| 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 are 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 Sept. 30, 2009. 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 | |
| ITG | 14 | | Barclays Capital | 9 | | Bank of America Merrill Lynch | 2 | | Knight Equity Markets | 1 | | Goldman Sachs | 0 | | Citigroup Global Markets | -3 | | J.P. Morgan Securities | -4 | | Morgan Stanley | -4 | | Sanford C. Bernstein | -4 | | UBS Securities | -7 |
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| Sanford C. Bernstein | -1 | | Bank of America Merrill Lynch | -3 | | Morgan Stanley | -3 | | Citigroup Global Markets | -5 | | Deutsche Bank Securities | -5 | | Goldman Sachs | -6 | | BNY ConvergEx Group | -6 | | ITG | -7 | | Instinet | -8 | | Knight Equity Markets | -8 |
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| Nomura Securities | 15 | | Cantor Fitzgerald & Co. | 8 | | Sanford C. Bernstein | 0 | | Citigroup Global Markets | -1 | | BNY ConvergEx Group | -2 | | ITG | -2 | | Fidelity Capital Markets | -2 | | Knight Equity Markets | -2 | | UBS Securities | -3 | | Jefferies & Co. | -4 |
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| Best execution: Specialty brokers | |
| Lava Trading | 34 | | Liquidnet | 34 | | JonesTrading | 16 | | Wedbush Morgan Securities | 12 | | Fox-Pitt Kelton | -1 | | Rosenblatt Securities | -2 | | Capital Institutional Services | -3 | | RBC Capital Markets | -3 | | Thomas Weisel Partners | -4 | | ISI Group | -4 |
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| Liquidnet | 22 | | Wedbush Morgan Securities | 17 | | Fox-Pitt Kelton | 6 | | RBC Capital Markets | 1 | | Stifel, Nicolaus & Co. | -2 | | Wachovia Securities | -2 | | Leerink Swann | -4 | | Robert W. Baird & Co. | -4 | | Rosenblatt Securities | -5 | | Thomas Weisel Partners | -5 |
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| Liquidnet | 19 | | Capital Institutional Services | 7 | | Wachovia Securities | 1 | | The Williams Capital Group | -3 | | Thomas Weisel Partners | -3 | | REDIPlus | -4 | | Weeden & Co. | -5 | | Robert W. Baird & Co. | -7 | | Morgan, Keegan & Co. | -9 | | Cowen & Co. | -9 |
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| Other rankings: Core brokers | | | | ITG Barclays Capital Sanford C. Bernstein Knight Equity Markets Citigroup Global Markets | Bank of America Merrill Lynch Morgan Stanley Cantor Fitzgerald & Co. Goldman Sachs Credit Suisse | Jefferies & Co. Instinet ITG Sanford C. Bernstein Deutsche Bank Securities | | Sanford C. Bernstein BNY ConvergEx Group Citigroup Global Markets Bank of America Merrill Lynch Morgan Stanley | Cantor Fitzgerald & Co. Credit Suisse Knight Equity Markets J.P. Morgan Securities Morgan Stanley | Nomura Securities Sanford C. Bernstein Goldman Sachs Jefferies & Co. ITG | | Nomura Securities BNY ConvergEx Group Sanford C. Bernstein Fidelity Capital Markets Citigroup Global Markets | Cantor Fitzgerald & Co. UBS Securities Credit Suisse Jefferies & Co. Knight Equity Markets | Sanford C. Bernstein Fidelity Capital Markets Goldman Sachs Nomura Securities ITG |
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| Other rankings: Specialty brokers | | | | Liquidnet Wedbush Morgan Securities Lava Trading ISI Group Fox-Pitt Kelton | Lava Trading JonesTrading Liquidnet Weeden & Co. Cowen & Co. | Lava Trading Rosenblatt Securities Fox-Pitt Kelton Wedbush Morgan Securities REDIPlus | | Wedbush Morgan Securities Liquidnet Fox-Pitt Kelton Rosenblatt Securities Wachovia Securities | Liquidnet Robert W. Baird & Co. RBC Capital Markets Stifel, Nicolaus & Co. Cowen & Co. | Fox-Pitt Kelton REDIPlus Rosenblatt Securities Wedbush Morgan Securities Weeden & Co. | | Capital Institutional Services Liquidnet Wachovia Securities The Williams Capital Group Thomas Weisel Partners | Rosenblatt Securities Liquidnet Robert W. Baird & Co. RBC Capital Markets Raymond James & Assoc. | REDIPlus Rosenblatt Securities The Williams Capital Group Weeden & Co. Liquidnet |
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| Source: Investment Technology Group |
