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Execution Quality

Merrill is committed to best execution so you can trade with confidence

Offering best execution is our top priority

Merrill does not receive payment for order flow routed to third-party market makers. Instead, we handle your order so as to obtain a competitive execution price, and we regularly monitor the quality of our executions that we route to third parties.
We are committed to providing you with best execution for your trades across investment types-stocks, ETFs, mutual funds, options and fixed income securities.

Our Stats for Past Orders

99%
of orders executed at or
better than quoted price
How it's measured popup
$16.90
average savings of market
orders of 1,000 shares
How it's measured popup
.006seconds
average execution speed
for market orders
How it's measured popup
Source: S3, a third-party analytics provider. Figures include S&P 500 stocks only, for the 3rd quarter ending October 31, 2022.

Why does execution quality matter to me?

With $0 commissions and Merrill's commitment to execution quality, you can place your trades with confidence knowing that Merrill has your back.

How does Merrill ensure best execution for your orders?

Seeking the Best Available Price

We handle your orders with a goal of seeking the best available price for trades.

Minimizing Market and Price Impact

We tactically break orders into smaller pieces as needed, routing them to multiple market centers for display or execution with a goal of minimizing market impact.

Monitoring Execution Quality

We regularly monitor the quality of our executions and are committed to providing you with best execution.

Effective/Quoted Ratio

The Effective/Quoted Ratio compares the average effective spread with the quoted spread, or the difference between National Best Bid and Offer (NBBO) at time of order entry and a firm's trade execution.
When an order is executed exactly at the NBBO, the Effective/Quoted Ratio is 100%. In other words, a 100% Effective/Quoted Ratio indicates an order was executed at bid for a sell order or at offer for a buy order. A 0% Effective/Quoted Ratio indicates that the order received the midpoint between the bid and offer.
Simply put, lower is better.

Percentages lower than 100 indicate a better execution

National Best Bid and Offer
100%
Industry Average
58%
Merrill
24.68%
Source: S3, a third-party analytics provider. Figures include S&P 500 stocks only, for the 3rd quarter ending October 31, 2022.

Enhance your investing capabilities with sharp analysis and fresh ideas

Customize your trade analysis with Merrill Edge MarketPro®, offering advanced charting capabilities, intuitive screeners and more.
You can also start searching for your next investing idea with Idea Builder, an intuitive tool that helps you explore investing ideas by themes.

Ready to get started?

Open an account with Merrill
or call us at 888.637.3343

Frequently Asked Questions

References to NBBO are measured from the time orders are presented to Merrill's market center affiliate (BofA Securities, Inc.) BofA Securities, Inc. ("BofAS") is a registered broker-dealer, Member SIPC popup and wholly owned subsidiary of Bank of America Corporation.

Merrill does not receive payment for order flow from liquidity providers to which we route our customer orders in equity securities. Merrill receives rebates from, and pay fees to, certain registered securities exchanges for providing or taking liquidity on those exchanges, according to those exchanges' published fee schedules approved by the SEC. In some cases, the rebates received by Merrill from an exchange may, over a period of time, exceed the fees paid to the exchange. Merrill may also participate in the options order flow programs sponsored by the NYSE American Options, the NYSE Arca Options, the Cboe options exchanges, and the Nasdaq options exchanges. These exchange-sponsored programs offer payments for listed option orders that are directed to such options markets. Additional information on Merrill's order routing and rebates are available on Merrill's Rule 606 reports.
Routing Disclosures Made Pursuant to Rule 606 of SEC Regulation NMS
Rule 606 of SEC Regulation NMS requires broker-dealers receiving non-directed client orders to publicly disclose, on a quarterly basis, the top execution venues to which such orders are routed for execution. Broker-dealers also must disclose material aspects of the relationships they maintain with the identified execution venues. The Rule 606 statistics for Merrill Lynch, Pierce, Fenner & Smith Incorporated are available for public review on the Public S3 website popup. The Rule 606 statistics for Merrill Lynch, Pierce, Fenner & Smith Incorporated prior to Q1 2020 are available for public review on the VistaOne Solutions website popup.

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Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.
Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").
Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity


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