Fidessa's Steve Grob on the similarities with the best execution mandate in Mifid and shopping for baked beans.
Imagine I ask you to go to the shops and buy me something
simple – let’s say 5 tins of beans. You
go to the local shops, return with the goods and I pay you for
them, together with a tip to compensate you for your efforts.
If you do a good job in terms of price and getting all 5 tins
quickly, then I might well ask you to do my shopping on a
regular basis. But if I discover that you did a poor job and
paid over the odds, I won’t ask you again and
I’ll suggest to my friends that they
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