1. Based on data from IHS Markit for SEC Rule 605 eligible orders executed at Fidelity between October 1, 2018 and September 30, 2019. The comparison is based on an analysis of price statistics that include all SEC Rule 605 eligible market and marketable limit orders of 100–1,999 shares. 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 1000, for consistency purpose. Fidelity's average retail order size for SEC Rule 605 eligible orders (100–9,999 shares) during this time period was 839 shares. The average retail order size for the Industry for the same shares range and time period was 384 shares. 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.
2. Price improvement details are provided for domestic stock and single-leg option orders entered during market hours after the primary opening, provided there is a National Best Bid and Offer (NBBO) at the time the order is placed. Price improvement details are provided for informational purposes only and are not used for regulatory reporting purposes.
NBBO price is determined with the best-single leg prices on a single market from any of the available option exchanges at the time the order is executed or within 30 seconds of the order being received by the CBOE's order routing system.
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. National Financial Services (NFS) is an affiliated broker-dealer of Fidelity Brokerage Services. Analysis includes only those exchanges or market makers receiving at least 2% of Fidelity Brokerage Services LLC monthly NASDAQ and Listed share volume. Source: RegOne Technologies
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