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Investing strategies

Where do orders go?

You can count on Vanguard Brokerage to strive to get you the best price for trades you place with us.
3 minute read

Points to know

  • Vanguard Brokerage works with several trading partners to execute orders placed with us.
  • We follow "best execution" practices so that you can get the best price for your order to buy or sell.
  • Quarterly reports are publicly available with details on the relationships with our trading partners.

What is "best execution?"

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:

Market center reviews

We rigorously review market centers for their system availability, service quality, and financial and regulatory standing.

Execution quality

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.

Reports available

Quarterly reports that disclose where we route orders and the nature of our routing relationships, are publicly available.


"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.

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