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Table V-9C

Net Price Improvement Rates in 3/8 Point Markets by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues

Table V-9C: Net Price Improvement Rates in 3/8 Point Markets 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	68.2	69.5	57.0	69.8	46.5	61.2
	Marketable Limits	53.6	75.0	-1.2	66.6	27.3	38.9
	Both	66.8	69.8	54.0	69.5	45.5	59.6

101-200 Shares	Market Orders	66.1	67.1	54.9	64.1	45.9	56.7
	Marketable Limits	57.9	61.1	6.3	60.0	28.1	42.8
	Both	65.4	66.0	51.0	63.8	44.5	55.7

201-300 Shares	Market Orders	57.7	68.2	44.6	53.8	43.1	45.7
	Marketable Limits	52.9	86.7	7.1	0.0	0.0	52.9
	Both	57.3	71.0	41.5	52.5	40.8	46.1

301-400 Shares	Market Orders	54.5	62.8	43.2	40.0	46.2	57.9
	Marketable Limits	40.3	50.0	0.0	0.0	12.5	33.3
	Both	53.0	59.6	40.0	37.5	43.0	56.6

401-500 Shares	Market Orders	40.4	65.8	35.7	55.1	33.8	47.5
	Marketable Limits	39.1	46.7	2.0	0.0	21.9	35.0
	Both	40.2	62.6	30.7	50.0	31.5	46.2

501-1,000 Shares	Market Orders	33.6	67.4	35.0	45.7	9.7	38.2
	Marketable Limits	31.5	44.4	-1.7	50.0	17.4	21.6
	Both	33.2	63.5	29.3	46.1	10.8	35.5

1,001-5,000 Shares	Market Orders	8.8	40.0	36.2	38.8	5.1	23.3
	Marketable Limits	19.5	25.0	-5.6	0.0	12.5	19.6
	Both	11.4	37.0	31.0	35.0	7.3	22.3

5,001 or More Shares	Market Orders	5.7	--	80.0	--	--	0.0
	Marketable Limits	18.3	--	0.0	--	--	0.0
	Both	8.6	--	57.1	--	--	0.0

All Orders	Market Orders	46.9	65.2	50.4	59.2	39.6	52.1
	Marketable Limits	35.9	55.6	1.3	44.0	20.3	32.5
	Both	45.3	55.6	46.3	58.0	37.7	50.2

Last modified: 1/24/2001