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  1. Home
  2. INTERACTIVE
August 21, 2006 01:00 AM

Tradewatch

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    Tradewatch

    The Plexus BrokerEDGE® Universe is a transaction database compiled from trade data contributed by ITG Solutions Network Inc. investment manager clients. The information presented is based upon four quarters of U.S. equity trading data for the period ended March 31. Parenthetical references are to the rank for the period ended Dec. 31. "Value added” is defined as the amount by which a broker-dealer's average cost of execution (market impact plus commissions) outperforms the PAEG/L®, expressed in basis points (negative numbers indicate underperformance).

    Summary statistics

    MARKETTRADED VALUE

    (MILLIONS)

    NUMBER OF

    BROKERS

    MEDIAN VALUE

    ADDED

    COMMISSIONS

    PER SHARE

    Exchange-listed

    $2,354,451

    790 (795)

    -3 bps (-1)

    3.2¢ (3.3)

    Nasdaq-listed

    $766,323

    634 (636)

    -3 bps (-2)

    2.9¢ (2.9)
     
    All trades
    Most used:

    Percent of

    trading

    EXCHANGE-LISTED STOCKS

    ITG

    (2)

    6.69%

    Merrill Lynch

    (1)

    6.22%

    Goldman Sachs

    (4)

    6.20%

    Credit Suisse

    (3)

    5.60%

    Lehman Brothers

    (5)

    5.49%
     
    NASDAQ-LISTED STOCKS

    ITG

    (4)

    5.43%

    Citigroup Global Markets

    (1)

    5.22%

    Morgan Stanley

    (2)

    5.01%

    Merrill Lynch

    (3)

    4.92%

    Bloomberg Tradebook

    (5)

    4.63%
     
    Best

    execution:

    Value added in

    basis points

    Bloomberg Tradebook

    (4)

    9

    Cantor Fitzgerald

    (1)

    7

    Rochdale Securities

    (2)

    6

    State Street Brokerage Service

    (—)

    6

    Jefferies & Co.

    (5)

    5
     

    UNX

    (1)

    25

    JonesTrading

    (2)

    19

    GSEC

    (5)

    12

    Instinet

    (3)

    8

    Bloomberg Tradebook

    (7)

    7
     
    10% most difficult trades
    Most used:

    Percent of

    trading

    EXCHANGE-LISTED STOCKS

    Merrill Lynch

    (7)

    7.02%

    Lehman Brothers

    (5)

    6.60%

    Goldman Sachs

    (2)

    6.30%

    Credit Suisse

    (1)

    5.95%

    Morgan Stanley

    (6)

    5.23%
     
    NASDAQ-LISTED STOCKS

    Bloomberg Tradebook

    (1)

    6.19%

    Morgan Stanley

    (2)

    6.06%

    Citigroup Global Markets

    (3)

    5.78%

    Merrill Lynch

    (7)

    4.93%

    Goldman Sachs

    (4)

    4.67%
     
    Best

    execution:

    Value added in

    basis points

    Rochdale Securities

    (—)

    52

    Heflin & Co.

    (—)

    52

    William Blair & Co.

    (—)

    33

    SunTrust Robinson Humphrey

    (—)

    15

    Liquidnet

    (5)

    11
     

    A.G. Edwards

    (—)

    56

    JonesTrading

    (2)

    52

    GSEC

    (4)

    52

    UNX

    (1)

    43

    Wachovia Securities

    (6)

    35
     
    Most-used brokers
    Exchange-

    listed

    stocks

    LARGE-CAP:

    Merrill Lynch

    Goldman Sachs

    ITG

    Morgan Stanley

    Credit Suisse

      MEDIUM-CAP:

    ITG

    Lehman Brothers

    Credit Suisse

    Goldman Sachs

    Merrill Lynch

      SMALL-CAP:

    ITG

    Liquidnet

    Lehman Brothers

    Credit Suisse

    Morgan Stanley

     
    Nasdaq-

    listed

    stocks

    LARGE-CAP:

    Merrill Lynch

    Morgan Stanley

    Citigroup Global Markets

    Goldman Sachs

    Bloomberg Tradebook

      MEDIUM-CAP:

    ITG

    Citigroup Global Markets

    Liquidnet

    Morgan Stanley

    Merrill Lynch

      SMALL-CAP:

    ITG

    Liquidnet

    Instinet

    Bloomberg Tradebook

    REDIPlus

     
    Best execution
    Exchange-

    listed

    stocks

    LARGE-CAP:

    UNX

    Bloomberg Tradebook

    Cantor Fitzgerald

    State Street Brokerage Svcs.

    Rochdale Securities

      MEDIUM-CAP:

    Fidelity Capital Markets

    Bloomberg Tradebook

    Cantor Fitzgerald

    Heflin & Co.

    Rochdale Securities

      SMALL-CAP:

    Nutmeg Securities

    Capital Institutional Services

    Raymond James & Assoc.

    Heflin & Co.

    Jefferies & Co.

     
    Nasdaq-

    listed

    stocks

    LARGE-CAP:

    Wachovia Securities

    A.G. Edwards

    UNX

    GSEC

    Thomas Weisel Partners

      MEDIUM-CAP:

    UNX

    JonesTrading

    Weeden & Co.

    Bloomberg Tradebook

    Instinet

      SMALL-CAP:

    JonesTrading

    LaBranche

    Instinet

    Lava Trading

    Archipelago

     
    Most illiquid trades
    Exchange-

    listed

    stocks

    LARGE-CAP:

    Guzman & Co.

    CIBC World Markets

    ISI Group

    Goldman Sachs

    Lehman Brothers

      MEDIUM-CAP:

    GGET LLC

    RBC Dain Rauscher

    Susquehanna

    Lehman Brothers

    Goldman Sachs

      SMALL-CAP:

    BNY Brokerage

    RBC Dain Rauscher

    Credit Suisse

    Stifel, Nicolaus & Co.

    GGET LLC

     
    Nasdaq-

    listed

    stocks

    LARGE-CAP:

    Wachovia Securities

    Jefferies & Co.

    Merrill Lynch

    UBS Securities

    Citigroup Global Markets

      MEDIUM-CAP:

    Weeden & Co.

    Susquehanna

    Credit Suisse

    JonesTrading

    Cantor Fitzgerald

      SMALL-CAP:

    Raymond James & Assoc.

    Friedman, Billings, Ramsey

    JonesTrading

    LaBranche

    Bear Stearns

    Source: ITG Solutions Network Inc.

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