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February 2024 Execution Quality

We strive to provide our clients with the best executions possible on every trade, every day.

Quality by the numbers

Average savings (orders 5000-9999 shares) ¹

$87.37

The average savings where an order is executed at a price lower than the best offer for a buy order or higher than the best bid for a sell order. Higher savings indicate better execution quality.

Orders executed at NBBO or better (orders 2000-4999 shares) ²

99.87%

The proportion of trades that are executed at the desired price or better. A higher percentage indicates the trader gets favorable fills, minimal slippage, and better overall trading outcomes.

Average execution speed (orders 2000-4999 shares) ³

0.003s

The latency between when an order is placed and when the order is executed. Speed enhances efficiency and responsiveness in a dynamic market environment.

Our execution standards

Speed

Every millisecond counts, and with limited shares on offer it is important to be first (and fast). Greater speeds mean we’re able to execute the vast majority of customer orders at NBBO or better, ensuring the best available price.

Routing Optimization

We maintain relationships with numerous market makers, and through a rigorous review process, have developed a routing system that directs the majority of orders to those market makers who have historically provided the most desirable execution.

Price Improvement

Our team regularly evaluates critical factors that can yield price improvement opportunities. Filling an order at a price better than NBBO translates into savings, and those savings are passed on to your clients.

Calculated as price improvement per share x number of executed shares divided by number of executed orders. Average saving per order and "At or Better" percentage stats provided here are for all NMS Listed Securities.
Shares executed with zero or positive variance over total shares executed. Average saving per order and "At or Better" percentage stats provided here are for all NMS Listed Securities.
The latency between when an order is placed and when an order is executed. The speed displayed is for S&P 500 stocks.