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Commitment to execution quality

We work hard to get you a better price for your equity, ETF, and options orders—every time you buy or sell. It's called price improvement, and we saved our investors over $3.2 billion on trades in 2025.¹ Along with transparent pricing, it's part of the industry-leading value you can expect from Fidelity.

Learn about trading reports and processes

Understanding SEC Rule 605 and trade execution quality

Dollar value of price improvement

Many brokerage firms will display the percentage of shares that are price improved without showing additional detail. However, we go a step further and show you the average dollar price improvement, which is the actual savings per order.

The dollar value of shares that are price improved is determined by comparing the execution price to the National Best Bid (NBB), if you are selling, or National Best Offer (NBO), if you are buying, at the time of the trade, multiplied by the number of shares executed. The dollar value price improvement is the overall monetary improvement of executed orders, taking into account orders that are executed better and worse than the NBBO.

Fidelity Price Improvement vs. Industry Average* for Period Between April 1, 2025 and March 31, 2026

Order size	Fidelity average	Industry average
100 shares	$4.38	$0.57
1,000 shares	$26.69	$5.10

Based on data from S3 Matching Technologies for SEC Rule 605 eligible orders executed at Fidelity between April 1, 2025 and March 31, 2026. The comparison is based on an analysis of price statistics that include all SEC Rule 605 eligible market and marketable limit orders of 100–499 shares for the 100 share figure and 100–1,999 shares for the 1,000 share figure. For both the Fidelity and Industry savings per order figures used in the example, the figures are calculated by taking the average savings per share for the eligible trades within the respective order size range and multiplying each by either 100 or 1000, for consistency purposes. Fidelity's average retail order size for SEC Rule 605 eligible orders (100–1,999 shares) and (100–9,999 shares) during this time period was 440 and 1069 shares, respectively. The average retail order size for the Industry for the same shares ranges and time period was 311 and 569 shares, respectively. Price improvement examples are based on averages and any price improvement amounts related to your trades will depend on the particulars of your specific trade.

Percentage of shares that are price-improved: 95.37%

Q1 2026

How it's measured: Percentage of shares executed at prices better than the prevailing National Best Bid and Offer (NBBO), i.e., either below the best offer for buys or above the best bid for sells.

Fidelity Q4 2025 and Q1 2026 Statistics on Price Improvement

Month	Overall listed	Overall NASDAQ
March 2026	96.2%	94.6%
February 2026	96.1%	94.4%
January 2026	95.7%	95.3%
December 2025	95.5%	94.3%
November 2025	92.6%	92.1%
October 2025	95.8%	94.9%

Percentage of shares that fall within the NBBO: 98.88%

Q1 2026

How it's measured: Percentage of shares executed at or within the National Best Bid and Offer (NBBO), which is a consolidated quote representing the highest bid and lowest offer for a security across all exchanges and/or market makers. It is updated continuously during market hours.

Fidelity Q4 2025 and Q1 2026 Statistics on Execution Price

Month	Overall listed	Overall NASDAQ
March 2026	99.1%	98.3%
February 2026	99.2%	98.5%
January 2026	99.2%	98.8%
December 2025	99.4%	98.5%
November 2025	99.2%	98.0%
October 2025	99.3%	98.6%

Average execution speed: 0.03 of a second

Q1 2026

How it's measured: Average period between the time Fidelity receives an order and the time of order execution.

NFS NASDAQ

Execution speed: percentage of shares
Q1 2026

Bar chart for NFS NASDAQ showing that 100% of shares traded executed within 0 to 9 seconds in the first quarter of 2026.
National Financial Services (NFS) is an affiliated broker-dealer of Fidelity Brokerage Services.

NFS Listed

Execution speed: percentage of shares
Q1 2026

Bar chart for NFS Listed showing that 100% of shares traded executed within 0 to 9 seconds in the first quarter of 2026.
National Financial Services (NFS) is an affiliated broker-dealer of Fidelity Brokerage Services.

