| BROKER RANKINGS |
| Ranked by difference in cost/savings against the Elkins/McSherry Arrival Price universe, based on the top 50 brokers in each category by U.S. dollar volume. Rolling four-quarter data as of June 30, 2013. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | BNP Paribas | -24.38 | | 2 | Liquidnet | -24.08 | | 3 | CSFB | -23.51 | | 4 | Goldman Sachs | -19.35 | | 5 | Barclays Capital | -17.63 | | 6 | Russell Impl. Svcs. | -16.03 | | 7 | Morgan Stanley | -12.82 | | 8 | UBS | -12.15 | | 9 | BTIG | -11.8 | | 10 | Sanford C. Bernstein | -11.44 |
| | | U.S. brokers | |
| 1 | RBS | -15.76 | | 2 | BNP Paribas | -13.97 | | 3 | Stifel Nicolaus | -13.68 | | 4 | Susquehanna | -12.3 | | 5 | Liquidnet | -10.57 | | 6 | Weeden | -9.73 | | 7 | Knight | -9.68 | | 8 | Bloomberg Tradebook | -9.18 | | 9 | Oppenheimer | -7.99 | | 10 | Garwood | -7.91 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | Liquidnet | -15.46 | | 2 | Bloomberg Tradebook | -8.77 | | 3 | SG Americas | -6.52 | | 4 | Morgan Stanley | -5.61 | | 5 | Russell Impl. Svcs. | -4.12 | | 6 | Jefferies | -3.92 | | 7 | Weeden | -3.65 | | 8 | Deutsche Bank | -0.8 | | 9 | Citigroup | 0.87 | | 10 | BoA - Merrill Lynch | 1.37 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Pavilion | -20.13 | | 2 | Bloomberg Tradebook | -9.72 | | 3 | Oppenheimer | -9.01 | | 4 | Morgan Stanley | -8.6 | | 5 | FBR | -7.11 | | 6 | Knight | -7.09 | | 7 | Liquidnet | -5.64 | | 8 | Susquehanna | -4.47 | | 9 | Weeden | -4.42 | | 10 | Sanford C. Bernstein | -4.2 |
| | | Small orders: 10,000 shares or less | |
| 1 | Weeden | -34.22 | | 2 | Oppenheimer | -15.3 | | 3 | Pavilion | -11.28 | | 4 | Liquidnet | -10.47 | | 5 | Guzman | -10.12 | | 6 | Merlin | -8.87 | | 7 | Bloomberg Tradebook | -8.74 | | 8 | CAPIS | -8.2 | | 9 | Susquehanna | -8.13 | | 10 | Jones | -6.19 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | Telsey | -26.44 | | 2 | Stifel Nicolaus | -13.99 | | 3 | Knight Capital Group | -11.49 | | 4 | Garwood | -11.41 | | 5 | Bloomberg Tradebook | -10.2 | | 6 | Weeden | -10.04 | | 7 | Oppenheimer | -8.77 | | 8 | Liquidnet | -7.59 | | 9 | Morgan Stanley | -6.11 | | 10 | Jones | -5.42 |
| | | 20% - 50% of daily volume | |
| 1 | Liquidnet | -19.89 | | 2 | Russell Impl. Svcs. | -14.14 | | 3 | BoA - Merrill Lynch | -11.14 | | 4 | Knight | -7.67 | | 5 | ITG | -7.39 | | 6 | Goldman Sachs | -6.78 | | 7 | Jones | -5.96 | | 8 | Cantor Fitzgerald | -5.68 | | 9 | Barclays Capital | -5.18 | | 10 | Bloomberg Tradebook | -3.96 |
| | | 50%+ of daily volume | |
| 1 | Liquidnet | -39.07 | | 2 | J.P. Morgan | -29.32 | | 3 | Goldman Sachs | -25.44 | | 4 | BoA - Merrill Lynch | -25.16 | | 5 | Morgan Stanley | -17.82 | | 6 | Barclays Capital | -15.35 | | 7 | Jefferies | -10.6 | | 8 | Jones | -8.66 | | 9 | Bank of New York | -8.38 | | 10 | ITG | -6.6 |
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| Trades by market cap |
| Giant cap | |
| 1 | Barclays Capital | -24.44 | | 2 | Macquarie | -19.06 | | 3 | Telsey | -16.04 | | 4 | Oppenheimer | -13.71 | | 5 | FBR | -12.84 | | 6 | BMO | -8.78 | | 7 | Jones | -3.84 | | 8 | Weeden | -2.33 | | 9 | CAPIS | -1.11 | | 10 | Merlin | -0.99 |
| | | Large cap | |
| 1 | Bloomberg Tradebook | -14.71 | | 2 | Susquehanna | -12.47 | | 3 | Oppenheimer | -10.61 | | 4 | Macquarie | -5.51 | | 5 | Knight | -3.57 | | 6 | Jones | -1.96 | | 7 | Morgan Stanley | -1.6 | | 8 | Liquidnet | -1.52 | | 9 | BTIG | -1.24 | | 10 | Sanford C. Bernstein | -0.07 |
| | | Midcap | |
| 1 | Liquidnet | -42.6 | | 2 | Susquehanna | -35.35 | | 3 | Bank of New York | -31.23 | | 4 | Sanford C. Bernstein | -23.99 | | 5 | FBR | -18.46 | | 6 | BTIG | -18.41 | | 7 | Piper Jaffray | -17.34 | | 8 | Morgan Stanley | -14.86 | | 9 | Cantor Fitzgerald | -14.78 | | 10 | SG Americas | -14.48 |
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| Small cap | |
| 1 | Weeden | -6.61 | | 2 | Knight | -4.1 | | 3 | Bloomberg Tradebook | -4 | | 4 | Jones | 1.02 | | 5 | Cantor Fitzgerald | 4.13 | | 6 | Liquidnet | 4.23 | | 7 | ITG | 6.77 | | 8 | Jefferies | 8.18 | | 9 | Lazard | 8.4 | | 10 | Barclays Capital | 11.22 |
| | | Microcap | |
| 1 | Liquidnet | -17.06 | | 2 | Bloomberg | -12.55 | | 3 | Weeden | -9.75 | | 4 | Bank of New York | -7.78 | | 5 | Citigroup | -5.37 | | 6 | Susquehanna | 1.07 | | 7 | Lazard | 4.11 | | 8 | BoA - Merrill Lynch | 4.87 | | 9 | Jones | 5.9 | | 10 | Knight | 11.46 |
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| TRADING ANALYTICS |
| Commissions and implementation shortfall based on ITG's peer group*. Volatility annualized is the 60-day historical volatility for the S&P 500 index. Data are as of June 30, 2013. Source: Investment Technology Group. |
| U.S. trading costs: Commissions and implementation shortfall |
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| Average spread and annualized volatility of S&P 500 constituents |
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*2Q 2013 peer data are preliminary. |
