| Tradewatch |
The BrokerEDGE Universe is a transaction database of nearly 7 million trades ($3.3 trillion) 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 Dec. 31. 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; value added is the difference between execution cost and the PAEG/L 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) | |
Merrill Lynch | -2 | Sanford C. Bernstein | -2 | JPMorgan Securities | -3 | Deutsche Bank Securities | -3 | Credit Suisse | -3 | Banc of America | -3 | UBS | -4 | Bear Stearns | -4 | Citigroup Global Markets | -4 | Goldman Sachs | -4 |
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JonesTrading | 15 | Instinet | 13 | NYFIX Millennium | 6 | Fidelity Capital Markets | 4 | UNX | 2 | Rosenblatt Securities | 1 | Capital Institutional Services | 1 | Bloomberg Tradebook | 1 | Archipelago | 0 | Guzman & Co. | 0 |
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Legg Mason Wood Walker | 20 | SunTrust Robinson Humphrey | 7 | RBC Dain Rauscher | 5 | Keefe Bruyette & Woods | 3 | CIBC World Markets | 2 | Rochdale Securities | 1 | Robert W. Baird & Co. | 0 | Janney Montgomery Scott | 0 | BMO Capital Markets | 0 | ISI Group | 0 |
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| BEST EXECUTION: large trades (more than 10,000 shares) | |
Sanford C. Bernstein | 1 | Deutsche Bank Securities | -1 | Merrill Lynch | -2 | Morgan Stanley | -4 | JPMorgan Securities | -4 | Lehman Brothers | -4 | UBS | -4 | Goldman Sachs | -4 | Banc of America | -5 | Citigroup Global Markets | -5 |
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Heflin & Co. | 11 | State Street Global Markets | 8 | Bridge Trading | 6 | Liquidnet | 5 | Fidelity Capital Markets | 5 | Instinet | 4 | B & K Securities | 4 | Archipelago | 3 | Cantor Fitzgerald & Co. | 3 | Miletus Trading | 2 |
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Seaport Securities | 31 | Abel/Noser | 25 | Sandler, O’Neill & Partners | 7 | OTA Limited | 6 | Rochdale Securities | 4 | ISI Group | 4 | A. G. Edwards | 4 | Keefe Bruyette & Woods | 3 | Pershing | 2 | SunTrust Robinson Humphrey | 2 |
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| BEST BROKERS: small trades (10,000 shares or less) | | | Sanford C. Bernstein Deutsche Bank Securities Merrill Lynch Credit Suisse JPMorgan Securities | Instinet JonesTrading NYFIX Millennium UNX Bloomberg Tradebook | Legg Mason Wood Walker RBC Dain Rauscher BMO Capital Markets Hilliard Lyons Rochdale Securities | Banc of America UBS Goldman Sachs Merrill Lynch Bear Stearns | Archipelago Liquidnet Cantor Fitzgerald & Co. NYFIX Millennium JonesTrading | CIBC World Markets SunTrust Robinson Humphrey Leerink Swann Keefe Bruyette & Woods Janney Montgomery Scott | Sanford C. Bernstein Deutsche Bank Securities Credit Suisse Morgan Stanley Goldman Sachs | EdgeTrade NYFIX Millennium REDIPlus Bloomberg Tradebook UNX | Hilliard Lyons ITG Jefferies & Co. Boston Institutional Legg Mason Wood Walker |
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| BEST BROKERS: large trades (more than 10,000 shares) | | | Sanford C. Bernstein Deutsche Bank Securities Merrill Lynch UBS Goldman Sachs | Heflin & Co. State Street Global Markets B & K Securities Instinet Miletus Trading | Seaport Securities Abel/Noser Rochdale Securities Pershing ITG | Morgan Stanley Lehman Brothers JPMorgan Securities Citigroup Global Markets Goldman Sachs | Archipelago Pulse Trading REDIPlus Pipeline Trading Pacific Crest Securities | Friedman, Billings, Ramsey Sandler, O’Neill & Partners Legg Mason Wood Walker ITG RBC Dain Rauscher | Sanford C. Bernstein Goldman Sachs UBS Deutsche Bank Securities Credit Suisse | REDIPlus B & K Securities Lava Trading Miletus Trading Bloomberg Tradebook | ITG Seaport Securities Jefferies & Co. Rochdale Securities Pershing |
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| Source: Investment Technology Group |
