Best Execution Analysis

National Best Bid/Best Offer – Using network and firm data, J&J’s ECS tool can compare trading activity to internal snapshots and/or network data, using NBBO and other protected quotes displayed by each market center. Our ECS software ensures that your firm receives that best possible prices while executing trades.

FINRA Rule 5310 states, “In any transaction for or with a customer or a customer of another broker-dealer, a member and persons associated with a member shall use reasonable diligence to ascertain the best market for the subject security and buy or sell in such market so that the resultant price to the customer is as favorable as possible under prevailing market conditions."
ECS reports, calculated in a manner consistent with the provisions of applicable rules, include:

  • A graphical summary of your firm’s daily executions relative to the NBBO - At, Inside, Outside, Other. The Other category includes trades where the bid/ask is zero, one-sided, or crossed.
  • A detailed, trade by trade analysis of the day’s executions vs. the NBBO at the time of the trade.
  • Ability to sort the data by category (At, Inside, Outside, Other) as well as venue, symbol, or side.