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Execution Statistics |
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Execution PriceThe following monthly statistics on execution price reflect the percent of shares executed at or within the National Best Bid or Offer (NBBO). The NBBO is a consolidated quote representing the highest bid and lowest offer for a given security across all exchanges and/or market makers. It is updated continuously during market hours.
Executions represent SEC Rule 605 eligible market orders between 100-1,999 shares executed as agent through 3rd party market makers and listed exchanges and as principal by National Financial Services affiliated desks. Analysis includes only those exchanges or market makers receiving at least 2% of Fidelity Brokerage Services, LLC monthly Nasdaq and Listed share volume. Source: TTA (Thompson Transaction Analytics) Price ImprovementThe following monthly statistics on price improvement reflect the percentage of shares executed at prices better than the prevailing National Best Bid or Offer (NBBO), i.e., either below the best offer for buys or above the best bid for sells.
Executions represent SEC Rule 605 eligible market orders between 100-1,999 shares executed as agent through 3rd party market makers and listed exchanges, and as principal by National Financial Services affiliated desks. Analysis includes only those exchanges or market makers receiving at least 2% of Fidelity Brokerage Services, LLC monthly Nasdaq and Listed share volume. Source: TTA (Thompson Transaction Analytics) Execution SpeedThe following statistics on execution speed show the elapsed time between the time Fidelity receives an order and the time of execution.
Executions represent SEC Rule 605 eligible market orders between 100-1,999 shares executed as agent through 3rd party market makers and listed exchanges and as principal by National Financial Services affiliated desks. Analysis includes only those exchanges or market makers receiving at least 2% of Fidelity Brokerage Services, LLC monthly Nasdaq and Listed share volume. Source: TTA (Thompson Transaction Analytics) Effective SpreadThe following statistics on Effective Spread show monthly changes in the ratio between Effective Spread and the Average Quoted Spread.
Executions represent SEC Rule 605 eligible market orders between 100-1,999 shares executed as agent through 3rd party market makers and listed exchanges and as principal by National Financial Services affiliated desks. Analysis includes only those exchanges or market makers receiving at least 2% of Fidelity Brokerage Services, LLC monthly Nasdaq and Listed share volume. Source: TTA (Thompson Transaction Analytics) What is Effective Spread?Effective Spread measures the distance from the midpoint of the market at the time when your order is entered to the execution price you receive. This value is doubled to capture the whole bid/offer spread. For example: A stock is quoted with a bid of $10.00 and an ask of $10.04 at the time your order is entered. The quoted spread is $0.04. The midpoint price is $10.02 and your buy order is executed at $10.03. The difference between the midpoint ($10.02) and your execution price ($10.03) is $.01. This value is doubled, so the effective spread on your order is $.02. The lower the effective spread value, the better.
Effective Spread calculates how much above the midpoint price you paid on a buy order and how much below the midpoint price you received on a sell order. |
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