AIMR proposed that money managers establish a "trade management process to quantify their total trading costs. While the proposed guidelines call for firms to establish a process to quantify trading costs over time, they do not recommend a single measurement basis for best execution on a trade-by-trade basis.
The guidelines also recommend that managers disclose their order-routing practices and conflicts of interest, and maintain certain trade-related records.
The Association for Investment Management and Research is seeking comments on the proposed guidelines by Feb. 12. The proposal is published on AIMRs website, www.aimr.org.