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Trade Execution Quality

TradeStation strives to deliver fast, reliable order execution. We regularly review speed, execution quality and price improvement for customer orders. As there is no exact statistical measure of execution quality, some of the factors outlined below highlight the key metrics of our process.

Execution Speed
(smaller bars = faster trade execution)

Average time between when your order is routed and the time a fill report is delivered back for market orders, in seconds.

Speed in Seconds

Effective Spread/Quoted Spread
(smaller bars = greater price improvement)

Effective spread over quoted spread (EFQ) is the price paid compared to the midpoint of the National Best Bid and Offer (NBBO) multiplied by two. The quoted spread is the difference between the National Best Bid and Offer at the time of order receipt. EFQ is expressed as a percentage representing how much price improvement an order received at execution.

An EFQ of 100% indicates an order was executed at the bid for a sell order or at the offer for a buy order. Lower ratios indicate executions better than the NBBO and greater savings passed on to the customer.

Effective Quote Spread

Net Price Improvement
(larger bars = more money saved)

Average per-share price improvement minus the amount executed outside NBBO divided by executed shares, multiplied by 100 shares. Total net price improvement by order will vary with order size.

Net PI 

STATISTICS PROVIDED BY S3 Matching Technologies LP: S3 is an independent company and not affiliated with TradeStation Securities Inc. Statistics displayed represent marketable orders for S&P 500 securities with share sizes between 100 to 1,999 shares, excluding pre-opening orders, orders received during locked, crossed, fast markets, and destination outages. Individual destination results deemed to be unusual may be excluded from industry averages.

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