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Execution Quality in the NYSE Listed Market

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26 May 2006

Abstract

Boston, MA, USA May 26, 2006

Execution Quality in the NYSE Market

An extensive study from Celent compares and ranks execution venues for NYSE 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, E*Trade was ranked first, while Madoff offered the fastest execution times.

Price Ranking Speed Ranking
1 E*Trade 1 Madoff
2 NYFIX 2 National Financial Services
3 Automated Trading Desk 3 NYFIX
4 National Financial Services 4 E*Trade
5= UBS Securities 5 Trimark
Madoff
Source: Celent

According to Octavio Marenzi, CEO of Celent and author of the study, "Interestingly, the market centers who offered the best prices also tended to execute trades most rapidly. Unlike the Nasdaq markets, where the fastest execution venues tended to offer worse prices, there is no such tradeoff in the NYSE market."

Amongst NYSE specialists, the study found that Performance Specialist Group and Van der Moolen were the two market centers that offered the best price performance. A notable difference in execution quality was noticed among specialists, with wide differences in terms of prices obtained and speed.

A table of contents is available online. The 37-page report contains 22 charts and five tables.

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