INTERACTIVE

Tradewatch for June 12, 2017

BROKER RANKINGS
Ranked by difference in cost/savings against the Elkins/McSherry Arrival Price universe, based on the top 50 brokers in each category by U.S. dollar volume. Rolling four-quarter data are as of March 30, 2017. Source: Elkins/McSherry, a State Street company.
All trading
Global brokers
RankBrokerDifference
1 William Blair -32.48
2 Raymond James -28.24
3 Sanford C. Bernstein -28.07
4 Russell Imp. Services -14.06
5 Pershing -11.29
6 Instinet -8.79
7 Morgan Stanley (MS) -5.3
8 State Street Global Mkts. -2.53
9 CAPIS -1.78
10 Pavilion -1.69
U.S. brokers
RankBrokerDifference
1 Instinet -85.86
2 Cowen -63.41
3 ITG -58.03
4 Cantor Fitzgerald -47.39
5 BTIG -33.62
6 Wells Fargo Prime Svcs. -29.84
7 Jefferies -28.27
8 Agency Trading Group -28.1
9 FBN Securities -27.89
10 BB&T Investment Svcs. -25.09
 
Trades by order size
Large orders: 50,000+ shares
 
RankBrokerDifference
1 BB&T Investment Svcs. -78.24
2 Goldman Sachs -42.48
3 Wells Fargo Prime Svcs. -36.92
4 BTIG -31.43
5 Credit Suisse -30.3
6 Jones & Associates -22.7
7 Morgan Stanley -20.65
8 J.P. Morgan -17.98
9 Agency Trading Group -17.59
10 Barclays Bank -16.87
Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1 Jones & Associates -25.13
2 Gar Wood Securities -21.74
3 Agency Trading Group -21.09
4 J.P. Morgan -18.13
5 Goldman Sachs -17.18
6 Deutsche Bank -14.52
7 Credit Suisse -12.49
8 NGAM Advisors -8.31
9 Barclays Bank -8.09
10 BofA Merrill Lynch -7.43
Small orders: 10,000 shares
or less
RankBrokerDifference
1 ITG -26.18
2 Gar Wood Securities -14.2
3 BTIG -13.25
4 Agency Trading Group -12.04
5 Guzman -11.42
6 NGAM Advisors -11.29
7 Bank of New York -11.21
8 Credit Suisse -10.95
9 Goldman Sachs -8.81
10 Wells Fargo Prime Svcs. -7.86
 
Trades by liquidity
0% - 20% of daily volume
RankBrokerDifference
1 BB&T Investment Svcs. -53.06
2 ITG -38.4
3 Guzman -23.44
4 Deustche Bank -15.2
5 Gar Wood Securities -12.63
6 Credit Suisse -11.83
7 Goldman Sachs -11.12
8 BTIG -8.61
9 NGAM Advisors -8.24
10 Agency Trading Group -6.37
20% - 50% of daily volume
RankBrokerDifference
1 BTIG -40.27
2 Credit Suisse -35.14
3 Agency Trading Group -19.73
4 Gar Wood Securities -18.28
5 Goldman Sachs -13.46
6 J.P. Morgan -12.13
7 NGAM Advisors -11.81
8 Russell Imp. Svcs. -11.44
9 UBS -10.13
10 Sanford C. Bernstein -7.89
50%+ of daily volume
RankBrokerDifference
1 Credit Suisse -32.63
2 Weeden -30.93
3 J.P. Morgan -28.22
4 Agency Trading Group -22.05
5 Wells Fargo Prime Svcs. -20.36
6 Gar Wood Securities -19.68
7 Bank of New York -19.6
8 BTIG -17.64
9 Goldman Sachs -17.14
10 Guzman -14.23
 
Trades by market cap
Giant cap
RankBrokerDifference
1 Russell Imp. Svcs. -19.54
2 Deustche Bank -13.66
3 Guzman -13.12
4 NGAM Advisors -11.64
5 Needham -9.32
6 BTIG -9.19
7 Agency Trading Group -8.65
8 Gar Wood Securities -8.54
9 BMO Capital Mkts. -7.42
10 FBN Securities -7.17
Large cap
RankBrokerDifference
1 ITG -41.81
2 Pictet -26.95
3 Russell Imp. Svcs. -17.31
4 Needham -16.03
5 BTIG -15.78
6 Jones & Associates -14.84
7 Gar Wood Securities -10.69
8 NGAM Advisors -9.84
9 Deustche Bank -8.37
10 WallachBeth Capital -7.43
Midcap
RankBrokerDifference
1 BTIG -46.11
2 ITG -42.86
3 Agency Trading Group -31.41
4 Gar Wood Securities -22.6
5 RBC Capital Mkts. -19.51
6 BBT Investment Svcs. -16.32
7 Wells Fargo Prime Svcs. -14.57
8 Themis Trading -12.8
9 Credit Suisse -12.51
10 Goldman Sachs -11.52
 
Small cap
RankBrokerDifference
1 BB&T Investment Svcs. -72.09
2 Weeden -66.29
3 Jefferies -52.33
4 BTIG -52.09
5 Guzman -44.12
6 Agency Trading Group -42.96
7 Barclays Bank -42.92
8 J.P. Morgan -26.15
9 Burnham -24.54
10 Gar Wood Securities -20.37
Microcap
RankBrokerDifference
1 Wells Fargo Prime Svcs. -23.34
2 BTIG -13.25
3 BofA Merrill Lynch -12.03
4 Credit Suisse -12.01
5 Weeden -9.91
6 Gar Wood Securities -8.64
7 J.P. Morgan -7.71
8 Agency Trading Group -7.58
9 Goldman Sachs -6.4
10 Russell Imp. Svcs. -2.52
 
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 March 30, 2017. Source: Investment Technology Group.
U.S. trading costs: Commissions and implementation shortfall
 
Average spread and annualized volatility of S&P 500 constituents
*1Q 2017 peer data are preliminary.