An apparatus and method for improving the efficiency with which speculative critical sections are executed within a transactional memory architecture. For example, a method in accordance with one embodiment comprises: waiting to execute a speculative critical section of program code until a lock is freed by a current transaction; responsively executing the speculative critical section to completion upon detecting that the lock has been freed, regardless of whether the lock is held by another transaction during the execution of the speculative critical section; once execution of the speculative critical section is complete, determining whether the lock is taken; and if the lock is not taken, then committing the speculative critical section and, if the lock is taken, then aborting the speculative critical section.