| Investment Technology Group’s Peer Universe 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 is based on the “placement” time stamp recorded in client order management systems and encompasses four quarters of global equity trading data for the period ended March 31. Positive change in trade costs denote an increase in cost, and positive change in trade flows denotes an increase in flows. Trading costs and trade flows are calculated for theoretical portfolios using MSCI indexes as the basis for constructing these portfolios. Certain index data here are the property of MSCI. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indexes. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. |
| Trading costs: Developed markets | |
| MSCI North America | -40% | -34 | | MSCI World | -42% | -32 | | MSCI Far East | -43% | -27 | | MSCI Europe | -43% | -38 | | MSCI EAFE | -44% | -29 | | MSCI Pacific | -46% | -36 | | MSCI EMU | -48% | -26 | | | |
| MSCI DK (Denmark) | 42% | -52 | | MSCI SE (Sweden) | 22% | -41 | | MSCI GR (Greece) | -4% | -114 | | MSCI HK (Hong Kong) | -12% | -55 | | MSCI NO (Norway) | -23% | -39 | | MSCI FI (Finland) | -30% | -37 | | MSCI US (United States) | -40% | -34 | | MSCI GB (Great Britain) | -40% | -25 | | MSCI CH (Switzerland) | -42% | -29 | | MSCI ES (Spain) | -42% | -30 | |
| Telecommunication services | -19% | -23 | | Consumer cyclical | -25% | -38 | | Information technology | -32% | -34 | | Basic materials | -33% | -39 | | Utilities | -37% | -28 | | Health | -38% | -31 | | Consumer non-cyclical | -39% | -26 | | Industrials | -40% | -37 | | Resources | -50% | -25 | | Financials | -59% | -31 |
| | | Emerging markets | |
| MSCI Europe & Middle East | 1% | -91 | | MSCI Eastern Europe | -10% | -68 | | MSCI EM Europe | -14% | -99 | | MSCI EM Asia | -16% | -65 | | MSCI Emerging Market | -19% | -65 | | MSCI EMFE | -21% | -61 | | MSCI BRIC | -26% | -62 | | MSCI EM Latin America | -50% | -51 | |
| MSCI PH (Philippines) | 202% | -139 | | MSCI IL (Israel) | 192% | -65 | | MSCI PE (Peru) | 180% | -230 | | MSCI EG (Egypt) | 39% | -209 | | MSCI IN (India) | 17% | -96 | | MSCI MY (Malaysia) | 16% | -122 | | MSCI ZA (South Africa) | 11% | -77 | | MSCI TW (Taiwan) | 11% | -52 | | MSCI CZ (Czech Republic) | -6% | -52 | | MSCI KR (Korea) | -9% | -62 | |
| Telecommunication services | 27% | -81 | | Utilities | 21% | -95 | | Industrials | 11% | -89 | | Consumer non-cyclical | -1% | -99 | | Health | -7% | -112 | | Consumer cyclical | -8% | -84 | | Information technology | -13% | -47 | | Financials | -23% | -70 | | Basic materials | -36% | -61 | | Resources | -67% | -24 |
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