Tradewatch

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

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