Stocks trade on multiple markets, but the listing venue has a unique responsibility to:

  • Provide a well-regulated market. NYSE Regulation oversees our responsibilities to protect investors and the public interest.
  • Establish displayed prices. NYSE’s unique market model provides deep liquidity and high-quality quotes that lower volatility and the issuers cost of capital.
  • Provide price discovery during the opening and closing auctions. Our unique auction process with Designated Market Makers provides superior price-discovery.

There is no single metric to measure market quality. Corporate issuers should consider various metrics when evaluating performance, including liquidity, the tightness of the bid-ask spread, the duration and size of the quote at the best prices, and other factors. See NYSE’s results below.

Market Quality Performance1

MOST MARKET SHARE AND LIQUIDITY: NYSE has the most market share with almost 3 times more liquidity than the next largest exchange.

NYSE has the most market share with almost 3 times more liquidity than the next largest exchange.

Source: NYSE Internal Database and Consolidated Tape Statistics, Q42017

MOST TIME QUOTING AT BEST PRICES: NYSE is at the best price (NBBO) 50% more often than any other exchange throughout the day.

NYSE is at the best price (NBBO) 50% more often than any other exchange throughout the day.

Source: NYSE Internal Database and Consolidated Tape Statistics, Q42017

LARGEST QUOTED SIZE AT BEST PRICES: NYSE has the most displayed shares at the best price, more than double the next largest exchange.

NYSE has the most displayed shares at the best price, more than double the next largest exchange.

Source: NYSE Internal Database and Consolidated Tape Statistics, Q42017

NARROWEST QUOTED SPREAD: NYSE has the narrowest quoted spread.

NYSE has the narrowest quoted spread.

2 Comparison includes exchanges with a two-sided market > 75% of the trading day in at least 1,000 securities.

Source: NYSE Internal Database and Consolidated Tape Statistics, Q42017

1For NYSE listed issues only.