証券会社の最良執行義務と投資家コミュニケーション
Securities Brokers’ Duty of Best Execution and Investor Communications
野村誠二 (東京富士大学大学院）
Seiji Nomura （Graduate School of Tokyo Fuji University）
Abstract
The communication between securities firms（companies）and individual investors is often a problem in an increasingly IT-oriented society and economy. This study analyzes the problem of communications between securities firms and individual investors using a questionnaire survey.
The purpose of this study is to analyze whether the best way to implement the “Duty of Best Execution”（the obligation of securities firms to execute customers’ orders on the best terms）is properly explained and understood by individual investors. The “Best Execution Policy” based on the“Duty of Best Execution” should also be a risk management policy for securities firms and investors to minimize the risks involved in orders for stocks and other securities. Moreover, the investor or corporate communication in securities transactions in Japan may be influenced by the trust relationship between the securities firms and the investors.
As described above, the“Duty of Best Execution”or the“Best Execution Policy”is linked to a variety of communication problems, which will be analyzed, and recommendations for their improvement will be made based on the survey conducted through an internet research firm. In doing so, the Author incorporates the theory of Critical Discourse Analysis as well.