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Commitment to Execution Quality

Fidelity’s order-flow management team ensures that your order goes to the best-performing market centers, giving you a consistent trading experience.

Fidelity's unique approach

To ensure our high standards are met, Fidelity's 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 or Offer (NBBO).
  • Take corrective action for failure to meet our execution quality standards.

Performance and value

1-Second Execution Guarantee
Learn more about how we ensure that qualifying market orders are executed at the NBBO in 1 second or less, or they are commission-free.

Compare us to your online broker
Our commitment to execution quality, alongside some of the lowest online rates, are among the reasons why Fidelity remains an industry leader.

What defines execution quality?

Percentage of shares that fall within the NBBO: 95.4%

Q4 2013

How it’s measured: Percentage of shares executed at or within the National Best Bid or 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 Q3 and Q4 2013 Statistics on Execution Price

Month Overall listed Overall Nasdaq
December 2013 96.1% 94.6%
November 2013 95.8% 94.1%
October 2013 95.9% 93.8%
September 2013 96.2% 94.7%
August 2013 96.6% 95.4%
July 2013 97.1% 95.8%

Questions?

Executions represent SEC Rule 605 eligible market orders between 100‐1,999 shares executed as agent through third-party market makers and listed exchanges and as principal by NFS-affiliated desks. Analysis includes only those exchanges or market makers receiving at least 2% of Fidelity Brokerage Services, LLC monthly Nasdaq and Listed share volume. Source: CoreOne Technologies

System availability and response times may be subject to market conditions.

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