The Case for a Best Execution Principle in Cross-border Payments
The Case for a Best Execution Principle in Cross-border Payments by Dirk Zetzsche (University of Luxembourg), Ross Buckley (University of New South Wales), Douglas Arner (University of Hong Kong), Maria Lucia Passador (Harvard University) :: SSRN
Cross-border payments suffer from a lack of speed and transparency and limited access, resulting in higher overall costs than domestic payments. This paper analyses how the best execution principle developed in the context of securities and derivatives could be applied to cross-border payments. Under that principle, financial institutions are legally required to provide the most advantageous order execution in terms of speed, risks and costs for their customers given the prevailing market environment.