Tradewatch
| BEST EXECUTION: small trades (10,000 shares or less) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| BEST EXECUTION: large trades (more than 10,000 shares) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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. | |||||
