A new study published by Celent, a Boston-based financial research and consulting firm, compares and ranks execution venues for Nasdaq stocks.
Nasdaq MC achieved the best prices, while ArcaEx came first in terms of execution speed. The BATS ECN, which was the fastest during Celents last review, displayed significantly slower execution speeds during their latest study.
Automated Trading Desk (ATD) secured the top position in terms of prices obtained, while Citadel Derivatives provided the fastest executions. ATD and Citadel displaced Knight, which held these positions during Celents last survey. Citigroup scored worst in both categories, as in the last two versions of this study.
Instinet, the agency broker, scored best overall in terms of price, albeit for significantly lower volume than many of the other players in this market. Lehman Brothers provided the fastest execution venue overall, in contrast to Lehmans previous showing, where the firm was among the slowest.
Among electronic order books, Nasdaq MC achieved the best price performance, while ArcaEx was the fastest. BATS Trading, which had dominated the speed rankings in the last study, fared considerably worse this time round.