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Execution quality

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New data shows why the SEC’s OPR no longer matters

The SEC's order protection rule has become superfluous, with 99% of orders that don't benefit from it doing better than , or at, the national best bid offer.  For the...
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SIG & HRT lead 2025 retail volume and execution-quality gains

Susquehanna (SIG) and Hudson River Trading (HRT) have emerged as 2025’s best net improvers both in terms of volume as well as execution quality...
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Six market makers delivered $461m price improvement for US retail in April

Citadel, Jane Street, Hudson River, Susquehanna, Two Sigma and Virtu filled half their retail orders close to mid-price, while for the entire market 5%...
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Susquehanna crushes Citadel Securities in December execution quality

December’s Rule 605 data shows market makers are making diverging degrees of effort to improve metrics that directly impact the amount of flows they...
Execution quality

HRT takes retail execution-quality crown in slower August market

Hudson River Trading (HRT) and Susquehanna (SIG) won the August price improvement race. This may be the symptom of the securities, order type, and...
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