Order Execution Information

What this video covers

• Which firms must publish monthly execution reports: every market center, plus a broker-dealer that is not a market center when it introduces or carries 100,000 or more qualifying customer accounts
• Why an ATS reports separately from its broker-dealer operator, even when both operate within the same legal entity
• Why the report is based on orders received rather than orders executed, including orders left open from a prior month and shares canceled before execution
• Which special-handling instructions exclude an order, including market-on-open, market-on-close, full-size, tick or bid conditions, not held, non-regular settlement, and away-from-market pricing
• Why "including, but not limited to" makes special-handling exclusions open-ended, not a closed list
• How the three order populations differ: 25 columns, 19 columns, and four columns
• Why the populations overlap, with midpoint or better limit orders in all three and market orders in the first two
• When execution-speed clocks start at order receipt or executability, versus realized-spread clocks at execution