The following monthly statistics on price improvement reflect the percentage of shares executed at prices better than the prevailing National Best Bid or Offer (NBBO), i.e., either below the best offer for buys or above the best bid for sells.
 

Month	Overall Listed	Overall NASDAQ
December 2007	50.4%	55.7%
November 2007	48.5%	51.8%
October 2007	45.2%	47.9%
September 2007	44.4%	45.8%
August 2007	43.1%	41.9%
July 2007	38.6%	36.2%
Executions represent market orders with share sizes between 100-4,999 shares excluding pre-opening orders, executed as agent through 3rd party Nasdaq Market Makers and Listed Specialists, and as principal by National Financial Services Market Makers. Analysis includes only those exchanges or Market Makers receiving at least 5% of Fidelity Brokerage Services, LLC monthly Nasdaq and Listed share volume. Source: TTA (Thompson Transaction Analytics)

Back to top