Three Things You Need in Order Execution-Delivered

If you’re like most investors, you want your order filled fast, at the quoted price or better, and in its entirety.

You Need Your Order Filled Fast

Routing intelligence is combined with proprietary routing technology to send orders to different market centers filling them rapidly and at the best available price.

You Need the Quoted Price or Better

Price improvement is the opportunity, but not the guarantee, for an order to be executed at a better price than the National Best Bid or Offer (NBBO). It’s our goal to get you the best price on your trade. See our price improvement record.

You Need Your Entire Order Filled

TD Ameritrade routes orders to numerous providers that offer liquidity (or shares) over and above what a quote may indicate. That means there is a strong probability that your entire order is executed. 

How Order Execution is Done

As a large and sophisticated order sender, TD Ameritrade has the advantage of size, experience, and technology. We put all this to work to seek the best price possible. Here’s how it’s done.

Significant Resources Working for You

Since TD Ameritrade is one of the largest order routers in the industry, we’re able to analyze thousands of orders and put our knowledge to work every time you place a trade.

Proactive Price Adjustment

We vigilantly monitor trades and look for opportunities to improve your execution price. If your order executes at a price outside the NBBO, our experts know when it’s not justified and may request a price adjustment from the market center.

Reliable Order Execution

Stocks move quickly, so the ability to execute orders in fast-moving markets is a top priority to investors. TD Ameritrade goes one step further. We work aggressively to get a price better than what is quoted. See our price improvement record.

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*The data shown represents orders from 100–1,999 shares.

TD Ameritrade vs. the Industry, Price Improvement, Market and Limit Orders Chart data for TD Ameritrade is calculated pursuant to SEC Rule 605, as is provided by TD Ameritrade Clearing, Inc., an affiliate of TD Ameritrade, Inc., and derived from Thomson Transaction Analytics, a third-party vendor that is not affiliated with TD Ameritrade, Inc. Industry statistics are derived from SEC Rule 605 data provided by Thomson Transaction Analytics and represent the volume-weighted average of all industry participants posting Rule 605 data.

There is no one single chart, or statistic you can use to determine whether your brokerage firm is obtaining best execution. Rather, best execution is a weighing of the competing goals of obtaining the best price(s), as quickly as possible, for the entire amount of a client order. One of TD Ameritrade's goals is to achieve high levels of price improvement.

Market volatility, volume and system availability may delay account access and trade executions. Price can change quickly in fast market conditions, resulting in an execution price different from the quote displayed at order entry. Execution price, speed and liquidity and account access are affected by many factors, including market volatility, size and type of order and available market centers.

TD Ameritrade is obligated to seek the best price available for your order, taking into consideration the cost of execution and current market conditions, such as the NBBO, volume and liquidity. Price improvement is not guaranteed and will not occur in all situations. TD Ameritrade acts as agent. Orders are filled by independent third parties.

TD Ameritrade, Inc., member FINRA/ SIPC / NFA . This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2014 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.