ITG Broker Edge features a transaction database of nearly 11.6 million trades ($1.5 trillion) compiled solely from aggregated trade data from ITG's Transaction Cost Peer Universe. The data is sourced directly from buy-side institutions and may include some soft-dollar, CSA and other payments over and above execution-only commissions. The information presented herein is based upon the “placement” time stamp recorded in ITG clients’ order management systems and encompasses four quarters of U.S. equity trading data for the period ended June 30. Brokers are separated into two categories, core brokers and specialty brokers. Core brokers must a) trade globally; b) provide trading services in multiple asset classes to include, in particular, exchange-traded equity derivatives; c) provide research; and d) offer soft-dollar and/or CSA services to their clients. Specialty brokers are often used for a specific area of expertise and do not meet all of the above criteria. Ranks are based on the top 50 by dollar volume in each of the two categories. Execution cost is the price difference from order to execution. Value added is the difference between execution cost and ITG’s Post-Trade Agency Cost Estimator benchmark, excluding the impact of market momentum. Difficulty is based on the dollar-weighted Post-Trade Agency Cost Estimator. Commissions are ranked in cents per share.
