An extensive new study Execution Quality in the NYSE Market from Celent, a Boston-based financial research and consulting firm, compares and ranks execution venues for NYSE stocks.
* Voluminous amounts of data were collected from December 2007 through February 2008, representing over 15.9 billion orders. Within Celent’s methodology, two basic factors are considered: the speed of execution and the prices achieved.
* Nasdaq MC achieved the best prices and the fastest speed, beating out ArcaEx for the title of fastest major electronic order book in Celent’s study.
* ATD achieved the best prices for client orders, while Knight executes incoming orders at the fastest rate.
* With Susquehanna dropping its services and Van der Moolen being bought by Lehman Brothers, there has been a shakeup in the speed and price rankings for the NYSE exchange specialists. This time around, Wagner Stott Bear has the best prices among the exchange specialists, while La Branche’s data reveals it to be the quickest in executing incoming orders.