Best execution

COBS 11.2A says the factors are price, costs, speed, likelihood of execution and settlement, size, nature, and any other relevant consideration. For a retail client the best result is judged on total consideration: the price of the instrument plus the costs directly related to execution, including venue, clearing and third-party fees. A specific instruction from the client satisfies the duty only for the part of the order the instruction covers. For an OTC product, including a bespoke one, the firm must check that the price is fair, using market data and, where possible, comparable products. The duty is not a promise that every fill is the best price that existed anywhere. COBS 11.2A does not apply to a spread bet that is not a financial instrument, where the firm has not made a personal recommendation.