| Broker rankings |
| Ranked by difference in cost/savings against the Elkins/McSherry universe, based on the top 50 brokers in each category by U.S. dollar volume. Rolling four-quarter data as of Sept. 30. Source: Elkins/McSherry, a State Street company. |
| ALL TRADING |
| Global brokers | |
| 1
| Redburn Partners
| -51.99 |
| 2
| Societe Generale
| -50.01 |
| 3
| Jefferies & Co.
| -41.3 |
| 4
| BNP Paribas
| -34.85 |
| 5
| Cantor Fitzgerald
| -28.16 |
| 6
| Banco Santander
| -22.89 |
| 7
| Exane Ltd.
| -18.39 |
| 8
| CIBC Securities
| -18.37 |
| 9
| Instinet
| -18.26 |
| 10
| Credit Agricole
| -18.17 |
| | | U.S. brokers | |
| 1
| Lazard Capital Mkts.
| -22.15 |
| 2
| Bloomberg Tradebook
| -16.69 |
| 3
| Guzman & Co.
| -16.18 |
| 4
| Russell Impl. Svcs.
| -13.75 |
| 5
| Merlin Securities
| -12.91 |
| 6
| Liquidnet Inc.
| -11.5 |
| 7
| Sanford C. Bernstein
| -11.11 |
| 8
| Instinet
| -11.09 |
| 9
| CAPIS
| -9.94 |
| 10
| Weeden & Co.
| -9.11 |
|
| |
| TRADES BY ORDER SIZE |
| Large orders: 50,000+ shares | |
| 1
| Lazard Capital Mkts.
| -28.34 |
| 2
| Liquidnet Inc.
| -19.5 |
| 3
| Sanford C. Bernstein
| -15.31 |
| 4
| Oppenheimer & Co.
| -15.01 |
| 5
| Guzman & Co.
| -14.37 |
| 6
| William Blair
| -14.31 |
| 7
| Russell Impl. Svcs.
| -13.53 |
| 8
| Instinet
| -13.17 |
| 9
| Barclays
| -10.81 |
| 10
| ITG
| -10.02 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1
| Lazard Capital Mkts.
| -21.12 |
| 2
| Bloomberg Tradebook
| -19.77 |
| 3
| State Street Global Mkts.
| -17.19 |
| 4
| Guzman & Co.
| -14.45 |
| 5
| Merlin Securities
| -12.81 |
| 6
| CAPIS
| -11.83 |
| 7
| Russell Impl. Svcs.
| -11.33 |
| 8
| Nomura Securities
| -10.97 |
| 9
| Instinet
| -9.47 |
| 10
| Weeden & Co.
| -8.51 |
| | | Small orders: 10,000 shares or less | |
| 1
| Bloomberg Tradebook
| -26.11 |
| 2
| Telsey Advisory Group
| -24.66 |
| 3
| William Blair
| -23.84 |
| 4
| Jones Trading
| -21.95 |
| 5
| Guzman & Co.
| -20 |
| 6
| Lazard Capital Mkts.
| -17.56 |
| 7
| Russell Impl. Svcs.
| -16.63 |
| 8
| Merlin Securities
| -15.98 |
| 9
| CAPIS
| -15.79 |
| 10
| Nomura Securities
| -15.24 |
|
| |
| TRADES BY LIQUIDITY |
| 0% - 20% of daily volume | |
| 1
| Lazard Capital Mkts.
| -22.82 |
| 2
| Bloomberg Tradebook
| -17.37 |
| 3
| Guzman & Co.
| -16.48 |
| 4
| Instinet
| -15.78 |
| 5
| Barclays
| -14.87 |
| 6
| Russell Impl. Svcs.
| -13.79 |
| 7
| Merlin Securities
| -12.27 |
| 8
| Liquidnet Inc.
| -11.08 |
| 9
| Jefferies & Co.
| -10.44 |
| 10
| Nomura Securities
| -10.21 |
| | | 20% - 50% of daily volume | |
| 1
| Sanford C. Bernstein
| -24.24 |
| 2
| Lazard Capital Mkts.
| -23.29 |
| 3
| Liquidnet Inc.
| -17.29 |
| 4
| Bloomberg Tradebook
| -14.21 |
| 5
| CAPIS
| -13.37 |
| 6
| Merlin Securities
| -12.15 |
| 7
| Susquehanna Fin’l
| -10.48 |
| 8
| Loop Capital Markets
| -8.85 |
| 9
| Guzman & Co.
