INTERACTIVE

Tradewatch for Sept. 4, 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 June 30, 2017. Source: Elkins/McSherry, a State Street company.
All trading
Global brokers
RankBrokerDifference
1 Raymond James -36.12
2 William Blair -32.44
3 State Street Global Mkts. -13.99
4 Sanford C. Bernstein -9.50
5 Morgan Stanley (MS) -8.31
6 Pershing -3.78
7 Pavilion 3.23
8 Barclays Bank 3.92
9 Redburn Partners 8.81
10 Jeffries 9.29
U.S. brokers
RankBrokerDifference
1 ITG -48.07
2 Cantor Fitzgerald -36.68
3 Jeffries -32.71
4 BTIG -27.70
5 Gar Wood Securities -26.44
6 Agency Trading Group -25.47
7 Themis Trading -24.21
8 FBN Securities -23.34
9 Wells Fargo Prime Svcs. -23.19
10 Piper Jaffray -20.21
 
Trades by order size
Large orders: 50,000+ shares
 
RankBrokerDifference
1 Goldman Sachs -57.29
2 Barclays Bank -44.61
3 Wells Fargo Prime Svcs. -34.80
4 Morgan Stanley -34.70
5 Agency Trading Group -24.67
6 BTIG -18.28
7 Stifel Nicolaus -16.63
8 BB&T Investment Svcs. -13.51
9 J.P. Morgan -12.20
10 Gar Wood Securities -11.18
Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1 Gar Wood Securities -22.90
2 Agency Trading Group -19.90
3 Wells Fargo Prime Svcs. -18.29
4 J.P. Morgan -17.32
5 Goldman Sachs -14.54
6 Deutsche Bank -14.53
7 Credit Suisse -14.28
8 Bank of New York -10.89
9 Barclays Bank -9.32
10 BB&T Investment Svcs. -7.81
Small orders: 10,000 shares
or less
RankBrokerDifference
1 Gar Wood Securities -16.19
2 BTIG -14.58
3 Credit Suisse -11.83
4 Agency Trading Group -11.36
5 Barclays Bank -10.16
6 Bank of New York -9.71
7 Bats -9.69
8 Goldman Sachs -7.72
9 Wells Fargo Prime Svcs. -7.06
10 J.P. Morgan -4.24
 
Trades by liquidity
0% - 20% of daily volume
RankBrokerDifference
1 ITG -39.08
2 Agency Trading Group -17.08
3 Gar Wood Securities -13.91
4 BB&T Investment Svcs. -9.26
5 BTIG -8.85
6 Goldman Sachs -7.82
7 Bank of New York -7.49
8 Credit Suisse -6.59
9 Wells Fargo Prime Svcs. -5.86
10 J.P. Morgan -4.37
20% - 50% of daily volume
RankBrokerDifference
1 Credit Suisse -36.12
2 Goldman Sachs -18.84
3 Agency Trading Group -18.45
4 Gar Wood Securities -18.28
5 BTIG -13.92
6 J.P. Morgan -9.42
7 UBS -8.87
8 Sanford C. Bernstein -6.99
9 Weeden -3.83
10 BB&T Investment Svcs. -1.47
50%+ of daily volume
RankBrokerDifference
1 Credit Suisse -30.36
2 Weeden -27.83
3 J.P. Morgan -26.01
4 Gar Wood Securities -20.85
5 Agency Trading Group -18.42
6 Goldman Sachs -17.88
7 Wells Fargo Prime Svcs. -15.21
8 BTIG -14.91
9 BofA Merrill Lynch -10.36
10 Morgan Stanley -8.29
 
Trades by market cap
Giant cap
RankBrokerDifference
1 Gar Wood Securities -9.12
2 Wells Fargo Prime Svcs. -8.31
3 Agency Trading Group -7.55
4 Stifel Nicolaus -6.68
5 Goldman Sachs -5.15
6 Barclays Bank -5.00
7 Instinet -3.92
8 Morgan Stanley -3.54
9 BTIG -3.37
10 Bank of New York -3.28
Large cap
RankBrokerDifference
1 ITG -45.40
2 Agency Trading Group -14.52
3 BTIG -13.44
4 Gar Wood Securities -10.53
5 Barclays Bank -7.98
6 BB&T Investment Svcs. -5.49
7 Goldman Sachs -5.08
8 Bank of New York -3.85
9 J.P. Morgan -3.23
10 Stifel Nicolaus -1.15
Midcap
RankBrokerDifference
1 BTIG -42.75
2 Agency Trading Group -30.08
3 Gar Wood Securities -25.93
4 Credit Suisse -18.01
5 BB&T Investment Svcs. -17.22
6 ITG -13.25
7 Bank of New York -12.00
8 Goldman Sachs -10.81
9 RBC Capital Markets -6.69
10 J.P. Morgan -2.37
 
Small cap
RankBrokerDifference
1 Jeffries -53.54
2 BTIG -49.38
3 Sanford C. Bernstein -48.00
4 Weeden -45.53
5 Agency Trading Group -36.44
6 BB&T Investment Svcs. -36.44
7 Barclays Bank -32.99
8 Gar Wood Securities -21.99
9 J.P. Morgan -20.01
10 Goldman Sachs -18.51
Microcap
RankBrokerDifference
1 Credit Suisse -113.03
2 Gar Wood Securities -99.18
3 Bank of New York -96.91
4 Agency Trading Group -82.74
5 BofA Merrill Lynch -75.76
6 Goldman Sachs -68.04
7 J.P. Morgan -67.86
8 BB&T Investment Svcs. -64.26
9 Morgan Stanley 24.63
10 Susquehanna 87.35
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 June 30, 2017. Source: Investment Technology Group.
U.S. trading costs: Commissions and implementation shortfall
Average spread and annualized volatility of S&P 500 constituents
*2Q 2017 peer data are preliminary.