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Table V-10B

Average Dollar Per Trade Net Price Improvement in 1/4 Point Markets by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues

Table V-10B: Average Dollar Per Trade Net Price Improvement in 1/4 Point Markets
by Exchange and Order Size for Market and Marketable Limit Orders in
NYSE-Listed Issues

		Dollars Per Trade

Order Size	Order Type	NYSE	BSE	CHX	CSE	PHLX	PSE

100 Shares	Market Orders	8.12	5.98	5.60	8.60	3.75	4.78
	Marketable Limits	6.25	5.03	-0.01	6.82	1.89	2.89
	Both	7.98	5.72	5.27	8.51	3.65	4.67

101-200 Shares	Market Orders	11.94	9.91	11.05	14.49	6.31	8.16
	Marketable Limits	9.20	7.33	0.15	10.59	4.69	3.80
	Both	11.73	9.67	10.19	14.27	6.22	7.88

201-300 Shares	Market Orders	18.44	14.83	13.33	21.41	9.39	11.33
	Marketable Limits	12.78	12.10	0.11	23.30	6.33	6.57
	Both	17.94	14.54	12.17	21.51	9.19	10.97

301-400 Shares	Market Orders	24.31	20.01	18.71	29.57	13.53	15.39
	Marketable Limits	15.13	17.40	0.00	22.17	5.56	9.10
	Both	23.35	19.72	16.96	29.09	12.81	14.50

401-500 Shares	Market Orders	27.23	25.98	24.51	34.56	13.39	18.55
	Marketable Limits	16.06	15.72	-0.91	23.71	6.27	11.20
	Both	25.16	24.56	21.18	33.64	12.58	17.77

501-1,000 Shares	Market Orders	41.64	34.32	33.34	48.65	23.29	27.19
	Marketable Limits	29.00	25.38	0.10	42.77	16.75	15.14
	Both	38.89	32.73	28.10	47.94	22.42	25.73

1,001-5,000 Shares	Market Orders	73.65	142.08	106.61	87.91	34.75	26.19
	Marketable Limits	52.31	48.37	-5.62	71.77	43.77	26.69
	Both	66.79	49.43	89.62	85.17	36.32	26.29

5,001 or More Shares	Market Orders	107.25	154.20	648.26	17.34	76.81	56.44
	Marketable Limits	123.01	77.25	0.00	-230.76	750.00	7.81
	Both	115.18	121.80	617.75	-29.40	144.13	32.50

All Orders	Market Orders	28.40	29.37	18.30	23.19	9.83	12.18
	Marketable Limits	36.48	21.44	-0.53	24.26	10.87	10.28
	Both	29.73	19.61	16.63	23.27	9.91	12.01

Last modified: 1/24/2001