Execution Quality in the Nasdaq Market
AbstractBoston, MA, USA May 24, 2006
An extensive study from Celent compares and ranks execution venues for Nasdaq stocks.
In a study that analyzes data for almost 2 billion orders and almost 200 billion shares, Celent compares and ranks the leading market centers. In terms of prices achieved for incoming orders, UBS Securities was ranked first, while Brut offered the fastest execution times.
|Price Ranking||Speed Ranking|
|4||Automated Trading Desk||4||Direct Edge ECN|
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of ContentsBoston, MA, USA May 24, 2006
|Data Used in Report||5|
|Caveats About Data||6|
|Measuring Execution Quality||8|
|Overview Of Market Data||11|
|Frequency of Price Improvement||19|
|Net Price Improvement Per Share||23|
|Net Price Improvement as a Percentage of Share Price||27|
|Comparison And Ranking||30|
|Objectivity & Methodology||33|