Tradewatch monitors U.S. equity trading using the Plexus Broker Universe, a transaction database compiled from data contributed by more than 125 investment manager-clients of Plexus Group. The data is based upon four quarters of U.S. equity trading data for the period ended June 30, 2005.
Summary statistics
MARKET
TRADED VALUE
(MILLIONS)
NUMBER OF
BROKERS
MEDIAN VALUE
ADDED
COMMISSIONS
PER SHARE
Exchange-listed
$2,235,292
839 (798)
1 bps (0)
3.4¢ (3.6¢)
Nasdaq-listed
$755,120
660 (658)
0 bps (1)
3.1¢ (3.3¢)
All trades
Most used:
Percent of
trading
EXCHANGE-LISTED STOCKS
Merrill Lynch
-1
6.77%
Credit Suisse First Boston
-3
6.10%
Goldman Sachs
-4
6.03%
ITG
-6
5.79%
Morgan Stanley
-2
5.63%
NASDAQ-LISTED STOCKS
Merrill Lynch
-1
5.59%
Morgan Stanley
-2
5.46%
Citigroup Global Markets
-3
5.33%
Goldman Sachs
-4
5.16%
Credit Suisse First Boston
-5
4.66%
Best
execution:
Value added in
basis points
Jefferies & Co.
-1
15
JonesTrading
-2
13
Liquidnet
-3
7
Instinet
-4
7
Rochdale Securities
(-)
7
Friedman, Billings, Ramsey
-3
17
Instinet
-2
15
Sanford C. Bernstein
-4
13
JonesTrading
-1
13
GSEC
-6
9
10% most difficult trades
Most used:
Percent of
trading
EXCHANGE-LISTED STOCKS
Citigroup Global Markets
-1
8.40%
Merrill Lynch
-2
7.30%
Goldman Sachs
-3
7.27%
UBS Securities
-5
6.40%
Morgan Stanley
-4
5.74%
NASDAQ-LISTED STOCKS
Citigroup Global Markets
-1
6.96%
Goldman Sachs
-4
5.86%
Merrill Lynch
-2
5.64%
Morgan Stanley
-3
5.40%
Bloomberg Tradebook
-7
4.77%
Best
execution:
Value added in
basis points
Lehman Brothers
-2
141
Sanford C. Bernstein
-3
114
Cantor Fitzgerald
-4
113
BNY Brokerage
-1
98
JPMorgan Securities
-5
96
Friedman, Billings, Ramsey
(—)
203
A. G. Edwards
-2
81
Sanford C. Bernstein
-4
54
GSEC
-5
41
Susquehanna
-6
38
Most-used brokers
Exchange-
listed
stocks
LARGE-CAP:
Merrill Lynch
Goldman Sachs
Credit Suisse First Boston
Morgan Stanley
ITG
MEDIUM-CAP:
Credit Suisse First Boston
ITG
Lehman Brothers
Goldman Sachs
Merrill Lynch
SMALL-CAP:
ITG
Lehman Brothers
Credit Suisse First Boston
Liquidnet
Goldman Sachs
Nasdaq-
listed
stocks
LARGE-CAP:
Merrill Lynch
Morgan Stanley
Goldman Sachs
Citigroup Global Markets
Credit Suisse First Boston
MEDIUM-CAP:
Citigroup Global Markets
Morgan Stanley
Merrill Lynch
Goldman Sachs
Credit Suisse First Boston
SMALL-CAP:
ITG
Liquidnet
Instinet
Citigroup Global Markets
Knight Equity Markets
Best execution
Exchange-
listed
stocks
LARGE-CAP:
Jefferies & Co.
SG Cowen Securities
Goldman Sachs
Rochdale Securities
Keefe Bruyette & Woods
MEDIUM-CAP:
Heflin & Co.
JonesTrading
RBC Dain Rauscher
Cantor Fitzgerald & Company
Instinet
SMALL-CAP:
Capital Institutional Services
Nutmeg Securities
Heflin & Co.
JonesTrading
Friedman, Billings, Ramsey
Nasdaq-
listed
stocks
LARGE-CAP:
A.G. Edwards
Friedman, Billings, Ramsey
Firefly Capital
Sanford C. Bernstein
Pacific Crest Securities
MEDIUM-CAP:
Instinet
GSEC
JonesTrading
Bloomberg Tradebook
ITG
SMALL-CAP:
Instinet
JonesTrading
Friedman, Billings, Ramsey
Pulse Trading
Bloomberg Tradebook
Most illiquid trades
Exchange-
listed
stocks
LARGE-CAP:
UBS Securities
JPMorgan Securities
Morgan Stanley
Goldman Sachs
Citigroup Global Markets
MEDIUM-CAP:
Citigroup Global Markets
Liquidnet
Lehman Brothers
UBS Securities
Goldman Sachs
SMALL-CAP:
Credit Suisse First Boston
Jefferies & Co.
UBS Securities
Liquidnet
Citigroup Global Markets
Nasdaq-
listed
stocks
LARGE-CAP:
Lehman Brothers
Deutsche Bank Securities
Credit Suisse First Boston
Merrill Lynch
Morgan Stanley
MEDIUM-CAP:
Knight Equity Markets
Susquehanna
CIBC World Markets
RBC Dain Rauscher
UBS Securities
SMALL-CAP:
Friedman, Billings, Ramsey
RBC Dain Rauscher
JonesTrading
Deutsche Bank Securities
Raymond James & Assoc.
Source: Plexus Group, Inc., a wholly-owned subsidiary of JPMorgan Chase Bank, N.A.
