Who We Are
About Prime Executions
Since our founding in 1986, we have acted as an agency only broker-dealer operating on the floor of the New York Stock Exchange. Today we execute trades for over 750 million shares per month for a wide variety of buy and sell side clients. We are one of the top independent “Blue Line” NYSE firms, which enables us to access liquidity in multiple marketplaces to meet our “best execution” obligation to our clientele.
Our track record demonstrates that we have capacity and experience to handle client’s most challenging and sensitive orders. Because we execute higher trading volumes than most other NYSE floor brokers and serve a diverse clientele, we have been able to optimize our operations and risk-management capabilities to minimize errors while creating maximum efficiency and benefit to our clients. Our industry-leading team gives clients access to unique advantages only floor brokers can provide. Our recognized expertise, reputation for integrity, deep insight into the NYSE’s order types, current rule set, and future NYSE roadmap are without equal among agency only broker-dealers.
The Value We Provide to Our Clients
The NYSE is by far the top liquidity pool for NYSE-listed stocks, holding a market share more than double that of the next-biggest exchange. Also, the NYSE operates differently from other U.S. exchanges. Unlike purely electronic exchanges, NYSE empowers human floor brokers with capabilities to serve clients in ways that are not available elsewhere. With the most experienced and knowledgeable team of floor traders working on the Exchange floor, we leverage four distinct advantages to consistently give our clients a meaningful edge:
Most exchanges match orders on price-time priority: the fastest traders get filled first, while others at the same price wait in line. NYSE’s parity and priority allocation system enables us, as exchange members, to share in incoming interest at the best price, regardless of order-entry time. This encourages broad participation from all customer segments. With one of the NYSE’s largest floor teams, we ensure our clients get the full benefits of parity and priority including trading on a level playing field in a superior market offering deep liquidity that yields our clients better fill rates with lower transaction costs.
The market close is by far the biggest liquidity opportunity of the trading day, more than doubling in volume since 2010. The NYSE’s Discretionary Order known as a “D Order” is an order type only available for securities where the NYSE is the primary listing market. Floor brokers use D Orders to provide clients desired flexibility when trading around the closing auction.
The common Market-on-Close and Limit-on-Close type orders force traders to commit interest to the closing auction by 3:50 pm, but electronic D Orders are available until 3:59:50. D Orders let floor brokers physically represent client orders in the trading crowd or cancel them through the closing bell. Thus, D Orders give investors maximum flexibility to participate in the closing auction or not, without foregoing continuous-market liquidity, while also benefiting from the Exchange’s parity system.
Our presence on the Exchange floor permits us to have early access to market imbalance information, for example we can access market-on-close imbalances up to one hour and forty-five minutes prior to release of the information to the street, which provides our clients stock-specific and overall market movement information with ample time to include it in their deliberations. In addition, we are experienced in handling the market’s auction events such as IPOs, secondary offerings and closing auction trades. Since our team is one the largest trading teams on the Exchange floor, we are able to communicate our insight to clients with unrivaled speed via multiple messaging platforms.
Our clients view our trading desk as a trusted partner serving them as an extension of their own trading desks able to bring them unparalleled insight into the NYSE functions, access to many providers, and a powerful array of customized and algorithmic strategies, including POV, TWAPS and VWAPS. Our board of directors’ member, Dan Tandy, is one of just three Senior Executive Governors advising the Exchange on rules and strategy. Our long-term relationships with senior NYSE management and insight into the exchange’s market structure, operations and strategic direction help us guide clients through the often intricate world of the NYSE operations and compliance.
Prime Executions is proud to support the following organizations: