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Execution Quality in the NYSE Market

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21 February 2007

Abstract

Boston, MA, USA February 21, 2007

An extensive study from Celent compares and ranks execution venues for NYSE stocks.

In a study that analyzes data for over 3 billion orders and over 200 billion shares, Celent compares and ranks the leading market centers. In terms of prices achieved for incoming orders, Van der Moolen was ranked first among NYSE specialists, while E*Trade ranked highest among major market makers.

According to Octavio Marenzi, author of the study, "in general, NYSE specialists dominated in terms of their market share, but were slower and less likely to provide good prices than market makers."

Price Rank NYSE Specialist
1 Van der Moolen
2 La Branche
3 PSG
Source: Celent analysis

Figure 1: Frequency of Price Improvement by Type of Market Center

A table of contents is available online. The 36-page report contains 23 charts and eight tables.

Members of Celent's Institutional Securities & Investments and Retail Securities & Investments research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.
Price Rank Major Market Maker
1 E*Trade
2 Citadel Derivatives
3 Automated Trading Desk
Source: Celent analysis
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