Hello Hybrid, Goodbye Price Improvement!

Leslie Boni, Michael Rosen

Research output: Contribution to journalArticlepeer-review


Early empirical evidence for market orders executed at the NYSE indicates a reduced probability of receiving price improvement when the orders are for stocks on the activated Hybrid list. Results are for market orders of 100 to 999 shares. Price improvement statistics at the NYSE in Hybrid mode are similar to those obtained for NYSE-listed stocks executed at ECNs during the same period. They are substantially lower however than for orders executed through non-NYSE electronic market makers.
Original languageAmerican English
JournalJournal of Trading
StatePublished - 2007
Externally publishedYes


  • Fundamental equity analysis
  • exchanges/markets/clearinghouses
  • performance measurement


  • Economics
  • Macroeconomics

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