Order Execution Quality

Dependable. Proactive. Supportive.

We believe that competition among market centers for our order flow serves to improve execution quality. We monitor order executions daily, monthly, and quarterly, and seek market centers that will provide quality executions for our clients on a consistently reliable basis. 

We work to maintain good relationships and communication with our market centers, and maintain an active dialogue with industry stakeholders, keeping in mind the interests of the investor. 

You want a better price

The vast majority of market orders executed receive a price better than the nationally published quote.

99.7% | Percentage of orders price improved

Percentage of orders price improved: Executed market orders receiving price(s) better than the National Best Bid/Offer (NBBO) at the time of routing, divided by the total number of orders executed.

Note: Shares executed at market quote or better (%) is 98.6%.

You want to save money

Price improvement provides significant savings.

$1.94 | Net improvement per order
(per 100 shares)

Net improvement per order: Net price improvement per share ($0.0161) in the order size range comprising the vast majority of our clients’ market orders (1–1,999), multiplied by 100 shares. Total net price improvement by order will vary with order size.

You want your entire order filled

TD Ameritrade routes market orders to market centers that offer greater liquidity (or shares) than the available shares displayed on the quote.

3.7x | Liquidity multiple

Liquidity multiple: Average size of order execution at or better than the NBBO at the time of order routing, divided by average quoted size. Includes orders with a size greater than the available shares displayed at the NBBO at time of order routing. For example, assume you place a market order to buy 600 shares but only 200 shares are displayed at the quoted ask price. If all 600 shares of your order fill at or better than the NBBO for 200 shares, you have received three time (3x) the displayed liquidity.

You want your entire order filled fast

TD Ameritrade’s proprietary routing technology allows your orders to be filled quickly.

0.11 seconds | Execution speed

Execution speed: The average time it took market orders to be executed, measured from the time orders were routed by TD Ameritrade Institutional to the time they were executed.

Execution quality statistics provided above cover market orders in exchange-listed stocks 1–1,999 shares in size.

Execution quality statistics provided by RegOne Solutions, which is not affiliated with TD Ameritrade.

Price improvement is the opportunity, but not the guarantee, for an order to be executed at a better price than the National Best Bid or Offer (NBBO) at the time of order routing.

SEC Rule 606 Disclosure

Market volatility, volume and system availability may delay account access and trade executions. Price can change quickly in fast market conditions, resulting in an execution price different from the quote displayed at order entry. Execution price, speed and liquidity, and account access can be affected by many factors, including market volatility, size and type of order and available market centers. Orders are filled by independent third parties.