Fined Scottrade Looking Hard at Execution Quality
Traders Magazine, August, 2008 by Peter Chapman
Scottrade is taking best execution seriously these days. The discount brokerage, which was recently fined about $1 million by the Securities and Exchange Commission for lapses in the oversight of its routing practices, informs customers on its website that it conducts a "regular and rigorous review of execution quality" in its trades.
The firm first started informing customers of its policies in August 2006 when it noted the development of its Scottrade Best Execution Index (SBI), used for evaluating execution quality on a stock-by-stock basis.
Scottrade didn't always perform a "regular and rigorous review," according to the SEC, at least in some instances. The regulator fined Scottrade in June for failing to adequately review its executions in pre-opening Nasdaq...
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