FIF - Financial Information Forum

Retail Execution Quality - Overview

FIF has launched a program to provide retail investors with more visibility into execution quality measures. Through the FIF program, broker-dealers are voluntarily publishing standardized statistics that measure the quality of trade executions on retail investor orders in exchange-listed stocks. Several FIF member firms have agreed to produce a report each quarter that is meaningful and understandable to retail investors.  All FIF broker-dealer members are invited to participate.

Currently, the SEC requires executing broker-dealers to make “605/606 Reports” available to investors; however, these reports do not provide the level of information that allows a retail investor to gauge how well a broker-dealer typically fills a retail order when compared to the “national best bid or offer” (NBBO) at the time the order was received by the executing broker-dealer. In order to better provide investors with execution quality measures, broker-dealer firms participating in this FIF initiative are providing more robust statistics listed below. And, to aid in retail investors’ understanding of the statistics included in these reports, a definition of terms and a set of Frequently Asked Questions to explain the meaning of each metric is also provided.

Participating firms are publishing the following metrics of their retail trade executions in exchange-listed stocks, grouped by various order size ranges:

  • Average size of orders, in shares, within each range
  • Percent of shares in market orders that were executed at current market quote or better
  • Percent of shares in market orders that received price improvement
  • Savings received on an average order as a result of price improvement
  • Average execution speed, in seconds, between order routing and trade execution

The FIF template for Retail Execution Quality Statistics are available here. 

The FIF template for Retail Execution Quality Statistics from the Wholesale Market Maker’s Perspective is available here.   

For additional information, contact fifinfo@fif.com.

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