Boston, MA, USA February 21, 2007
An extensive study from Celent compares and ranks execution venues for Nasdaq stocks.
In a study that analyzes data for over 3 billion orders and over 200 billion shares, Celent compares and ranks the leading market centers. In terms of prices achieved for incoming orders, Nasdaq Q (Inet) was the ECN that provided the best prices, while BATS was the fastest of any execution venue. ranked first among NYSE specialists, while E*Trade ranked highest among major market makers.
| Price Rank | Major ECN | Speed Rank | Major ECN | |
| 1 | Nasdaq Q | 1 | BATS | |
| 2 | Inet | 2 | Nasdaq MC | |
| 3 | Brut | 3 | Brut | |
| Source: Celent analysis | ||||
According to Octavio Marenzi, author of the study, "among major market makers Citadel Derivatives Group stood out as being both fastest and offering the best prices."
| Price Rank | Major Market Maker | Speed Rank | Major Market Maker | |
| 1 | Citadel Derivatives Group | 1 | Citadel Derivatives Group | |
| 2 | E*Trade | 2 | UBS | |
| 3 | Automated Trading Desk | 3 | Knight | |
| Source: Celent analysis | ||||
Figure 1: Volume, Speed, and Price for Leading Market Centers
A table of contents is available online. The 34-page report contains 21 charts and seven tables.
Members of Celent's Institutional Securities & Investments and Retail Securities & Investments research services can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.