1Encouraging State public pension fund fiduciaries to support
2protection of all pension fund members by embracing new
3technology capable of uncovering National Best Bid and Offer
4violations through forensic analysis.

5WHEREAS, National Best Bid and Offer (NBBO) is a Securities
6and Exchange Commission (SEC) regulation requiring brokers to
7guarantee customers the best available ask price when buying
8securities and best available bid price when selling; and

9WHEREAS, The SEC has stated that 7.5% of all stock shares
10have NBBO violations; and

11WHEREAS, Nationally, there has been over $20 billion in
12documented cases of NBBO stock trade thru violations between
132008 and 2013; and

14WHEREAS, Technology has been developed that is capable of
15performing a forensic analysis of every stock trade and
16execution for possible NBBO stock trade thru violations; and

17WHEREAS, NBBO violations uncovered through forensic analysis
18are fully recoverable; and

1WHEREAS, The Commonwealth's public pension systems are not
2currently engaging in forensic trade thru examinations which
3would identify all transactions where best execution was not
4received; and

5WHEREAS, State pension fiduciaries need to do everything
6possible from a technological standpoint to ensure that the
7Commonwealth's public pension systems are achieving the highest
8possible returns; therefore be it

9RESOLVED, That the House of Representatives recognize that
10the Commonwealth's public pension systems are not currently
11engaging in forensic trade thru examinations which would
12identify all transactions where best execution was not received;
13and be it further

14RESOLVED, That the House of Representatives encourage State
15public pension fund fiduciaries to support the protection of all
16pension fund members and embrace new technology that can uncover
17these violated trades through forensic analysis.