Where Would You Rather Spend the Day Trading?

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data-url="/articles/where-would-you-rather-spend-the-day-trading-2020-06-30"><div class="ads__native"><div class=""> <div id="js-dfp-tag-Xgk" class="atf-native"> <script type="text/javascript"> <![CDATA[// ><!]]> </script></div> </div> </div> <section class="article-header article-header--no-ads"><div class="article-header__background"> <figure class="article-header__background-image"><picture class="picture"><source srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/2000x1176/public/2020/03/19/stocks-witthaya-adobe.jpg?h=6acbff97&itok=QAe_xvpN 1x" media="all and (min-width: 1200px)" type="image/jpeg"></source><source srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1400x847/public/2020/03/19/stocks-witthaya-adobe.jpg?h=6acbff97&itok=vr7Ed3u5 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/768x844/public/2020/03/19/stocks-witthaya-adobe.jpg?h=6acbff97&itok=zgETpa00 1x" type="image/jpeg"></source><img src="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/768x844/public/2020/03/19/stocks-witthaya-adobe.jpg?h=6acbff97&itok=zgETpa00" alt="Person checking stock price on smartphone" typeof="foaf:Image"/></picture></figure><div class="article-header__container"> <div class="article-header__content"> <div class="article-header__eyebrow"> <span class="eyebrow" aria-label="Stocks"> <a href="/web/20200920122930/https://www.nasdaq.com/news-and-insights/topic/markets/stocks" class="eyebrow__link"> Stocks </a> </span> </div> <h1 class="article-header__headline"> <span>Where Would You Rather Spend the Day Trading?</span> </h1> </div> </div> </div> <div class="article-header__container"> <div class="article-header__content"> <div class="article-header__tweet-it-wrapper"> <div class="tweet-it"> <p class="tweet-it__text">Where would you rather spend the day trading, Nasdaq or NYSE? The case for Nasdaq.</p> <a href="https://web.archive.org/web/20200920122930/https://twitter.com/intent/tweet?url=https://www.nasdaq.com/articles/where-would-you-rather-spend-the-day-trading-2020-06-30&text=Where%20would%20you%20rather%20spend%20the%20day%20trading%2C%20Nasdaq%20or%20NYSE%3F%20The%20case%20for%20Nasdaq." class="tweet-it__button" aria-label="Tweet It"></a> </div> </div> <div class="article-header__metadata"> <div class="byline byline--large"> <img data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/40x40/public/2020/05/18/N%20for%20social%20white%20on%20313.png?h=2a479378&itok=PsEVkdm6 40w, /web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/80x80/public/2020/05/18/N%20for%20social%20white%20on%20313.png?h=2a479378&itok=-gXlkd5U 80w, /web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/160x160/public/2020/05/18/N%20for%20social%20white%20on%20313.png?h=2a479378&itok=idtucJFq 160w" class="media__image media__element b-lazy b-responsive byline__image" srcset="" sizes="100vw" data-src="/sites/acquia.prod/files/styles/40x40/public/2020/05/18/N%20for%20social%20white%20on%20313.png?h=2a479378&itok=PsEVkdm6" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="N logo blue square" typeof="foaf:Image"/><div class="byline__info"> <div class="byline__type">Author</div> <div class="byline__author"> <span class="byline__name" data-has-link="true"> <a href="/web/20200920122930/https://www.nasdaq.com/authors/nasdaqs-economic-research-team">Nasdaq's Economic Research Team</a> </span> </div> </div> </div> <div class="timestamp"> <div class="timestamp__label">Published</div> <time datetime="2020-06-30T10:30:00-0400" class="timestamp__date">Jun 30, 2020 10:30AM EDT</time></div> </div> </div> </div> </section><div class="body body--no-ads"> <div class="body__left-rail"> <ul class="share share--vertical stickyfill "><li class="share__link"> <a class="share__anchor" aria-label="Facebook" data-network="Facebook" href="https://web.archive.org/web/20200920122930/https://www.facebook.com/sharer/sharer.php?u=https://www.nasdaq.com/articles/where-would-you-rather-spend-the-day-trading-2020-06-30" target="_blank" rel="noopener noreferrer"></a> </li> <li class="share__link"> <a class="share__anchor" aria-label="LinkedIn" data-network="LinkedIn" href="https://web.archive.org/web/20200920122930/https://www.linkedin.com/shareArticle?mini=true&url=https://www.nasdaq.com/articles/where-would-you-rather-spend-the-day-trading-2020-06-30&title=Where Would You Rather Spend the Day Trading?