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 "@id": "https://wulfkaal.github.io/entities/best-execution",
 "identifier": "kaal:entity:best-execution",
 "name": "Best execution",
 "termCode": "best-execution",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": 5
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   "value": [
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2337268-036",
   "identifier": "kaal:claim:2337268-036",
   "text": "Because investment advisers owe a duty to obtain best execution for customer orders, they ought to evaluate the executions carried out on their clients' behalf on a periodic basis.",
   "abstract": "investment advisers are subject to a duty to obtain the best execution for customer orders,103 investment advisers ought to periodically evaluate the executions on behalf of their clients.",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "advisers placing or directing client orders"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2715083-015",
   "identifier": "kaal:claim:2715083-015",
   "text": "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.",
   "abstract": "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.",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "best execution obligations for trades directed to brokers"
   ],
   "source_pdf_sha256": "b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-019",
   "identifier": "kaal:claim:2998033-019",
   "text": "Recording all fund transactions in the public blockchain lets an adviser demonstrate compliance with its best execution obligations and locate and audit past trades, converting a compliance burden into an automatic byproduct of trading.",
   "abstract": "Moreover, by recording all transactions in the public blockchain, LendingRobot is able to comply with its best execution obligations as well as locate and audit past trades.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "illustrated by LendingRobot's blockchain secured automated hedge fund"
   ],
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   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3409548-036",
   "identifier": "kaal:claim:3409548-036",
   "text": "Recording all transactions in the public blockchain is what lets LendingRobot comply with its best execution obligations, making the public ledger a compliance instrument and not only an investment record.",
   "abstract": "Moreover, by recording all transactions in the public blockchain, LendingRobot is able to comply with its best execution",
   "citation": "Kaal, Financial Technology and Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3409548",
   "datePublished": "2019",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "funds writing executed trades to a public ledger"
   ],
   "source_pdf_sha256": "74227ab2656b06bfe4a29c942fc2ba26df9f476917e0a9f85ec038b8c3402c40",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-019",
   "identifier": "kaal:claim:3411110-019",
   "text": "A blockchain based offering routed through a single broker produces a specific cluster of risks, including limited price discovery, no market making and therefore less liquidity, constrained short selling, impaired best execution, and no print to a tape or national exchange.",
   "abstract": "Several additional risks are associated with the limited trading and associated limited material liquidity that results from a blockchain-based offering involving only one broker.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "offering structures with only one authorized broker-dealer",
    "single non-scalable ATS"
   ],
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  }
 ],
 "description": "5 claims in the published works of Wulf A. Kaal carry the concept tag 'best-execution'. Derived node: a roster, not an adjudicated definition."
}