INTERACTIVE

Tradewatch for Q1 2018

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 31, 2018. Source: Elkins/McSherry, a State Street company.
All trading
Global brokers
RankBrokerDifference
1 Robert W. Baird -36.75
2 Wells Fargo Prime Svcs. -25.03
3 Royal Bank Scotland -20.58
4 Weeden -19.88
5 Cowen -19.19
6 Macquarie Securities -9.5
7 Morgan Stanley (MS) -6.81
8 BTIG -5.98
9 Redburn Partners -5.7
10 Knight Securities -5.21
U.S. brokers
RankBrokerDifference
1 BMO Capital Markets -33.25
2 FBN Securities -30.66
3 ITG -30.08
4 Agency Trading Group -28.17
5 Gar Wood Securities -27.15
6 State Street Global Markets -26.73
7 Jeffries -19.08
8 Barclays Bank -17.85
9 Themis Trading -17.4
10 BB&T Investment Svcs. -17.38
 
Trades by order size
Large orders: 50,000+ shares
 
RankBrokerDifference
1 Agency Trading Group -35.72
2 Goldman Sachs -30.9
3 J.P. Morgan -24.2
4 BTIG -18.88
5 Russell Imp. Svcs. -12.21
6 Jeffries -8.38
7 Gar Wood Securities -7.47
8 Credit Suisse -6.19
9 BB&T Investment Svcs. -6.08
10 Morgan Stanley -5.48
Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1 Agency Trading Group -20.89
2 Gar Wood Securities -17.41
3 Barclays Bank -16.81
4 Jones & Associates -13.93
5 Goldman Sachs -11.88
6 Russell Imp. Svcs. -8.1
7 Guzman -7.01
8 Stifel Nicolaus -5.67
9 Credit Suisse -5.56
10 BB&T Investment Svcs. -5.12
Small orders: 10,000 shares
or less
RankBrokerDifference
1 Gar Wood Securities -15.34
2 Credit Suisse -12.88
3 Agency Trading Group -11.26
4 Barclays Bank -9.03
5 Goldman Sachs -8.05
6 Guzman -7.38
7 BTIG -6.61
8 Bank of New York -5.27
9 Burnham -2.77
10 Russell Imp. Svcs. -2.1
 
Trades by liquidity
0% - 20% of daily volume
RankBrokerDifference
1 ITG -21.08
2 Agency Trading Group -20.24
3 Wells Fargo Prime Svcs. -13
4 Jones & Associates -12.7
5 Credit Suisse -12.39
6 Gar Wood Securities -12.09
7 Barclays Bank -10.72
8 BTIG -6.58
9 Russell Imp. Svcs. -6.52
10 Bank of New York -6.45
20% - 50% of daily volume
RankBrokerDifference
1 Russell Imp. Svcs. -39.6
2 Goldman Sachs -21.07
3 Gar Wood Securities -13.3
4 J.P. Morgan -9.87
5 Sanford Bernstein -6.82
6 BTIG -4.93
7 Weeden -1.78
8 BoA Merrill Lynch -1.16
9 Wells Fargo Prime Svcs. 0.92
10 Guzman 1.25
50%+ of daily volume
RankBrokerDifference
1 Russell Imp. Svcs. -50.33
2 J.P. Morgan -35.02
3 Weeden -19.64
4 Gar Wood Securities -15.71
5 Guzman -13.05
6 Credit Suisse -11.69
7 Wells Fargo Prime Svcs. -11.08
8 BTIG -9.78
9 Goldman Sachs -7.73
10 BoA Merrill Lynch -3.98
 
Trades by market cap
Giant cap
RankBrokerDifference
1 Agency Trading Group -8.57
2 Wachovia Bank -8.35
3 J.P. Morgan -8.05
4 Bank of New York -7.49
5 WallachBeth Capital -6.36
6 Gar Wood Securities -6.01
7 Russell Imp. Svcs. -5.97
8 Stifel Nicolaus -4.65
9 Guzman -4.17
10 CDRG -3.8
Large cap
RankBrokerDifference
1 Agency Trading Group -22.12
2 Gar Wood Securities -13.31
3 Barclays Bank -11.38
4 Russell Imp. Svcs. -9.96
5 Weeden -6.38
6 Piper Jaffray -5.84
7 Guzman -5.52
8 Lehman Brothers -5.41
9 CDRG -5
10 BBT Investment Svcs. -2.53
Midcap
RankBrokerDifference
1 Agency Trading Group -30.63
2 Gar Wood Securities -19.58
3 Bank of New York -13.69
4 Barclays Bank -12.32
5 Guzman -12.01
6 Morgan Stanley -11.52
7 BTIG -11.38
8 BB&T Investment Svcs. -10.64
9 Sanford Bernstein -10.27
10 BoA Merrill Lynch -8.85
 
Small cap
RankBrokerDifference
1 BTIG -40.13
2 Agency Trading Group -34.25
3 Guzman -31.6
4 Gar Wood Securities -31.56
5 J.P. Morgan -8.59
6 Credit Suisse -7.69
7 Wells Fargo Prime Svcs. -6.94
8 Goldman Sachs -5.6
9 Russell Imp. Svcs. -3.59
10 Weeden 9.85
Microcap
RankBrokerDifference
1 BTIG -96.03
2 Goldman Sachs -93.2
3 Agency Trading Group -89.64
4 J.P. Morgan -85.59
5 Guzman -81.15
6 Jane Street Capital -15.66
7 Russell Imp. Svcs. -7.63
8 BoA Merrill Lynch 5.86
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 31, 2018. Source: Investment Technology Group.
U.S. trading costs: Commissions and implementation shortfall
Average spread and annualized volatility of S&P 500 constituents
*1Q 2018 peer data are preliminary.