&source=Nasdaq" target="_blank" rel="noopener noreferrer"></a> </li> <li class="share__link"> <a class="share__anchor" aria-label="Twitter" data-network="Twitter" href="https://web.archive.org/web/20200920122930/https://twitter.com/intent/tweet?url=https://www.nasdaq.com/articles/where-would-you-rather-spend-the-day-trading-2020-06-30&text=Where%20Would%20You%20Rather%20Spend%20the%20Day%20Trading%3F%20%7C%20NASDAQ" target="_blank" rel="noopener noreferrer"></a> </li> <li class="share__link"> <a class="share__anchor" data-network="Email" href="https://web.archive.org/web/20200920122930/mailto:/?subject=Where Would You Rather Spend the Day Trading?&body=From Nasdaq.com%0D%0A%0D%0AWhere would you rather spend the day trading, Nasdaq or NYSE? The case for Nasdaq.%0D%0A%0D%0Ahttps://www.nasdaq.com/articles/where-would-you-rather-spend-the-day-trading-2020-06-30" aria-label="Email"></a> </li> </ul></div> <div class="body__content"> <p><span class="body__drop-cap">I</span>n our prior analysis, we focused on the period around the <a href="https://web.archive.org/web/20200920122930/https://www.nasdaq.com/articles/nasdaq-trades-nyse-listings-even-better-than-nyse-2020-05-18">open and closing auctions</a>. Today we take a deeper look at intraday trading – commonly called “continuous trading” – where prices and liquidity are constantly in motion across all trading centers. Importantly, all stock tickers can (and do) also trade on any venue.</p> <p>That enables us to directly compare live market quality across the different exchange models. What the data shows is revealing, especially now that the New York Stock Exchange (NYSE) trading floor has reopened. </p> <h2><strong>Nasdaq Has More Liquidity, Even in NYSE-Listed Names</strong></h2> <p>For a long time, Nasdaq has traded much more liquidity in our own listings than NYSE does in theirs. Since the NYSE floor closed due to COVID-19, Nasdaq has actually provided more liquidity in NYSE listings, too.</p> <p>After the NYSE floor reopened, the amount of intraday liquidity on Nasdaq for both Nasdaq and NYSE listings has grown far more significantly than the liquidity on NYSE for its own listings.</p> <p><strong>Chart 1: Nasdaq has more intraday liquidity than NYSE, even for NYSE listings.</strong></p> <div class="inline-image full-width"> <div class="inline-image__container"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1100x620/public/2020/06/26/062720pm1a.jpg?itok=58HbvfCW 1x"></source><source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1200x675/public/2020/06/26/062720pm1a.jpg?itok=JISwDrAe 1x"></source><source type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/710x400/public/2020/06/26/062720pm1a.jpg?itok=m577sya3 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/710x400/public/2020/06/26/062720pm1a.jpg?itok=m577sya3" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="Average weekly company market share" typeof="foaf:Image"/></picture></div> </div> <p><em>Source: Nasdaq Economic Research. Calculated using daily simple average per symbol.</em></p> <p>In today’s fragmented markets, a deeper liquidity pool is important for investors looking to work large orders. More liquidity aggregated in one place makes it easier to route trades and reduces the time to complete an order. That in turn reduces opportunity costs as well as reducing the market impact that an order creates.</p> <p>Nasdaq’s electronic markets use incentives available to all participants to contribute to good market quality and liquidity. That makes our markets fairer and more equal, which in turn brings more competition and liquidity to the quote. More liquidity at the quote naturally leads to tighter spreads.</p> <h2><strong>Nasdaq Has Tighter Spreads</strong></h2> <p>Another place that competition for liquidity can be seen is in the bid-offer spreads on each market.</p> <p>Spreads are important for investors because they represent the cost of an immediate fill. Wide spreads not only add to costs, but also tend to add to the fragmentation and complexity of sourcing liquidity.</p> <p>Data shows that spreads in Nasdaq stocks are better than spreads in NYSE stocks.</p> <p>In Chart 2 below, we have equally weighted the results so the top Nasdaq stocks, like AAPL, MSFT, GOOG and AMZN don’t disproportionately benefit our results. We also show the changes to the VIX since March (in orange). That highlights how the general reduction in spreads over the period in view is mostly due to a reduction in market-wide volatility, something we studied in more detail <a href="https://web.archive.org/web/20200920122930/https://www.nasdaq.com/articles/two-charts-that-show-how-trading-dynamics-change-over-time-2019-07-11">here</a>. However, regardless of the level of volatility at each period, Nasdaq stocks had tighter spreads than NYSE stocks.