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How on Earth can an asset manager use ESG metrics in deciding whether what trading counter-parties to use? Don’t they have a legal duty to only choose best execution?https://www.risk.net/derivatives/7916601/buy-side-traders-start-to-cool-on-esg-deficient-dealers …
Not everyone is onboarded with every potential counterparty. You could onboard with only the ESG-friendly ones and choose the best price from among them.
Or — even if onboarded, when I send an RFQ the software only lets me choose 6-12 dealers to send it to. So I get quotes only from the ESG-friendly dealers, and choose best price from among them.
Sure, I can see how one could do it. But isnt the very issue that seeking quotes only from ESG-friendly dealers is a bit iffy?
so points remains…potentially not best price then?
The regs require you to take “all reasonable steps” to obtain best execution, and explicitly allow you to take into account “any relevant consideration” when deciding what best execution means (not just price). They don’t say you need to onboard every possible executing broker.
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