Execution Quality in the Nasdaq Market

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
21 February 2007

Abstract

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.

Subscription required

Access to this content requires a Celent research subscription.

Subscribers should sign in to access this research.

Insight details

Content Type
Reports
Location
Asia-Pacific, EMEA, LATAM, North America