Execution Quality
The E*TRADE from Morgan Stanley Best Execution Advantage
We work with multiple market centers for end-to-end control over orders in an effort to provide the highest speed and quality of execution. No specific statistic defines a quality execution. Therefore, E*TRADE dedicates a team to regular, rigorous reviews to find the right blend of execution price, speed, and price improvement. We utilize advanced order routing technology to seek the best execution available in the market.
| Execution quality indicator for market orders and marketable limit orders | S&P 500 performance 100-9,999 shares March 2024 |
Non-S&P 500 performance 100-9,999 shares March 2024 |
|---|---|---|
| At or better than NBBO A measure of the percentage of orders executed at or better than the National Best Bid or Offer (NBBO). This measures how frequently your order is filled at or better than the NBBO you see at the time you entered it, even if your order is bigger than the displayed size. |
95.96% | 96.01% |
| Price improvement percentage A measure of the percentage of shares executed at a price better than the NBBO. |
86.75% | 80.53% |
| Execution speed Average time between when your order is routed to an execution venue to the time a fill report is reported back to us for market orders. |
0.17 seconds | 0.18 seconds |
| Price improvement amount This is the average amount of net price improvement per order, calculated as: Price improved dollars minus amount executed outside the NBBO divided by number of orders executed. |
$9.91 | $5.16 |
| Effective/quoted spread Effective spread is the price you paid compared to the midpoint of the NBBO multiplied by two. The quoted spread is the difference between the National Bid and Offer at time of order receipt. Effective spread over quoted spread (EFQ) results in a percentage representing how much price improvement an order received. 100% EFQ indicates an order was executed at bid for a sell order or at offer for a buy order. A 0% EFQ indicates that the order received the midpoint between the bid and offer. |
45.02% | 59.28% |
SOURCE: STATISTICS PROVIDED BY S3 MATCHING TECHNOLOGIES S3 is an independent company and not affiliated with E*TRADE. Statistics displayed represent market orders and marketable limit orders with share sizes between 100 to 9,999 shares, excluding pre-opening orders, orders received during locked, crossed, or fast markets, and destination outages. Individual destination results deemed to be unusual by S3 may be excluded from Industry Averages. Further details provided upon request.