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LEADERSHIP
LIQUIDITY
EXECUTION QUALITY
TRADE EXECUTION STATISTICS
ORDER HANDLING AND EXECUTION PROTOCOLS
CLIENT CORRESPONDENCE
ORDER EXECUTION MANAGEMENT
STATEMENT – MiFID(KCEL)
CLEARANCE
RULE 605 AND RULE 606 EXECUTION QUALITY
TRADING TECHNOLOGYORDER HANDLING AND EXECUTION PROTOCOLS
CLIENT CORRESPONDENCE
ORDER EXECUTION MANAGEMENT
STATEMENT – MiFID(KCEL)
CLEARANCE
RULE 605 AND RULE 606 EXECUTION QUALITY
PHILANTHROPY
OUR LOCATIONS
OPERATING SUBSIDIARIES
FAQ
RULE 605 AND RULE 606 EXECUTION QUALITY
Rule 605
Rule 605 requires market centers that execute orders in national-market system (NMS) securities to publish monthly reports that measure execution quality.
To facilitate comparisons across market centers, the Rule sets forth execution quality criteria (such as effective spread, rate of price improvement and disimprovement, fill rates, and speed of execution). The Rule also prescribes the manner in which the execution criteria are to be calculated. The resulting statistical information is categorized by individual security, by order type (e.g., market and inside-the-quote limit), and by order size (e.g., 100-499 share orders). SEC believed that the public disclosure of uniform statistics would allow for meaningful comparison of execution quality and would spur more vigorous competition among execution service providers.
Format of Monthly Reports and Procedures for Making Reports Publicly Available:
*On January 1, 2011, Knight Equity Markets, L.P. and Knight Capital Markets, L.L.C. combined to form Knight Capital Americas, L.P.
**Knight Equity Markets, L.P.'s statistics include transactions in securities listed on NASDAQ effected through Knight Match, an alternative trading system, and Knight Capital Markets L.L.C.'s statistics include transactions in securities listed on the New York Stock Exchange and American Stock Exchange effected through Knight Match that are eligible for Rule 605 reporting.
This page contains the definitions for the data displayed in Rule 605 reports and download files provided by Knight Equity Markets, L.P.* (NITE [Market Participant ID]) and Knight Capital Markets, L.L.C.(TRIM [Market Participant ID]). The files are updated every month on or around the 25th of each month, reflecting execution quality for trades reported on NITE and TRIM for the previous calendar month end.
The download files are available in zip format, which contains an ASCII text file. The .zip files use WinZip technology to compress the files. To view these files you must have Winzip software.
The downloadable files can be found on the Knight Capital Group, Inc., website at www.knight.com.
Additional information about the Rule 605 reports:
Disclaimer for SEC Rule 605
Rule 605
Rule 605 requires market centers that execute orders in national-market system (NMS) securities to publish monthly reports that measure execution quality.
To facilitate comparisons across market centers, the Rule sets forth execution quality criteria (such as effective spread, rate of price improvement and disimprovement, fill rates, and speed of execution). The Rule also prescribes the manner in which the execution criteria are to be calculated. The resulting statistical information is categorized by individual security, by order type (e.g., market and inside-the-quote limit), and by order size (e.g., 100-499 share orders). SEC believed that the public disclosure of uniform statistics would allow for meaningful comparison of execution quality and would spur more vigorous competition among execution service providers.
Format of Monthly Reports and Procedures for Making Reports Publicly Available:
| KNIGHT CAPITAL AMERICAS, L.P. RULE 605 REPORTS |
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| KNIGHT CAPITAL MARKETS, L.L.C. RULE 605 REPORTS |
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KNIGHT EQUITY MARKETS, L.P. RULE 605 REPORTS |
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*On January 1, 2011, Knight Equity Markets, L.P. and Knight Capital Markets, L.L.C. combined to form Knight Capital Americas, L.P.
**Knight Equity Markets, L.P.'s statistics include transactions in securities listed on NASDAQ effected through Knight Match, an alternative trading system, and Knight Capital Markets L.L.C.'s statistics include transactions in securities listed on the New York Stock Exchange and American Stock Exchange effected through Knight Match that are eligible for Rule 605 reporting.
This page contains the definitions for the data displayed in Rule 605 reports and download files provided by Knight Equity Markets, L.P.* (NITE [Market Participant ID]) and Knight Capital Markets, L.L.C.(TRIM [Market Participant ID]). The files are updated every month on or around the 25th of each month, reflecting execution quality for trades reported on NITE and TRIM for the previous calendar month end.
The download files are available in zip format, which contains an ASCII text file. The .zip files use WinZip technology to compress the files. To view these files you must have Winzip software.
The downloadable files can be found on the Knight Capital Group, Inc., website at www.knight.com.
Additional information about the Rule 605 reports:
Disclaimer for SEC Rule 605
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