Q1 2026 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.

Price improvement

(orders 100-1,999 shares) 1

96.25%

The proportion of trades that are executed at a price better than the National Best Bid and Offer (NBBO) at the time of order routing.

Orders executed at NBBO or better

(orders 100-1,999 shares) 2

99.93%

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 100-1,999 shares) 3

0.007s

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. Price improvement occurs when an order is executed at a price better than the current NBBO. The percentage displayed is for Q1 2026 covered orders executed across the 100-1,999 share bucket.
  2. Shares executed with zero or positive variance over total shares executed. Average “At or Better” percentage stats provided here are for Q1 2026 covered orders executed across the 100-1,999 share bucket.
  3. The latency between when an order is placed and when an order is executed. The speed displayed is for Q1 2026 covered orders executed across the 100-1,999 share bucket.