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  2. INTERACTIVE
November 16, 2009 12:00 AM

Tradewatch

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    Tradewatch
    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.
    Best execution: Core brokers

    Large trades

    (More than 50,000 shares)

    Value

    added

    (bps)

    Knight Equity Markets20
    J.P. Morgan Securities19
    Sanford C. Bernstein12
    Banc of America10
    UBS9
    Morgan Stanley7
    Deutsche Bank Securities7
    Goldman Sachs7
    Credit Suisse5
    BNY ConvergEx Group5

    Medium trades

    (10,000 - 50,000 shares)

    Value

    added

    (bps)

    Barclays Capital16
    Goldman Sachs12
    Morgan Stanley10
    Sanford C. Bernstein10
    UBS9
    J.P. Morgan Securities9
    Banc of America9
    Instinet7
    Knight Equity Markets5
    Citigroup Global Markets5

    Small trades

    (Less than 10,000 shares)

    Value

    added

    (bps)

    Barclays Capital14
    Jefferies & Co.11
    Morgan Stanley9
    Goldman Sachs9
    Instinet8
    Credit Suisse7
    Banc of America7
    Sanford C. Bernstein5
    Knight Equity Markets3
    Citigroup Global Markets3

    Best execution: Specialty brokers

    Large trades

    (More than 50,000 shares)

    Value

    added

    (bps)

    JonesTrading32
    ISI Group23
    Pershing19
    Weeden & Co.13
    Fox-Pitt, Kelton11
    RBC Dain Rauscher9
    Piper Jaffray8
    Thomas Weisel Partners7
    Liquidnet2
    Pipeline Trading1

    Medium trades

    (10,000 - 50,000 shares)

    Value

    added

    (bps)

    Brockhouse & Cooper25
    Weeden & Co.22
    Lava Trading17
    Leerink Swann10
    William Blair & Co.8
    REDIPlus8
    Pipeline Trading7
    Stifel, Nicolaus & Co.6
    Fox-Pitt, Kelton5
    Robert W. Baird & Co.5

    Small trades

    (Less than 10,000 shares)

    Value

    added

    (bps)

    Leerink Swann38
    Lava Trading22
    Keefe Bruyette & Woods16
    Pipeline Trading13
    Robert W. Baird & Co.12
    Thomas Weisel Partners12
    Liquidnet11
    Wachovia Securities10
    Cowen & Co.10
    William Blair & Co.9

    Other rankings: Core brokers
    Lowest execution costMost difficult tradesLowest commissions
    Large trades

    (More than 50,000 shares)

    Knight Equity Markets

    Sanford C. Bernstein

    J.P. Morgan Securities

    ITG

    BNY ConvergEx Group

    Morgan Stanley

    J.P. Morgan Securities

    Barclays Capital

    Deutsche Bank Securities

    UBS

    Instinet

    ITG

    BNY ConvergEx Group

    Sanford C. Bernstein

    Goldman Sachs

    Medium trades

    (10,000 - 50,000 shares)

    Banc of America

    Instinet

    BNY ConvergEx Group

    Sanford C. Bernstein

    Barclays Capital

    Cantor Fitzgerald & Co.

    Barclays Capital

    Goldman Sachs

    J.P. Morgan Securities

    Morgan Stanley

    ITG

    Instinet

    Barclays Capital

    Banc of America

    Goldman Sachs

    Small trades

    (Less than 10,000 shares)

    Instinet

    Morgan Stanley

    Barclays Capital

    Banc of America

    Goldman Sachs

    Jefferies & Co.

    Barclays Capital

    Credit Suisse

    Sanford C. Bernstein

    Goldman Sachs

    ITG

    Barclays Capital

    Banc of America

    UBS

    Deutsche Bank Securities

    Other rankings: Specialty brokers
    Lowest execution costMost difficult tradesLowest commission
    Large trades

    (More than 50,000 shares)

    Pershing

    Weeden & Co.

    ISI Group

    Liquidnet

    Fox-Pitt, Kelton

    JonesTrading

    Stifel, Nicolaus & Co.

    Pipeline Trading

    ISI Group

    Albert Fried

    Lava Trading

    Pipeline Trading

    Brockhouse & Cooper

    REDIPlus

    Rosenblatt Securities

    Medium trades

    (10,000 - 50,000 shares)

    Weeden & Co.

    Fox-Pitt, Kelton

    Lava Trading

    Liquidnet

    Rosenblatt Securities

    Brockhouse & Cooper

    William Blair & Co.

    Wachovia Securities

    Leerink Swann

    Pipeline Trading

    Lava Trading

    Pipeline Trading

    Rosenblatt Securities

    REDIPlus

    Fox-Pitt, Kelton

    Small trades

    (Less than 10,000 shares)

    Capital Institutional Services

    GSEC

    Wells Fargo Securities

    Lava Trading

    Morgan, Keegan & Co.

    Leerink Swann

    Cowen & Co.

    Keefe Bruyette & Woods

    Robert W. Baird & Co.

    Thomas Weisel Partners

    Lava Trading

    REDIPlus

    Morgan, Keegan & Co.

    Pipeline Trading

    Stifel, Nicolaus & Co.

    Source: Investment Technology Group

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