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Table V-6A

Average Effective Spreads in 1/8 Point Markets by Exchange and Order Size for Market and Marketable Limit Orders in NYSE-Listed Issues

Table V-6A: Average Effective Spreads in 1/8 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	9.1	11.0	12.0	10.6	11.7	11.6
	Marketable Limits	10.8	11.5	12.6	12.1	12.0	12.0
	Both	9.4	11.1	12.1	10.7	11.7	11.6

101-200 Shares	Market Orders	9.2	11.1	11.9	10.5	11.7	11.7
	Marketable Limits	11.1	11.6	12.5	12.1	12.1	12.1
	Both	9.5	11.1	12.0	10.7	11.7	11.7

201-300 Shares	Market Orders	9.6	11.1	11.8	10.6	11.8	11.8
	Marketable Limits	11.3	11.4	12.6	11.8	12.3	12.2
	Both	10.0	11.1	11.9	10.7	11.8	11.9

301-400 Shares	Market Orders	9.7	11.2	12.0	10.6	11.8	11.7
	Marketable Limits	11.5	11.6	12.7	12.3	12.3	12.0
	Both	10.2	11.2	12.1	10.8	11.9	11.8

401-500 Shares	Market Orders	10.4	11.5	11.8	10.9	11.8	11.9
	Marketable Limits	11.5	12.1	12.6	11.4	12.1	12.1
	Both	10.8	11.6	12.0	11.0	11.9	12.0

501-1,000 Shares	Market Orders	11.0	11.4	12.2	11.3	12.2	12.2
	Marketable Limits	11.7	11.7	12.6	12.0	12.2	12.2
	Both	11.3	11.5	12.3	11.4	12.2	12.2

1,001-5,000 Shares	Market Orders	12.7	11.7	12.0	11.5	13.0	13.0
	Marketable Limits	11.9	11.9	12.7	11.9	12.5	12.2
	Both	12.2	11.8	12.2	11.6	12.8	12.8

5,001 or More Shares	Market Orders	15.1	12.6	8.4	12.6	14.0	14.1
	Marketable Limits	12.0	12.6	12.8	12.5	14.5	12.3
	Both	12.7	12.6	9.1	12.6	14.3	13.1

All Orders	Market Orders	10.3	11.2	12.0	10.7	11.8	11.8
	Marketable Limits	11.7	11.7	12.6	12.0	12.2	12.1
	Both	10.9	11.3	12.1	10.9	11.9	11.9

Last modified: 1/24/2001