BZW Barclays Global Investors set a one-day record for crossing trades March 29, crossing 357 million shares worth $7.5 billion, compared with a 416 million-share trading volume in the New York Stock Exchange the same day.
The trades save U.S. institutional equity clients $72 million in trading costs, according to the firm's estimates; BZW's previous one-day crossing record was 220 million shares worth $5 billion on June 30, 1995.
Crossing savings had been one of the advantages cited by the former Wells Fargo Nikko Investment Advisors when it partnered with Barclays PLC last year (Pensions & Investments, June 26). Officials at Wells Fargo Nikko said the combination with Barclays' asset base would allow increased opportunities for crossing that would allow them to charge lower fees. They said the crossing would cut 30 to 100 basis points in securities lending transaction costs.