When you place a brokerage order with us, your order makes a round trip—from you to the market and back to you.
We route your order to one of our market centers, and we strive to get you the "best execution" price in a timely fashion by following these practices:
We rigorously review market centers for their system availability, service quality, and financial and regulatory standing.
We evaluate the quality of how the market centers execute in one or more market segments. We consider various factors such as:
We route our orders to the market centers that consistently execute at a price better than the NBBO to help ensure you receive the best possible experience.
Quarterly reports that disclose where we route orders and the nature of our routing relationships, are publicly available.
GOOD TO KNOW!
"The markets" are always in the news—going up or going down—with potential impacts to your portfolio. It helps to gain an understanding of what "the markets" are.
We offer expert help at the low cost you'd expect from Vanguard.
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For more information about Vanguard mutual funds and ETFs, visit Vanguard mutual fund prospectuses or Vanguard ETF prospectuses to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard's advice services are provided by Vanguard Advisers, Inc. ("VAI"), a registered investment advisor, or by Vanguard National Trust Company ("VNTC"), a federally chartered, limited-purpose trust company.
The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI's Form CRS and each program's advisory brochure here for an overview.
VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.
