11:20 AM
Celent Updates the Execution Quality Rankings of the NYSE and Nasdaq Exchanges
Industry analyst Celent (Boston) recently released its update on the execution quality of the NYSE and Nasdaq exchanges. In past related reports, Celent graded major market centers on each exchange in terms of execution speed and price improvement. In its latest report, the analyst firm adopted the standard market practice of measuring the effective-over-quoted spread, which has resulted in a shake-up of its rankings.
On the NYSE, NYFIX took the top pricing spot away from E*Trade, which held it in the May 2006 report. Citigroup, which was not listed on the previous speed rankings, topped the list as the fastest market center on the NYSE.
Newcomer BATS Trading skyrocketed from last (30th) to first in the price rankings on Nasdaq. Meanwhile, UBS Securities and Bear Stearns, which formerly were ranked first and third, respectively, fell to ninth and 11th, respectively.
Data for the rankings was collected from September 2006 through November 2006, and comes from SEC-mandated execution quality reports submitted by 179 total market participants. Data from more than 3.1 billion orders for almost 1.6 trillion shares are represented. <<<