Traditionally, the best man gives the first toast to the wedding couple after the receiving line and the introduction of the wedding party and before the meal commences. The best man should stand but the bride and groom and the rest of the guests should be seated for this toast. Be sure every guest has been offered a glass of champagne or an alternate beverage before handing over the microphone to the best man.
Afterward, the groom should stand and thank his best man and then offer a toast to his bride and both sets of parents. Then the bride may offer a toast to her groom and the hosts of the reception (traditionally her parents).
Sometimes the maid of honor would also like to offer a toast to the new couple, although she is not required to do so. Other toasts or speeches that follow include ones by the parents of both bride and groom and other relatives or special friends.
Be welcoming to the toasters, but keep the time for toasts and speeches to a minimum. Your guests are no doubt hungry and anxious to get on with the party.
The hosts of the reception should be the last to speak. They should thank everyone for coming and give a nod to the bride and groom. They might also introduce the clergy member if he or she will give a blessing before the meal.
Excerpt from: The Pocket Idiot’s guide to Wedding Etiquette – Contemporary advice for today’s bridal party; Robyn S. Passante