RT Journal Article
SR Electronic
T1 Hello Hybrid, Goodbye Price Improvement!
JF The Journal of Trading
FD Institutional Investor Journals
SP 97
OP 101
DO 10.3905/jot.2007.682144
VO 2
IS 2
A1 Leslie Boni
A1 Michael Rosen
YR 2007
UL https://pm-research.com/content/2/2/97.abstract
AB Early empirical evidence for market orders executed at the NYSE indicates a reduced probability of receiving price improvement when the orders are for stocks on the activated Hybrid list. Results are for market orders of 100 to 999 shares. Price improvement statistics at the NYSE in Hybrid mode are similar to those obtained for NYSE-listed stocks executed at ECNs during the same period. They are substantially lower however than for orders executed through non-NYSE electronic market makers.TOPICS: Fundamental equity analysis, exchanges/markets/clearinghouses, performance measurement