Q1 2025 Execution Quality

Quality by the numbers

We strive to provide our clients with the best execution possible on every trade, every day – and we’ve got the numbers to prove it.

Average savings

(orders 2,000-4,999 shares) 1

$61.95

The average savings where an order is executed at a
price lower than the best offer for a buy order or
higher than the best bid for a sell order. Higher savings
indicate better execution quality.

Orders executed at
NBBO or better

(orders 2,000-4,999 shares) 2

99.42%

The proportion of trades that are executed at the
desired price or better. A higher percentage indicates
the trader gets favorable fills, minimal slippage, and
better overall trading outcomes.

Average execution
speed

(orders 2,000-4,999 shares) 3

0.002s

The latency between when an order is placed and
when the order is executed. Speed enhances
efficiency and responsiveness in a dynamic market
environment.

Our keys to
execution quality.

Speed

Every millisecond counts, and with limited shares on offer it’s important to be first. Greater speeds mean we’re able to execute the vast majority of customer orders at NBBO or better, ensuring the best available price.

Routing Optimization

We maintain relationships with numerous market makers, and through a rigorous review process, have developed a routing system that directs the majority of orders to those market makers who have historically provided the most desirable execution.

Price Improvement

Our team regularly evaluates critical factors that can yield price improvement opportunities. Filling an order at a price better than NBBO translates to savings, and those savings are passed on to your clients.

  1. Calculated as price improvement per share x number of executed shares divided by number of executed orders. Average saving per order and “At or Better” percentage stats provided here are for March 2025 market orders in S&P 500 stocks.
  2. Shares executed with zero or positive variance over total shares executed. Average saving per order and “At or Better” percentage stats provided here are for Q1 2025 market orders in S&P 500 stocks.
  3. The latency between when an order is placed and when an order is executed.  The speed displayed is for Q1 2025 market orders S&P 500 stocks.