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Table V-6C

Average Effective Spreads in 3/8 Point Markets by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues

Table V-6C: Average Effective Spreads in 3/8 Point Markets by Exchange and Order Size for
Market and Marketable Limit Orders in NYSE-Listed Issues


		Cents Per Share

Order Size	Order Type	NYSE	BSE	CHX	CSE	PHLX	PSE

100 Shares	Market Orders	16.7	15.0	21.6	20.0	23.3	21.3
	Marketable Limits	20.3	15.6	42.4	54.1	34.1	35.4
	Both	17.0	15.0	22.7	22.7	23.9	22.3

101-200 Shares	Market Orders	17.2	16.6	21.7	19.0	27.2	22.0
	Marketable Limits	18.4	21.2	38.5	22.5	32.4	35.1
	Both	17.3	17.4	23.1	19.2	27.6	22.9

201-300 Shares	Market Orders	23.0	17.2	24.8	21.7	23.8	25.5
	Marketable Limits	23.8	15.0	37.5	50.0	41.3	24.3
	Both	23.0	16.9	25.9	22.5	24.7	25.4

301-400 Shares	Market Orders	23.8	20.1	25.2	67.5	21.0	21.0
	Marketable Limits	23.4	25.9	37.5	50.0	35.9	31.2
	Both	23.7	21.5	26.1	66.4	22.4	21.6

401-500 Shares	Market Orders	29.4	17.6	26.0	45.2	37.6	27.9
	Marketable Limits	26.1	26.7	44.9	41.6	34.4	28.8
	Both	28.8	19.1	28.8	44.9	37.0	28.0

501-1,000 Shares	Market Orders	30.0	17.0	27.6	38.2	38.6	27.6
	Marketable Limits	30.6	26.4	41.5	25.0	35.3	33.8
	Both	30.1	18.6	29.8	36.8	38.1	28.6

1,001-5,000 Shares	Market Orders	38.6	28.1	22.4	27.7	37.5	34.6
	Marketable Limits	31.9	32.0	40.3	75.0	38.3	31.5
	Both	37.1	28.9	24.7	32.5	37.7	33.7

5,001 or More Shares	Market Orders	40.0	--	-12.5	--	--	37.5
	Marketable Limits	27.1	--	37.5	--	--	37.5
	Both	37.1	--	1.8	--	--	37.5

All Orders	Market Orders	25.2	17.6	23.0	27.2	27.8	24.0
	Marketable Limits	26.9	23.2	41.1	43.0	35.1	32.8
	Both	25.5	18.4	24.5	28.4	28.5	24.8

Last modified: 1/24/2001