Summary Execution Statistics and Reporting Thresholds

What this video covers

• Which covered orders enter the summary report: market orders and marketable limit orders received from any person
• How the report separates NMS stocks into an S&P 500 section and an other-NMS-stocks section, with index membership fixed on the first day of the month
• How the nine notional size bands work, from less than $250 through $200,000 or more
• Why the combined size band excludes orders valued at $200,000 or more, so it is not the sum of bands one through eight
• What the twelve report columns measure, including average order size, midpoint, price improvement, quoted and effective spreads, realized spreads, and execution speed in milliseconds
• When reports must be published within one month and kept free and publicly accessible online for three years
• How the 100,000-customer-account threshold works for non-market-center brokers, including the treatment of underlying omnibus accounts and the timing of first-time and repeat reporting periods