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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who started this subject5/21/2004 3:50:27 PM
From: TFF  Read Replies (3) of 12617
 
Fidelity Trumps Etrade on Execution Speed

In the latest example that certainty of execution and speed go hand in hand, Fidelity Investments is guaranteeing to execute trades of 100 to 500 shares in any S&P 500 stock at the national best bid/offer within one second of receiving that market order. As firms race to meet customers' demands for firm prices, Fidelity's latest offer tops E-Trade's guaranteed two-second execution introduced in March and puts the industry on notice that the brokerage firm will only do business with destinations that can meet its execution standards. "One of the things that we have heard most often and continuously from our customers is that they want their trades executed immediately and at the price that they saw when they sent the order to Fidelity," said Fidelity Investments SVP Paul Graham. "Almost any brokerage customer has always had an expectation that their orders be executed instantaneously. But when you start looking at the marketplace, you notice that orders don't always execute very speedily," added Graham, who noted that Fidelity will waive commissions if it cannot make good on its promise. "We spent a lot of time and resources and invested heavily in insuring that our orders are immediately sent to the marketplace, that our trades are executed very quickly, that state-of-the-art technology is afforded to Fidelity trades as they reach the marketplace and that we get immediate execution reports back," Graham also said. The one-second pledge fits Fidelity's campaign for broad market reforms to boost access, transparency and auto-execution on all destinations, which the firm sees as the best way to serve its clients.
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