; RFQ best execution is a documented, multi-factor judgment of private quotes.

- 
### [What Are the Regulatory Requirements for Ensuring Best Execution with an SOR?](https://options.greeks.live/question/what-are-the-regulatory-requirements-for-ensuring-best-execution-with-an-sor/)
![A polished, abstract geometric form represents a dynamic RFQ Protocol for institutional-grade digital asset derivatives. A central liquidity pool is surrounded by opening market segments, revealing an emerging arm displaying high-fidelity execution data. This signifies algorithmic trading for private quotation and efficient price discovery within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-system.jpg)

A firm must deploy a dynamically calibrated and rigorously monitored Smart Order Router to systematically prove it is achieving the most favorable client outcome.

- 
### [What Is the Role of a Best Execution Committee in Overseeing a Firm’s Compliance Framework?](https://options.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-overseeing-a-firms-compliance-framework/)
![A central, multi-layered cylindrical component rests on a highly reflective surface. This core quantitative analytics engine facilitates high-fidelity execution. The mirrored surface symbolizes a transparent liquidity pool, optimizing market microstructure for institutional digital asset derivatives via robust RFQ protocols. It's a critical element for efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-engine-core-optimization.jpg)

The Best Execution Committee is a firm's governance core, translating regulatory duty into a data-driven system for execution optimization.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Is the Role of a Best Execution Committee in Firm Governance and Oversight?",
            "item": "https://options.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-firm-governance-and-oversight/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-firm-governance-and-oversight/"
    },
    "headline": "What Is the Role of a Best Execution Committee in Firm Governance and Oversight? \u25b4 Question",
    "description": "A Best Execution Committee is a firm's central governance mechanism for the oversight, analysis, and continuous improvement of its trade execution quality. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-firm-governance-and-oversight/",
    "datePublished": "2025-08-07T21:07:39+00:00",
    "dateModified": "2025-08-07T21:07:46+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg",
        "caption": "A dual-toned cylindrical mechanism, with a central transparent aperture revealing complex metallic internal structures. This represents an Institutional Grade engine for Digital Asset Derivatives, processing RFQ inquiries. It facilitates Block Trade and Multi-Leg Spread execution, leveraging Pre-Trade Analytics for Volatility Surface optimization. Critical for Best Execution and Regulatory Compliance, this Prime RFQ element manages Order Book Dynamics and Dark Liquidity via FIX Protocol for efficient Portfolio Margin."
    },
    "keywords": [
        "Alternative Trading System",
        "ATS",
        "Best Execution",
        "Best Execution Committee",
        "Best Execution Policy",
        "Compliance",
        "Execution Policy",
        "Execution Quality",
        "Fiduciary Duty",
        "Financial Industry Regulatory Authority",
        "FINRA Rule 5310",
        "Governance",
        "Implementation Shortfall",
        "Market Impact",
        "Market Microstructure",
        "MiFID II",
        "Order Routing",
        "Price Improvement",
        "TCA",
        "TCA Reports",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-firm-governance-and-oversight/
