# kaal:claim:2715083-015

**Claim.** Best execution is a leading instance of nominal confluence: the obligation is nominally the same, but it is far more complicated and burdensome for the mutual fund manager than for the hedge fund adviser.

**Type.** failure  **Support.** argued

**Holds when.**

- best execution obligations for trades directed to brokers

**Source quote.**

> Best execution obligations are similar but practically different for private and mutual fund advisers. In practice, best execution requirements are far more complicated and burdensome for the mutual fund manager than for the hedge fund adviser.

**From.** Kaal, *Confluence of Mutual and Private Funds* (2016), III. Persistent Differences and Nominal Confluence, page 10

**Cite as.** Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083

**Verify.** sha256 of source PDF `b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Confluence%20of%20Mutual%20and%20Private%20Funds.pdf

**Failure mode.** Best execution burden asymmetry  (family: compliance-cost-and-barrier-to-entry)

**Topics.** compliance

**Keywords.** best-execution, nominal-confluence, compliance-burden, brokerage

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.