Table V-6CAverage Effective Spreads in 3/8 Point Markets by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues Table V-6C: Average Effective Spreads in 3/8 Point Markets by Exchange and Order Size for | Market and Marketable Limit Orders in NYSE-Listed Issues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cents Per Share | | | | | | | | Order Size | Order Type | | NYSE | BSE | CHX | CSE | PHLX | | | | | PSE | | | | | | | | | | | | | | 100 Shares | Market Orders | | 16.7 | 15.0 | 21.6 | 20.0 | 23.3 | | | | | 21.3 | | Marketable Limits | | 20.3 | 15.6 | 42.4 | 54.1 | 34.1 | | | | | 35.4 | | Both | | 17.0 | 15.0 | 22.7 | 22.7 | 23.9 | | | | | 22.3 | | | | | | | | | | | | | | 101-200 Shares | Market Orders | | 17.2 | 16.6 | 21.7 | 19.0 | 27.2 | | | | | 22.0 | | Marketable Limits | | 18.4 | 21.2 | 38.5 | 22.5 | 32.4 | | | | | 35.1 | | Both | | 17.3 | 17.4 | 23.1 | 19.2 | 27.6 | | | | | 22.9 | | | | | | | | | | | | | | 201-300 Shares | Market Orders | | 23.0 | 17.2 | 24.8 | 21.7 | 23.8 | | | | | 25.5 | | Marketable Limits | | 23.8 | 15.0 | 37.5 | 50.0 | 41.3 | | | | | 24.3 | | Both | | 23.0 | 16.9 | 25.9 | 22.5 | 24.7 | | | | | 25.4 | | | | | | | | | | | | | | 301-400 Shares | Market Orders | | 23.8 | 20.1 | 25.2 | 67.5 | 21.0 | | | | | 21.0 | | Marketable Limits | | 23.4 | 25.9 | 37.5 | 50.0 | 35.9 | | | | | 31.2 | | Both | | 23.7 | 21.5 | 26.1 | 66.4 | 22.4 | | | | | 21.6 | | | | | | | | | | | | | | 401-500 Shares | Market Orders | | 29.4 | 17.6 | 26.0 | 45.2 | 37.6 | | | | | 27.9 | | Marketable Limits | | 26.1 | 26.7 | 44.9 | 41.6 | 34.4 | | | | | 28.8 | | Both | | 28.8 | 19.1 | 28.8 | 44.9 | 37.0 | | | | | 28.0 | | | | | | | | | | | | | | 501-1,000 Shares | Market Orders | | 30.0 | 17.0 | 27.6 | 38.2 | 38.6 | | | | | 27.6 | | Marketable Limits | | 30.6 | 26.4 | 41.5 | 25.0 | 35.3 | | | | | 33.8 | | Both | | 30.1 | 18.6 | 29.8 | 36.8 | 38.1 | | | | | 28.6 | | | | | | | | | | | | | | 1,001-5,000 Shares | Market Orders | | 38.6 | 28.1 | 22.4 | 27.7 | 37.5 | | | | | 34.6 | | Marketable Limits | | 31.9 | 32.0 | 40.3 | 75.0 | 38.3 | | | | | 31.5 | | Both | | 37.1 | 28.9 | 24.7 | 32.5 | 37.7 | | | | | 33.7 | | | | | | | | | | | | | | 5,001 or More Shares | Market Orders | | 40.0 | -- | -12.5 | -- | -- | | | | | 37.5 | | Marketable Limits | | 27.1 | -- | 37.5 | -- | -- | | | | | 37.5 | | Both | | 37.1 | -- | 1.8 | -- | -- | | | | | 37.5 | | | | | | | | | | | | | | All Orders | Market Orders | | 25.2 | 17.6 | 23.0 | 27.2 | 27.8 | | | | | 24.0 | | Marketable Limits | | 26.9 | 23.2 | 41.1 | 43.0 | 35.1 | | | | | 32.8 | | Both | | 25.5 | 18.4 | 24.5 | 28.4 | 28.5 | | | | | 24.8 |
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