Execution Quality in the NYSE Market

Celent will help qualify your requirements and introduce you to the vendor
Spotted a missing vendor? Use this form to alert a vendor to the Celent service
Create a vendor selection project & run comparison reports
Register to access this feature
Click to express your interest in this report
Indication of coverage against your requirements
Vendor requires PRO subscription to activate this feature
Requires research subscription, contact Celent for more info
20 March 2014
Anshuman Jaswal


The share of electronic order books (EOBs) has grown since the last survey in September 2013. It is currently at 59% as compared to 56% earlier. The share of specialists/designated market-makers (DMMs) has remained at 33%, while market-makers have seen their share decline to 7% from the earlier 10%.

In a new report Execution Quality in the NYSE Market, Celent analyzes over 16 billion orders over the period of October 1, 2013 to December 31, 2013. In total, the report by Anshuman Jaswal, Senior Analyst with Celent’s Securities & Investments group, measures and ranks 140 market participants according to their execution speed and prices obtained for incoming orders.

BATS Exchange, NYSE Arca, and BATS Y-Exchange are the market centers that are performing well with regard to both execution speed and price improvement. Barclays ATS, Knight Capital (KCG), and Citadel Derivatives are some of the other leading performers.

The overall ranking for electronic order books in NYSE is shown in Table 1. The leading EOBs in terms of price improvement are Barclays ATS, NYSE Arca, and BATS Exchange. Comparing the speed of execution, the leading centers are BATS Y-Exchange, NYSE Arca, and BATS Exchange, followed by Nasdaq MC and Nasdaq BX. Overall across the two categories of price and speed, the NYSE Arca and the two BATS Exchanges seem to be the better performers among the major EOBs.

Comparing the market-makers in Table 2 for price improvement, Bank of America Merrill Lynch, Pershing, and Citadel Securities are the leading firms. For the average speed of execution, Credit Suisse, Citadel Derivatives, and E*Trade CMES are the top performers.

When it comes to the specialists/DMMs, Barclays Capital, Goldman Sachs, and Knight Capital are the leading performers with regard to price improvement, as illustrated in Table 3. Similarly, Goldman Sachs, Knight Capital, and Barclays Capital are the best-performing firms for the average speed of execution.

Insight details

Content Type
Report Type
Asia-Pacific, EMEA, LATAM, North America