| -7.57 |
| 10
| Weeden & Co.
| -5.93 |
| | | 50%+ of daily volume | |
| 1
| Oppenheimer & Co.
| -58.93 |
| 2
| Russell Impl. Svcs.
| -40.97 |
| 3
| Cheuvreux
| -38.44 |
| 4
| Credit Suisse
| -35.2 |
| 5
| UBS
| -33.89 |
| 6
| Stifel Nicolaus
| -32.48 |
| 7
| Instinet
| -31.47 |
| 8
| Raymond James
| -29.81 |
| 9
| Bank Of America - Merrill
| -29.51 |
| 10
| Cantor Fitzgerald
| -29.02 |
|
| |
| TRADES BY MARKET CAP |
| Giant cap | |
| 1
| Lazard Capital Mkts.
| -8.82 |
| 2
| Guzman & Co.
| -7.59 |
| 3
| ITG
| -5.95 |
| 4
| ICAP Securities
| -4.06 |
| 5
| Barclays
| -3.67 |
| 6
| Macquarie Securities
| -3.59 |
| 7
| Merlin Securities
| -3.43 |
| 8
| Sanford C. Bernstein
| -2.95 |
| 9
| Weeden & Co.
| -2.56 |
| 10
| Liquidnet Inc.
| -2.45 |
| | | Large cap | |
| 1
| Instinet
| -26.8 |
| 2
| Lazard Capital Mkts.
| -10.11 |
| 3
| Bloomberg Tradebook
| -7.17 |
| 4
| RBC Capital Markets
| -4.57 |
| 5
| Nomura Securities
| -3.8 |
| 6
| Merlin Securities
| -2.01 |
| 7
| Russell Impl. Svcs.
| -0.23 |
| 8
| Guzman & Co.
| 0.09 |
| 9
| Susquehanna Fin’l
| 0.72 |
| 10
| State St. Global Mkts.
| 2.78 |
| | | Midcap | |
| 1
| Liquidnet Inc.
| -27.58 |
| 2
| Janney Montgomery
| -24.51 |
| 3
| Jefferies & Co.
| -16.31 |
| 4
| Lazard Capital Mkts.
| -13.52 |
| 5
| Goldman Sachs
| -10.2 |
| 6
| Bloomberg Tradebook
| -10.04 |
| 7
| Banco Santander
| -7.2 |
| 8
| Russell Impl. Svcs.
| -6.33 |
| 9
| State St. Global Mkts.
| -5.8 |
| 10
| Guzman & Co.
| -4.2 |
|
| Small cap | |
| 1
| Nomura Securities
| -34.09 |
| 2
| Credit Suisse
| -19.28 |
| 3
| Macquarie Securities
| -19.05 |
| 4
| Craig-Hallum Capital
| -17.54 |
| 5
| Bloomberg Tradebook
| -16.75 |
| 6
| Weeden & Co.
| -14.98 |
| 7
| Liquidnet Inc.
| -14.71 |
| 8
| Telsey Advisory Grp.
| -13.52 |
| 9
| CAPIS
| -11.05 |
| 10
| Russell Impl. Svcs.
| -10.24 |
| | | Microcap | |
| 1
| Robert W. Baird & Co.
| -31.75 |
| 2
| Telsey Advisory Grp.
| -20.46 |
| 3
| UBS
| -10.58 |
| 4
| Lazard Capital Mkts.
| -10.37 |
| 5
| Griswold Co.
| -9.42 |
| 6
| Russell Impl. Svcs.
| -6.3 |
| 7
| Bank of America - Merrill
| -5.96 |
| 8
| Bloomberg Tradebook
| -5.44 |
| 9
| Bank of New York
| -4.86 |
| 10
| Sanford C. Bernstein
| 1.59 |
|
| |
| Trading analytics |
|
Commissions and implementation shortfall based on ITG’s peer group*. Volatility annualized is the 60-day historical volatility for the S&P 500 index. Data are as of Sept. 30. Source: Investment Technology Group. |
| U.S. trading costs: Commissions and implementation shortfall |
 |
| |
| Average spread and annualized volatility of S&P 500 constituents |
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|
*3Q 2012 peer data are preliminary. |