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02:11 PM
Leslie Kramer
Leslie Kramer
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Study Says NYFIX Millennium Trade Executions Shows Reduction in Market Impact

Research conducted by Quantitative Services Group, a provider of equity analytics, has confirmed that executions through its alternative trading system, NYFIX Millennium, exhibit lower cumulative price impact compared to a broad universe of trade execution venues, according to NYFIX, a provider of solutions that optimize trading efficiency. Specifically, QSG's research revealed that Millennium reduced market impact costs across a number of market sectors ranging from large-cap to micro-cap stocks.

Further, the study showed that stocks characterized by earnings or price momentum, which are typically more difficult to trade on traditional exchanges, saw significantly lower relative cumulative impacts costs when executed through NYFIX Millennium. Dark pools such as NYFIX Millennium are designed to achieve better executions than those available on traditional exchanges by minimizing information leakage. The QSG research confirms that NYFIX Millennium reduces market impact, as compared to other available trading venues, thereby enabling NYFIX clients to optimize their trading strategies and realize best execution.

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