Table V-9ANet Price Improvement Rates in 1/8 Point Markets by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues | Table V-9A: Net Price Improvement Rates in 1/8 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 | | 13.4 | 5.8 | 2.1 | 7.3 | 3.5 | | | | | 4.1 | | Marketable Limits | | 6.6 | 3.8 | -0.1 | 5.1 | 2.3 | | | | | 2.4 | | Both | | 12.1 | 5.6 | 1.9 | 7.1 | 3.4 | | | | | 3.9 | | | | | | | | | | | | | | | 101-200 Shares | Market Orders | | 13.2 | 5.6 | 2.5 | 7.1 | 3.4 | | | | | 3.6 | | Marketable Limits | | 5.5 | 3.4 | -0.1 | 4.2 | 1.8 | | | | | 2.1 | | Both | | 11.8 | 5.4 | 2.1 | 6.8 | 3.2 | | | | | 3.4 | | | | | | | | | | | | | | | 201-300 Shares | Market Orders | | 11.4 | 5.6 | 2.6 | 6.7 | 2.9 | | | | | 3.2 | | Marketable Limits | | 4.7 | 4.2 | -0.1 | 4.1 | 0.9 | | | | | 1.6 | | Both | | 9.8 | 5.4 | 2.1 | 6.5 | 2.7 | | | | | 3.0 | | | | | | | | | | | | | | | 301-400 Shares | Market Orders | | 11.0 | 5.3 | 2.0 | 6.2 | 2.9 | | | | | 3.0 | | Marketable Limits | | 3.9 | 3.8 | -0.1 | 2.8 | 0.7 | | | | | 2.0 | | Both | | 9.0 | 5.1 | 1.7 | 5.8 | 2.7 | | | | | 2.9 | | | | | | | | | | | | | | | 401-500 Shares | Market Orders | | 8.7 | 3.9 | 2.3 | 5.7 | 2.8 | | | | | 2.3 | | Marketable Limits | | 3.7 | 1.7 | -0.3 | 4.0 | 1.5 | | | | | 1.7 | | Both | | 6.7 | 3.5 | 1.7 | 5.4 | 2.6 | | | | | 2.2 | | | | | | | | | | | | | | | 501-1,000 Shares | Market Orders | | 6.9 | 4.4 | 1.5 | 4.3 | 1.4 | | | | | 1.5 | | Marketable Limits | | 3.2 | 3.2 | -0.3 | 1.9 | 1.2 | | | | | 1.3 | | Both | | 5.2 | 4.1 | 1.0 | 3.8 | 1.4 | | | | | 1.4 | | | | | | | | | | | | | | | 1,001-5,000 Shares | Market Orders | | 0.8 | 3.2 | 2.9 | 2.8 | -1.0 | | | | | -1.3 | | Marketable Limits | | 2.3 | 2.4 | -0.3 | 2.2 | 0.3 | | | | | 0.8 | | Both | | 1.8 | 3.0 | 2.0 | 2.6 | -0.6 | | | | | -0.6 | | | | | | | | | | | | | | | 5,001 or More Shares | Market Orders | | -3.8 | 1.1 | 17.8 | -1.5 | -6.1 | | | | | -5.6 | | Marketable Limits | | 1.7 | -0.4 | -2.5 | -1.0 | -8.0 | | | | | 0.9 | | Both | | 0.6 | 0.5 | 14.6 | -1.3 | -7.1 | | | | | -1.8 | | | | | | | | | | | | | | | All Orders | Market Orders | | 9.1 | 5.1 | 2.3 | 6.4 | 2.9 | | | | | 2.9 | | Marketable Limits | | 3.2 | 3.0 | -0.2 | 3.4 | 1.3 | | | | | 1.6 | | Both | | 6.6 | 4.8 | 1.9 | 6.0 | 2.7 | | | | | 2.7 |
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