The Plexus BrokerEDGE Monitor Universe is a transaction database of nearly 7 million trades ($3.3 trillion in volume) compiled from data contributed by Investment Technology Group Inc. investment manager clients. The information is based on four quarters of U.S. equity trading data for the period ended March 31. Brokers are separated based on their primary peer group: full service, research and execution. Ranks are based on the top 30 by dollar volume in each group. Execution cost is the price difference from order to execution; best execution ranks brokers on the difference between execution cost and the Plexus Average Execution Gain/Loss benchmark, in basis points; difficulty is based on the dollar-weighted benchmark; commissions are ranked in cents per share.
BEST EXECUTION: small trades (10,000 shares or less)
Full-service brokers
Value added (bps)
Sanford C. Bernstein
-5
UBS
-6
JPMorgan Securities
-6
Morgan Stanley
-6
Bear Stearns
-6
Citigroup Global Markets
-6
Deutsche Bank Securities
-6
Lehman Brothers
-6
Merrill Lynch
-7
Goldman Sachs
-7
Execution-only brokers
Value added (bps)
UNX
2
Instinet
2
Bloomberg Tradebook
1
NYFIX Millenium
1
Archipelago
0
JonesTrading
0
GSEC
-3
Cantor Fitzgerald
-3
Fidelity Capital Markets
-4
Capital Institutional Services
-4
Research/specialty brokers
Value added (bps)
SunTrust Robinson Humphrey
2
Raymond James
0
Abel / Noser
-1
Janney Montgomery Scott
-2
Autranet
-2
ISI Group
-5
Morgan, Keegan
-5
Stifel, Nicolaus
-5
Robert W. Baird
-5
Pershing
-5
BEST EXECUTION: large trades (more than 10,000 shares)
Full-service brokers
Value added (bps)
Goldman Sachs
0
Merrill Lynch
-1
Morgan Stanley
-1
Jefferies & Co.
-2
UBS
-2
Lehman Brothers
-3
Citigroup Global Markets
-3
Sanford C. Bernstein
-4
Deutsche Bank Securities
-4
Bear Stearns
-4
Execution-only brokers
Value added (bps)
Heflin & Co.
9
GSEC
9
LaBranche
8
Liquidnet
6
Fidelity Capital Markets
5
Weeden & Co.
5
Cantor Fitzgerald
4
Bloomberg Tradebook
4
State Street Global Markets
4
JonesTrading
3
Research/specialty brokers
Value added (bps)
Seaport Securities
30
Rochdale Securities
12
SunTrust Robinson Humphrey
3
Pershing
2
Janney Montgomery Scott
1
A. G. Edwards
0
ISI Group
-1
BMO Capital Markets
-1
Sandler, O’Neill & Partners
-1
Keefe Bruyette & Woods
-1
BEST BROKERS: small trades (10,000 shares or less)
Full-service brokers
Execution-only brokers
Research/specialty brokers
Lowest execution cost
Sanford C. Bernstein
Morgan Stanley
Deutsche Bank Securities
JPMorgan Securities
Merrill Lynch
UNX
NYFIX Millennium
Bloomberg Tradebook
Instinet
Sonic Trading
Hilliard Lyons
Legg Mason Wood Walker
Stifel, Nicolaus
Abel / Noser
Pershing
Most difficult trades
Jefferies & Co.
Bear Stearns
Credit Suisse
Banc of America Securities
Merrill Lynch
Archipelago
White Cap Trading
Susquehanna
JonesTrading
Westminster Securities
Keefe Bruyette & Woods
Friedman, Billings, Ramsey
Robert W. Baird
CIBC World Markets
William Blair
Lowest commissions
Sanford C. Bernstein
Morgan Stanley
Deutsche Bank Securities
Jefferies & Co.
Credit Suisse
NYFIX Millennium
REDIPlus
Sonic Trading
UNX
ITG
Hilliard Lyons
CIBC World Markets
Legg Mason Wood Walker
Stifel, Nicolaus
Thomas Weisel Partners
BEST BROKERS: large trades (more than 10,000 shares)
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