Nasdaq and Instinet are the top execution venues to achieve the best price when trading Nasdaq listings, according to Celent. In a new study, Octavio Marenzi, CEO of the research and consulting firm, analyzed trading data for 8 billion orders and more than 300 billion Nasdaq shares.
Among the electronic order books, Nasdaqs platform delivered the best price the most often, while agency broker Instinet ranked first among execution venues. Automated Trading Desk ranked first among the market makers.
In terms of speed of execution, the fastest venues were: Lehman Brothers, among all market centers; NYSE Arca, among the electronic books; and Citadel, among the market makers.
Lehman Brothers, previously one of the slowest execution venues, shot to first place in terms of speed, Mr. Marenzi wrote in the study. BATS Trading, which had dominated the speed rankings in our last study (in June), fared considerably worse in this round of comparisons.