Execution Quality in the Nasdaq Market

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28 June 2007


New York, NY, USA June 28, 2007

An extensive study from Celent compares and ranks execution venues for Nasdaq stocks.

In a study that analyzes data for over 5 billion orders and over 240 billion shares, Celent compares and ranks the leading market centers. According to the report, , in terms of the overall ranking, Liquidnet achieved the best prices, followed by Instinet and then Nasdaq MC, which was not far behind. BATS Trading was found to be the fastest execution venue.

Among major market makers, Knight took the top position for both price and speed. Knight displaced Citadel, which held these positions during Celent's last study.

In the overall ranking for major electronic order books, Nasdaq MC was first for price, and BATS Trading was found to be the fastest execution venue. Nasdaq MC fared much better in this report and things are considerably faster when compared to Celent's 2006 study. It appears that the teething pain associated with integrating Nasdaq's three separate platforms has been overcome, says Octavio Marenzi, CEO of Celent and author of the report.

Overall Ranking of Market Centers

Price Rank Market CenterSpeed Rank

Market Center

1 Liquidnet 1

BATS Trading


Goldman Sachs

3Nasdaq MC3



Nasdaq MC

5Citadel Derivatives4


Source: Celent analysis

Ranking Major Electronic Order Books

Price Rank Major Electronic Order Book

Speed Rank

Major Electronic Order Book

1 Nasdaq MC 1



Nasdaq MC



4Track ECN4

Direct Edge

5Direct Edge5


6 Tradebook 6 Track ECN

Source: Celent analysis

Ranking Major Market Makers

A table of contents is available online. The 32-page report contains 21 charts and eight tables.

This report is the latest Celent report in a series of studies analyzing market centers' execution quality. Prior to this report, the most recent studies in the series were published in February 2007:

  • Execution Quality in the NYSE Market
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 for more information.
Price Rank Major Market Maker Speed Rank

Major Market Maker

1 Knight 1


2 Citadel 2


3 ATD 3


4 UBS 4


5 E*Trade 5


6 Citigroup 6 Citigroup

Source: Celent analysis