NYFIX, an electronic trading technology and execution services provider,
ranked first for New York Stock Exchange execution quality based on price in an annual study recently published by Celent, an independent research and analysis firm for the securities industry.
The rankings represent data collected from September 2006 to November 2006 from SEC-mandated execution quality reports submitted by 179 total market participants. Data from more than 3.1 billion orders for almost 1.6 trillion shares is represented in the rankings.
“This report demonstrates that NYFIX is making good on its commitment to optimise the trading operations of its clients,” says Brian Carr, CEO, NYFIX Millennium.
“As the industry’s fastest growing pool of non-displayed liquidity, NYFIX Millennium greatly increases our clients’ ability to obtain price improvement, both via conditional orders that rest in Millennium and through pass-through orders that check Millennium for a match on the way to another liquidity source or trading destination,” he adds.
Since the beginning of 2007, volumes in NYFIX Millennium have risen consistently and numerous daily volume records have been broken. The most recent record day in NYFIX Millennium occurred on March 22nd when 68,390,752 shares were matched. For 2007 year to date, the average daily matched volume in NYFIX Millennium has exceeded 40 million shares.
The NYSE execution quality rankings are based on the effective-over-quoted spread and speed achieved by market centres for a large variety of different segments, according to information provided by Celent. Orders were categorised into a number of different segments using a variety of criteria, including order type (market or marketable limit), size (small or large), as well as the liquidity segment (15 most active, 100 most active, mid-active and least active). In addition to the top spot in the overall price rankings among NYSE issues, NYFIX ranked number one in terms of the 15 most active NYSE issues.