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Table V-9B

Net Price Improvement Rates in 1/4 Point Market by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues

Table V-9B: Net Price Improvement Rates in 1/4 Point Market by Exchange and Order
Size for Market and Marketable Limit Orders in NYSE-Listed Issues


		Percent of Trades Price Improved (Net)

Order Size	Order Type	NYSE	BSE	CHX	CSE	PHLX	PSE

100 Shares	Market Orders	62.2	44.3	43.7	66.8	29.2	38.0
	Marketable Limits	46.2	38.4	0.3	57.1	15.5	22.2
	Both	61.0	43.8	41.1	66.3	28.4	37.1

101-200 Shares	Market Orders	60.4	43.2	44.7	65.6	27.7	36.0
	Marketable Limits	38.6	32.6	0.9	54.6	20.6	18.5
	Both	58.7	42.2	41.3	65.0	27.2	34.8

201-300 Shares	Market Orders	57.2	41.1	35.4	62.9	26.3	32.7
	Marketable Limits	34.7	33.7	0.3	64.6	18.3	20.6
	Both	55.2	40.3	32.3	63.0	25.8	31.8

301-400 Shares	Market Orders	55.1	43.2	37.5	62.8	28.5	33.2
	Marketable Limits	31.3	37.6	1.6	54.5	12.2	20.5
	Both	52.6	42.6	34.1	62.3	27.0	32.1

401-500 Shares	Market Orders	48.2	42.7	37.3	59.1	21.7	30.8
	Marketable Limits	25.3	25.4	0.0	46.2	9.5	19.3
	Both	43.9	40.3	32.4	58.0	20.3	29.6

501-1,000 Shares	Market Orders	43.3	37.7	29.6	52.9	22.0	28.6
	Marketable Limits	24.4	28.8	0.6	46.4	13.6	13.5
	Both	39.0	36.1	25.0	52.2	20.9	26.8

1,001-5,000 Shares	Market Orders	28.5	34.0	32.3	45.9	15.7	18.1
	Marketable Limits	18.1	26.0	-1.6	34.1	13.9	9.9
	Both	25.0	32.4	27.2	43.9	15.4	16.5

5,001 or More Shares	Market Orders	15.7	27.5	59.3	25.0	11.1	9.1
	Marketable Limits	15.7	20.8	0.0	-7.6	100.0	3.1
	Both	15.7	25.0	56.5	18.8	20.0	6.2

All Orders	Market Orders	50.1	41.7	40.5	62.5	26.4	33.7
	Marketable Limits	24.7	31.4	0.3	50.4	15.4	17.4
	Both	45.5	40.5	36.9	61.6	25.6	32.3

Last modified: 1/24/2001