- As much as $5.0 billion in opportunity cost or “alpha-at-risk” market-wide is wasted through sub-optimal order routing decisions that may save brokers pennies but cost principals dollars.
- BATS and Direct Edge, automated venues with newer technology, provided superior price quality and a more "balanced" market in certain capitalizations of securities listed at particular exchanges.
- New York Stock Exchange exhibited distinct improvement in handling it's own orders versus previous years. This year's results suggest top-tier price quality and declining information asymmetry. We believe that the exchange is developing it's operating model and infrastructure in such a way as to make it a more 'level' playing field. This positive evolution begins to dispel a less-than-positive anecdotal reputation that has persisted over the years.
- Nasdaq Stock Exchange displayed superior performance in the execution of Exchange Traded Funds.
- Amex-listed securities, perhaps due to their small capitalizations and low percentage of traded share volumes exhibited the best overall trading conditions market-wide when compared to Tape A and C securities.
This 75 page report has 4 tables and 61 figures.