At Schwab, we recognize that our clients are seeking the highest-quality executions possible. We know that the quality of your execution depends on execution price, speed and access to liquidity. That's why we monitor all of these factors and work closely with UBS Securities LLC to ensure your orders receive high-quality executions. (Learn more about SEC order-routing regulations and criteria here.)
Simply put, Schwab is committed to delivering a better execution, each and every time. And that’s a claim we’re proud to back up with facts.
Nasdaq Scorecard
Execution of Schwab Orders
Market Maker Average*
Percent of shares receiving full execution in under 10 seconds
99.9%
99.4%
Average execution speed (full order fill)
0.2 seconds
0.5 seconds
Percent of shares price improved
77.8%
75.1%
Cents per share price improved
0.42¢
per share
0.38¢
per share
Effective/Quoted ratio (lower is better)
94.7%
93.9%
Cell 9:1
Listed Scorecard
Execution of Schwab Orders
Market Maker Average*
Percent of shares receiving full execution in under 10 seconds
100.0%
99.7%
Average execution speed (full order fill)
0.1 seconds
0.3 seconds
Percent of shares price improved
66.6%
46.0%
Cents per share price improved
0.24¢
per share
0.25¢
per share
Effective/Quoted ratio (lower is better)
92.1%
100.3%
The numbers tell the story: At Schwab, order execution is exceptional—in every way. To learn more, go inside every Schwab execution.
Your Schwab order execution is superior by all measures
Execution Price—UBS's proprietary technology helps ensure you get the best available price, or better, every time.
Liquidity—the unprecedented liquidity pool created by UBS Securities LLC creates exceptional liquidity enhancement. And that gives you a better chance for price improvement, every time.
Execution Speed—UBS's proprietary order-routing system means your order is executed with the speed you need to obtain the best possible price.
Our trading practices are an open book
In full compliance with SEC requirements, we’re always happy to explain exactly how your orders are executed and to ensure you have the information you need to accurately evaluate our execution quality. Our commitment to ethical practices is an integral part of the way we do business at Schwab.
We welcome this opportunity to show you that our processes create a better trading experience for you through:
NASDAQ: Applies to Schwab market orders of 100-1999 shares of NASDAQ 100 securities executed on all market venues.
Listed: Applies to Schwab market orders of 100-1999 shares of listed S&P 500 securities executed on all market venues.
Market Maker performance statistics are derived from SEC Rule 605 order execution data files by Thomson Transaction Analytics, an independent third party vendor that is not affiliated with Charles Schwab. The Market Maker Average* represents the volume weighted performance of all market makers posting Rule 605 data Q2, 2009
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