  We delve into the intricate world of share buy-backs, a strategic corporate
capital allocation tool that has gained significant prominence over the past
few decades. Despite being the subject of extensive research and debate, the
execution phase of these transactions remains an underexplored area. This lack
of research into the execution phase is surprising, especially when compared to
the extensive literature on other capital allocation decisions, such as
acquisition pricing. We aim to shed light on the execution practices of share
buy-backs, highlighting challenges and opportunities that arise and presenting
a comparative analysis with other aspects of capital allocation. From an
outsider's perspective, this paper analyses the seemingly disparate practices
and aims to uncover the "dark arts" of execution. The intention is to assist
corporations, investors, and regulators in better understanding the intricacies
of executing share buy-backs, emphasizing the need for a cost-efficient and
regulatory compliant service for corporations trading their own listed
securities. We question the seemingly disproportionate fees charged to
corporations for similar or even inferior outcomes, compared to retail and
institutional investors. We illustrate potential inefficiencies and frictional
costs in the current execution phase. The examples highlight the need for
greater transparency and fairness in share buy-back executions, advocating for
more equitable processes that benefit all stakeholders in the capital markets
ecosystem. With the surge in regulatory attention and political pressure fueled
by the rising prominence of buy-backs and evolving ESG considerations, it is
crucial that we enhance understanding of this key area. This paper seeks to
foster dialogue and encourage transparency, thus promoting the efficient use of
resources in capital markets, and ultimately, benefiting shareholders.
