Report On The Comparison Of Order Executions Across Equity Market Structures

Topics:
Equity,
Quantitative Analysis
Tags:
Equity,
Execution,
Finance,
Financial Services,
Investment,
Report,
Sales,
Sales Force Management,
Security
Source:
U.S. Securities and Exchange Commission

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Overview: This Report on the Comparison of Order Executions Across Equity Market Structures, prepared by the Commission's Office of Economic Analysis, is part of the Commission's ongoing inquiry into market fragmentation and its possible effects on the quality of execution of investor orders in the National Market System. The Report considers whether order executions differ in markets with differing levels of fragmentation and customer order interaction. It compares the executions of customer orders in securities listed on Nasdaq (a relatively fragmented, primarily dealer market structure) to the executions of customer orders in NYSE-listed securities that are routed to the NYSE (a primarily agency/auction market center that handles approximately 80% of trading volume in these securities). The Report uses customer order data, which has only recently come available for Nasdaq securities. This enables accurate calculation of effective and realized spreads and order execution speeds, and also allows separate analysis of different types of orders.

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Format: HTML | Date: Jan 2001


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