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Trade Execution Quality

The proprietary TradeStation Network is designed to ensure reliable, lightning-fast, best execution for individual and institutional clients alike.

Speed
(smaller bars = faster trade execution)

The monthly statistics on speed represent the share-weighted average time between order receipt (also called arrival time) and execution time for all shares filled (not just for the first fill ).

Graph 1

Price Improvement Per Share
(larger bars is more money saved)

The monthly statistics on price improvement per share reflect the share-weighted average amount of price improvement received, in cents) per share price improved.  Price Improvement occurs when your order, or a portion of your order, is executed at a price, or prices, superior to the prevailing National Best Bid or Offer (NBBO).  For buys, filled at a price lower than the Best Ask, and for sells, filled at a price higher than the Best Bid.

Graph 2

Net Price Improvement Per Share
(larger bars is more money saved)

The monthly statistics on net price improvement per share reflect the share-weighted average amount of price improvement received, in cents) per share filled.  Price Improvement occurs when your order, or a portion of your order, is executed at a price, or prices, superior to the prevailing National Best Bid or Offer (NBBO).  For buys, filled at a price lower than the Best Ask, and for sells, filled at a price higher than the Best Bid.

Graph 3

Effective/Quoted Ratio
(smaller bars is more money saved)

The monthly statistics on Effective/Quoted Ratio reflect the ratio between the average effective spread and the average quoted spread.  The Effective Spread measures the share-weighted average of double the distance from the midpoint of the market at the time when your order is entered to the execution price you receive. The quoted spread represents the share-weighted average spread of the prevailing National Best Bid or Offer (NBBO) for every share filled.  The ratio basically represents the average of the percent of the spread that was effectively experienced on the fills versus the National Best Bid or Offer (NBBO).  For example, an Effective/Quoted Ratio of 75% would represent that the fill prices received were consistent with fills expected for a spread of only 75% of the width of the actual National Best Bid or Offer (NBBO). 

Graph 4

Notes: Statistics provided by Transaction Auditing Group (TAG). TAG is an independent, 3rd party vendor, and is not affiliated with TradeStation Securities, Inc. Statistics last updated August 2013 and are based on customer market orders for Nasdaq listed stocks for 100-499 shares for respective stated time periods. Industry statistics are compiled and derived by TAG from publically available SEC Rule 605 disclosure data. TradeStation execution quality and industry performance statistics are based upon TAG’s provided Rule 605 comparison tool. The data does not include pre-market or after-hours orders or orders received during locked or crossed market. Individual destination results deemed to be unusual may be excluded from industry averages. Further details provided upon request.

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