NYFIX has ranked first for NYSE execution quality based on price in the annual study of US trade executions published by consultants Celent. The rankings are based on 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 of 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 continues.
The NYSE execution quality rankings are based on the effective-over-quoted spread and speed achieved by market centers 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).