</p> <p>That would seem to confirm a few things—</p> <ol><li>Nasdaq has more competitive spreads,</li> <li>Regardless of whether the NYSE trading floor is open or closed,</li> <li>Or whether the overall market has high or low volatility</li> </ol><p><strong>Chart 2: Comparing spreads by listing market during the COVID-19 period.</strong></p> <div class="inline-image full-width"> <div class="inline-image__container"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1100x620/public/2020/06/26/062720pm2a.jpg?itok=OrCsKI-2 1x"></source><source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1200x675/public/2020/06/26/062720pm2a.jpg?itok=HSFBho0- 1x"></source><source type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/710x400/public/2020/06/26/062720pm2a.jpg?itok=WSISA0Ei 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/710x400/public/2020/06/26/062720pm2a.jpg?itok=WSISA0Ei" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="Intraday spread" typeof="foaf:Image"/></picture></div> </div> <p><em>Source: Nasdaq Economic Research. Calculated using simple average of duration weighted spreads per symbol. VIX daily performance overlaid in chart is a rough representation for illustrative purposes. </em></p> <h2><strong>Nasdaq Has Lower Intraday Volatility</strong></h2> <p>It’s not really fair to look at volatility across the spectrum of all stocks. Larger stocks tend to have more diversified businesses, more liquidity and tighter spreads. That in turn tends to give them lower volatility. </p> <p>That’s why we try to compare volatility across similar-sized stocks. But even then, stocks in some sectors, like technology, tend to be more volatile than other sectors, like utilities.</p> <p>We see again that market-wide stress (volatility) affects single stock’s volatility regardless of listing market, explaining the general improvement over the three timeframes in chart 3.</p> <p>Despite that, and despite the higher proportion of tech stocks listed on Nasdaq, data shows that the volatility during the COVID-19 period has been consistently lower for Nasdaq stocks than NYSE stocks.</p> <p>Now that the NYSE floor is reopening, we can more confidently say that Nasdaq-listed large cap stocks have lower volatility regardless of whether the floor is open or closed as well as whether market stress is high or low.</p> <p><strong>Chart 3: Comparing spreads by listing market during the COVID-19 period.</strong></p> <div class="inline-image full-width"> <div class="inline-image__container"> <picture class="picture"><source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1100x620/public/2020/06/26/062720pm3a.jpg?itok=Nwj0B_px 1x"></source><source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1200x675/public/2020/06/26/062720pm3a.jpg?itok=2lkU2VDC 1x"></source><source type="image/jpeg" data-srcset="/web/20200920122930im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/710x400/public/2020/06/26/062720pm3a.jpg?itok=s2BgLPAt 1x"></source><img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/710x400/public/2020/06/26/062720pm3a.jpg?itok=s2BgLPAt" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="Intraday volatility" typeof="foaf:Image"/></picture></div> </div> <p><em>Source: Nasdaq Economic Research. Calculated using simple average of 5 minute (High – Low)/ midpoint intraday prices.</em></p> <h2><strong>Traders Would Rather Trade on Nasdaq</strong></h2> <p>The data shows the Nasdaq market is better for investors. It has more liquidity, tighter spreads and lower volatility. That reduces trading costs for investors, increasing the shares an investor can buy for the same return. That in turn reduces the costs of capital for companies. And this is true whether or not the NYSE floor is open or closed.</p> <p>Simply put, Nasdaq’s electronic markets are the best for investors and issuers.</p> </div> <aside role="complementary" class="body__right-rail"><section class="popular-insights"><h3 class="popular-insights__title">Popular Insights</h3> <div class="popular-insight"> <a href="/web/20200920122930/https://www.nasdaq.com/articles/indexes-or-indices-whats-the-deal-2016-05-12"> <span class="popular-insight__title">Indexes or Indices? 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