NYSE MARKET QUALITY - New York Stock Exchange

[Pages:2]NYSE MARKET QUALITY

THE #1 EXCHANGE IN MARKET QUALITY AND VOLUME

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.

NYSE'S MARKET QUALITY PERFORMANCE1

Most Market Share and Liquidity

Most Time Quoting at Best Prices

NYSE

Nasdaq

8.7%

NYSE Arca

5.8%

BYX

5.5%

BZX

5.3%

EDGX

5.2%

BX

3.5%

IEX

2.7%

EDGA

1.4%

PSX 0.4%

CHX 0.4%

NYSE American 0.1%

NYSE

25.0%

NmYoSreEN3lhiYqtaiSmusEiedthshitaemysmotthhroeaesnlmtiqtmouhsieadtrinmtkyeeaxttrhtksaehlantarstrghheeeawsrnteietewhxxticatlhhlamraagnolmegsstoets.3t times exchange.

Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017



NYSE

Nasdaq

51.7%

NYSE Arca

45.2%

EDGX

40.2%

BZX

38.0%

BYX

33.0%

BX

32.5%

EDGA

16.4%

IEX

13.5%

PSX

9.5%

NYSE American 4.5%

CHX 1.1%

NYSE

77.8%

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Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017

NYSE: MARKET QUALITY 1

NYSE'S MARKET QUALITY PERFORMANCE1

Largest Quoted Size at Best Prices

Narrowest Quoted Spread2

NYSE

NYSE Arca

678.2

Nasdaq

623.0

EDGX

533.2

BZX

491.6

BYX

288.5

BX

259.1

EDGA 86.9

PSX 68.8

IEX 65.0

NYSE American 23.9

CHX 1.6

NYSE

1729.9

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exchange.

Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017

NYSE NYSE Arca

166.3 bps

NYSE

46.3 bps

EDGX BX

214.1 bps 244.5 bps

Nasdaq

253.3 bps

BZX BYX

343.3 bps 412.5 bps

EDGA

567.1 bps

PSX

774.6 bps

IEX Insu cient quoting activity for comparison

NYSE American Insu cient quoting activity for comparison

CHX Insu cient quoting activity for comparison

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3 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, Q4 2017

FURTHER INFORMATION

For additional market quality insight and statistics, please email the relationship management team at rmteam@.

Source: NYSE Internal Database and Consolidated Tape Statistics, Q4 2017 1For NYSE listed issues only. 2Comparison includes exchanges with a two-sided market > 75% of the trading day in a t least 1,000 securities.

? 2018 NYSE Group, Inc. All rights reserved. New York Stock Exchange and NYSE are trademarks of NYSE Group, Inc. or its affiliates. For more information regarding registered trademarks see: terms-of-use.



NYSE: MARKET QUALITY 2

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