Average effective spread: $0.0056

Q1 2026

How it's measured: The distance from the midpoint of the market at the time when your order is entered to the execution price you receive. This value is doubled to capture the whole bid/offer spread. This amount captures both how often, and by how much, a broker-dealer improves the price of a share.

Overall NASDAQ

Bar chart showing effective spread and average quote spread for NASDAQ in the fourth quarter of 2025 and the first quarter of 2026.

Overall Listed

Bar chart showing effective spread and average quote spread for overall listed in the fourth quarter of 2025 and the first quarter of 2026.

Example: A stock is quoted with a bid of $10.00 and an ask of $10.04 at the time your order is entered. The quoted spread is $0.04. The midpoint price is $10.02 and your buy order is executed at $10.03. The difference between the midpoint ($10.02) and your execution price ($10.03) is $0.01. This value is doubled, so the effective spread on your order is $0.02. The lower the effective spread value, the better. Effective spread calculates how much above the midpoint price you paid on a buy order and how much below the midpoint price you received on a sell order.

SEC Rule 605

The SEC's customer disclosure rule, SEC Rule 605, requires market centers and broker-dealers with 100,000 or more customer accounts, to disclose monthly data about the quality of their trade executions. Each monthly report with disclose execution-quality data based on the previous month's trading activity.

Report for Fidelity's market centers
SEC Rule 605 monthly data

More information
Understanding SEC Rule 605 and trade execution quality
Financial Industry Regulatory Authority (FINRA): SEC Rule 605
Quality measurement definitions

SEC Rule 606

Under SEC Rule 606, broker-dealers that route equity and option orders on behalf of customers are required to prepare quarterly reports that disclose specific information about their order routing practices for non-directed orders in NMS stocks and option contracts in NMS securities.

The reports are made available to the public free of charge for each calendar quarter and published no later than one month after the end of the quarter.

Click here to view Fidelity’s reports

Through a Fidelity representative, customers can request details on NMS stock and option non-directed orders in NMS securities including the identity of the venue and the time of execution per customer request for the prior six months.

More information
SEC.gov

Execution Quality Shown on Order Status

For illustrative purposes only.

Execution quality shown on trading profile

For illustrative purposes only.

Order Flow Management Team

To ensure our high standards are met, our Order Flow Management Team has established policies and procedures to:

Supervise order-flow routing activities
Define execution quality measures, which play a role in determining where orders are routed
Monitor and evaluate competing market centers for order handling and execution quality
Identify and qualify orders executed outside the National Best Bid and Offer (NBBO)
Take corrective action for failure to meet our execution quality standards

Commitment to execution quality

Unmatched value with Fidelity's price improvement

Shows your savings

Shares for industry comparison

How price improvement can help enhance trade execution quality

The proof is in the numbers

Applying high standards on every trade

Ready to get started?

Dollar value of price improvement

Percentage of shares that are price-improved: 95.37%

Fidelity Q4 2025 and Q1 2026 Statistics on Price Improvement

Percentage of shares that fall within the NBBO: 98.88%

Fidelity Q4 2025 and Q1 2026 Statistics on Execution Price

Average execution speed: 0.03 of a second

NFS NASDAQ

NFS Listed

Average effective spread: $0.0056

Overall NASDAQ

Overall Listed

SEC Rule 605

SEC Rule 606

Execution Quality Shown on Order Status

Execution quality shown on trading profile

Order Flow Management Team

	Price improvement Percentage of shares that are price-improved:
	95.37% How it's measured

	Execution price Percentage of shares that fall within the NBBO:
	98.88% How it's measured

	Execution speed Average time to execute an order:
	0.03 seconds How it's measured

	Effective spread Average cost of executing a trade relative to the market midpoint:
	$0.0056 How it's measured

Mutual Funds and Mutual Fund Investing - Fidelity Investments

Commitment to execution quality

Unmatched value with Fidelity's price improvement

Shows your savings

Shares for industry comparison

How price improvement can help enhance trade execution quality

The proof is in the numbers

Applying high standards on every trade

Ready to get started?