A situation in which a market maker fills an order at a better price than the national best bid and offer (NBBO). For a buy order, price improvement would mean filling the order at a lower price than the NBBO and for a sell order, it would mean filling the order at a higher price than the NBBO. Price improvement can be applied to both limit orders and market orders, but not all market makers provide it.
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return on assets (ROA)
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