The BrokerEDGE Universe is a transaction database of nearly 7 million trades ($3.3 trillion) 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 Dec. 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; value added is the difference between execution cost and the PAEG/L 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)
Merrill Lynch
-2
Sanford C. Bernstein
-2
JPMorgan Securities
-3
Deutsche Bank Securities
-3
Credit Suisse
-3
Banc of America
-3
UBS
-4
Bear Stearns
-4
Citigroup Global Markets
-4
Goldman Sachs
-4
Execution-only brokers
Value added (bps)
JonesTrading
15
Instinet
13
NYFIX Millennium
6
Fidelity Capital Markets
4
UNX
2
Rosenblatt Securities
1
Capital Institutional Services
1
Bloomberg Tradebook
1
Archipelago
0
Guzman & Co.
0
Research/specialty brokers
Value added (bps)
Legg Mason Wood Walker
20
SunTrust Robinson Humphrey
7
RBC Dain Rauscher
5
Keefe Bruyette & Woods
3
CIBC World Markets
2
Rochdale Securities
1
Robert W. Baird & Co.
0
Janney Montgomery Scott
0
BMO Capital Markets
0
ISI Group
0
BEST EXECUTION: large trades (more than 10,000 shares)
Full-service brokers
Value added (bps)
Sanford C. Bernstein
1
Deutsche Bank Securities
-1
Merrill Lynch
-2
Morgan Stanley
-4
JPMorgan Securities
-4
Lehman Brothers
-4
UBS
-4
Goldman Sachs
-4
Banc of America
-5
Citigroup Global Markets
-5
Execution-only brokers
Value added (bps)
Heflin & Co.
11
State Street Global Markets
8
Bridge Trading
6
Liquidnet
5
Fidelity Capital Markets
5
Instinet
4
B & K Securities
4
Archipelago
3
Cantor Fitzgerald & Co.
3
Miletus Trading
2
Research/specialty brokers
Value added (bps)
Seaport Securities
31
Abel/Noser
25
Sandler, O’Neill & Partners
7
OTA Limited
6
Rochdale Securities
4
ISI Group
4
A. G. Edwards
4
Keefe Bruyette & Woods
3
Pershing
2
SunTrust Robinson Humphrey
2
BEST BROKERS: small trades (10,000 shares or less)
Full-service brokers
Execution-only brokers
Research/specialty brokers
Lowest execution cost
Sanford C. Bernstein
Deutsche Bank Securities
Merrill Lynch
Credit Suisse
JPMorgan Securities
Reproductions and distribution of the above news story are strictly prohibited. To order reprints and/or request permission to use the article in full or partial format please contact our Reprint Sales Manager at (732) 723-0569.
Print
E-mail
Reprint
RSS
