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Table V-6B

Average Effective Spreads in 1/4 Point Markets by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues

Table V-6B: Average Effective Spreads in 1/4 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	8.8	13.4	13.8	7.8	17.5	15.4
	Marketable Limits	12.5	15.0	25.0	11.3	21.2	19.2
	Both	9.0	13.6	14.5	8.0	17.7	15.7

101-200 Shares	Market Orders	9.2	13.6	13.6	8.3	17.9	15.7
	Marketable Limits	14.2	16.5	24.9	12.9	19.7	20.7
	Both	9.6	13.9	14.5	8.7	18.0	16.1

201-300 Shares	Market Orders	10.3	14.1	15.9	9.4	18.3	16.7
	Marketable Limits	15.4	16.3	24.9	8.4	20.4	20.3
	Both	10.7	14.3	16.7	9.4	18.4	17.0

301-400 Shares	Market Orders	10.9	14.0	15.5	8.8	17.9	16.7
	Marketable Limits	16.8	15.6	25.0	12.7	22.2	19.9
	Both	11.5	14.2	16.4	9.1	18.2	17.0

401-500 Shares	Market Orders	12.9	13.6	15.2	10.2	19.6	17.2
	Marketable Limits	18.2	18.5	25.4	14.4	22.5	20.1
	Both	13.9	14.3	16.5	10.6	19.9	17.5

501-1,000 Shares	Market Orders	14.1	15.3	17.4	11.6	19.3	17.8
	Marketable Limits	18.4	17.6	25.0	14.2	21.3	21.2
	Both	15.1	15.7	18.6	11.9	19.6	18.2

1,001-5,000 Shares	Market Orders	18.6	16.5	16.5	13.6	21.4	21.3
	Marketable Limits	20.0	18.5	25.4	16.6	21.2	22.4
	Both	19.1	16.9	17.9	14.1	21.4	21.5

5,001 or More Shares	Market Orders	20.4	16.3	9.3	23.6	22.2	22.7
	Marketable Limits	20.5	18.7	25.0	30.7	0.0	24.2
	Both	20.5	17.2	10.0	25.0	20.0	23.5

All Orders	Market Orders	12.2	14.1	14.6	9.1	18.2	16.5
	Marketable Limits	18.3	16.9	25.0	13.2	21.1	20.6
	Both	13.3	14.4	15.5	9.4	18.5	16.9

Last modified: 1/24/2001