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Table V-8C

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

Table V-8C: Frequency of Price Improvement 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

Order Size	Order Type	NYSE	BSE	CHX	CSE	PHLX	PSE

100 Shares	Market Orders	74.1	70.4	54.7	77.3	47.3	62.7
	Marketable Limits	53.6	75.0	3.7	77.7	31.8	40.7
	Both	72.1	70.7	51.2	77.3	46.5	61.2

101-200 Shares	Market Orders	70.3	67.6	53.7	67.1	47.0	57.0
	Marketable Limits	57.9	61.1	0.0	60.0	31.3	42.9
	Both	69.2	66.5	50.0	66.6	45.8	56.1

201-300 Shares	Market Orders	64.9	70.6	38.2	71.7	43.6	47.2
	Marketable Limits	52.9	86.7	0.0	0.0	0.0	52.9
	Both	63.8	73.0	35.1	70.0	41.4	47.6

301-400 Shares	Market Orders	61.5	67.4	45.2	60.0	47.4	58.9
	Marketable Limits	40.3	50.0	0.0	0.0	12.5	33.3
	Both	59.3	63.2	43.8	56.2	44.2	57.5

401-500 Shares	Market Orders	52.2	68.4	36.8	65.5	39.9	50.6
	Marketable Limits	39.1	46.7	0.0	0.0	25.0	35.0
	Both	50.1	64.8	33.3	59.3	37.0	48.9

501-1,000 Shares	Market Orders	45.0	68.6	42.5	54.2	24.6	42.7
	Marketable Limits	31.5	44.4	0.0	50.0	17.4	25.5
	Both	42.6	64.4	35.4	53.3	23.6	39.9

1,001-5,000 Shares	Market Orders	31.6	50.8	28.3	55.5	23.1	36.7
	Marketable Limits	19.5	25.0	0.0	50.0	25.0	26.1
	Both	28.6	45.7	26.0	55.0	23.6	33.7

5,001 or More Shares	Market Orders	38.9	--	2.4	--	--	0.0
	Marketable Limits	18.3	--	--	--	--	0.0
	Both	34.3	--	2.4	--	--	0.0

All Orders	Market Orders	57.3	67.5	46.6	68.6	42.9	54.5
	Marketable Limits	35.9	55.6	1.4	52.0	23.8	35.0
	Both	54.2	65.8	43.1	67.3	41.0	52.6

Last modified: 1/24/2001