Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Regulation
    • SECURE 2.0
    • Special Reports
    • Washington
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • ESG Investing | Industry Brief
    • Innovation in ESG Investing
    • 2023 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • The Plan Sponsor's Guide to Retirement Income
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2023 Defined Contribution East Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Research Center
    • The P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Canadian Pension Risk Strategies
    • 2023 Retirement Income
Breadcrumb
  1. Home
  2. INTERACTIVE
March 05, 2007 12:00 AM

Tradewatch

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    The Plexus BrokerEDGE Monitor Universe is a transaction database of nearly 7 million trades ($3.3 trillion in volume) compiled from data contributed by Investment Technology Group Inc. investment manager clients. The information is based on four quarters of U.S. equity trading data for the period ended Sept. 30. Brokers are separated based on their primary peer group: full service, research and execution. Ranks are based on the top 30 by dollar volume in each group. Execution cost is the price difference from order to execution; best execution ranks brokers on the difference between execution cost and the Plexus Average Execution Gain/Loss benchmark, in basis points; difficulty is based on the dollar-weighted benchmark; commissions are ranked in cents per share.

    BEST EXECUTION: small trades (10,000 shares or less)

    Full-service brokersValue

    added

    (bps)

    UBS-5
    Sanford C. Bernstein-6
    Morgan Stanley-6
    JPMorgan Securities-6
    Citigroup Global Markets-6
    Bear Stearns-8
    Credit Suisse-8
    Merrill Lynch-8
    Goldman Sachs-8
    Deutsche Bank Securities-9
     

    Execution-only brokersValue

    added

    (bps)

    Heflin & Co.28
    Archipelago5
    UNX3
    JonesTrading2
    Instinet1
    NYFIX Millenium0
    Bloomberg Tradebook-2
    Cantor Fitzgerald & Co.-3
    GSEC-4
    Capital Institutional Services-5
     

    Research/specialty brokersValue

    added

    (bps)

    Raymond James & Assoc.3
    Monness Crespi Hardt0
    Rochdale Securities-1
    SunTrust Robinson Humphrey-1
    Friedman, Billings, Ramsey-3
    Abel/Noser-4
    Janney Montgomery Scott-4
    Keefe Bruyette & Woods-4
    Robert W. Baird & Co.-4
    Jefferies & Co.-5
     
    BEST EXECUTION: large trades (more than 10,000 shares)

    Full-service brokersValue

    added

    (bps)

    Morgan Stanley0
    Sanford C. Bernstein-4
    UBS-4
    Goldman Sachs-4
    Merrill Lynch-4
    Lehman Brothers-4
    Citigroup Global Markets-5
    JPMorgan Securities-6
    Banc of America Securities-6
    Credit Suisse-7
     

    Execution-only brokersValue

    added

    (bps)

    UNX20
    Fidelity Capital Markets14
    GSEC10
    State Street Brokerage Svcs.8
    Cantor Fitzgerald & Co.7
    LaBranche5
    Bloomberg Tradebook4
    Heflin & Co.4
    Bridge Trading4
    Liquidnet2
     

    Research/specialty brokersValue

    added

    (bps)

    Rochdale Securities11
    Jefferies & Co.0
    A. G. Edwards-1
    Pershing-2
    Friedman, Billings, Ramsey-2
    BMO Capital Markets-2
    Wachovia Securities-3
    Thomas Weisel Partners-3
    Lynch, Jones & Ryan-4
    Keefe Bruyette & Woods-4

     
    BEST BROKERS: small trades (10,000 shares or less)
      Full-service

    brokers

    Execution-only

    brokers

    Research/specialty

    brokers

    Lowest

    execution

    cost

    Sanford C. Bernstein

    Morgan Stanley

    UBS

    JPMorgan Securities

    Deutsche Bank Securities

    Heflin & Co.

    UNX

    Archipelago

    NYFIX Millenium

    Instinet

    Hilliard Lyons

    Raymond James & Assoc.

    Rochdale Securities

    Pershing

    Monness Crespi Hardt

    Most

    difficult

    trades

    Credit Suisse

    Banc of America Securities

    Bear Stearns

    Merrill Lynch

    Lehman Brothers

    Fox-Pitt Kelton

    Heflin & Co.

    Susquehanna

    Weeden & Co.

    JonesTrading

    Monness Crespi Hardt

    Keefe Bruyette & Woods

    RBC Dain Rauscher

    Friedman, Billings, Ramsey

    CIBC World Markets

    Lowest

    commissions

    Sanford C. Bernstein

    Morgan Stanley

    Deutsche Bank Securities

    Credit Suisse

    Banc of America Securities

    NYFIX Millenium

    REDIPlus

    UNX

    Lava Trading

    ITG

    Hilliard Lyons

    CIBC World Markets

    Pershing

    Legg Mason Wood Walker

    Thomas Weisel Partners

     
    BEST BROKERS: large trades (more than 10,000 shares)
      Full-service

    brokers

    Execution-only

    brokers

    Research/specialty

    brokers

    Lowest

    execution

    cost

    Sanford C. Bernstein

    Morgan Stanley

    Goldman Sachs

    UBS

    Credit Suisse

    Fidelity Capital Markets

    UNX

    NYFIX Millenium

    State Street Brokerage Services

    GSEC

    Rochdale Securities

    Pershing

    Jefferies & Co.

    Janney Montgomery Scott

    Lynch, Jones & Ryan

    Most

    difficult

    trades

    Banc of America Securities

    Citigroup Global Markets

    JPMorgan Securities

    Morgan Stanley

    Lehman Brothers

    UNX

    Pulse Trading

    Bloomberg Tradebook

    REDIPlus

    Archipelago

    Baird, Patrick & Co.

    Wachovia Securities

    RBC Dain Rauscher

    Piper Jaffray

    SG Cowen Securities

    Lowest

    commissions

    Sanford C. Bernstein

    Goldman Sachs

    Morgan Stanley

    Credit Suisse

    UBS

    Lava Trading

    UNX

    NYFIX Millenium

    REDIPlus

    GSEC

    Abel/Noser

    Credit Lyonnais Sec. (USA)

    Rochdale Securities

    Pershing

    Jefferies & Co.

    Source: Investment Technology Group

    Recommended for You
    Energy companies spending less on capital expenditures, more on dividends/buybacks
    Energy companies spending less on capital expenditures, more on dividends/buybacks
    Service industry DC plans grow faster than goods-producing sector
    Service industry DC plans grow faster than goods-producing sector
    Retail REITs' fundamentals remain strong
    Retail REITs' fundamentals remain strong
    Infrastructure Debt Delivers Reliable Returns
    Sponsored Content: Infrastructure Debt Delivers Reliable Returns

    Reader Poll

    May 1, 2023
     
    SEE MORE POLLS >
    Sponsored
    White Papers
    Middle market credit: We’re gonna need a bigger boat
    Alternative Credit: Differences and Opportunities in CLOs and Credit Risk Shari…
    Fixed Income is Attractive, but Beware of "Fake" Yield
    Counting on a Crisis: A Catalyst for Investment Innovation?
    A Strategic Allocator's Guide to Productivity and Profits
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Custom Content
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Regulation
      • SECURE 2.0
      • Special Reports
      • Washington
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • ESG Investing | Industry Brief
      • Innovation in ESG Investing
      • 2023 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • The Plan Sponsor's Guide to Retirement Income
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2023 Defined Contribution East Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Research Center
      • The P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Canadian Pension Risk Strategies
      • 2023 Retirement Income