| 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 Dec. 31, 2013. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | Morgan Stanley | -18.78 | | 2 | Credit Lyonnais | -14.39 | | 3 | Instinet | -11.44 | | 4 | Sanford C. Bernstein | -10.41 | | 5 | Russell Imp. Services | -8.45 | | 6 | CSFB | -8.25 | | 7 | UBS | -7.06 | | 8 | BoA - Merrill Lynch | -6 | | 9 | J.P. Morgan | -4.2 | | 10 | Barclays | -4.06 |
| | | U.S. brokers | |
| 1 | Wells Fargo Prime Svcs. | -18.74 | | 2 | Stifel Nicolaus | -18.4 | | 3 | BTIG | -18.36 | | 4 | Oppenheimer | -16.2 | | 5 | State Street Bank | -13.04 | | 6 | William Blair | -7.87 | | 7 | HSBC | -5.59 | | 8 | Morgan Stanley | -5.1 | | 9 | Bloomberg Tradebook | -4.25 | | 10 | Deutsche Bank | -4.2 |
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| Trades by order size |
| Large orders: 50,000+ shares  | |
| 1 | Wells Fargo Prime Svcs. | -32.07 | | 2 | BTIG | -22.1 | | 3 | Keefe Bruyette & Woods | -20.59 | | 4 | Sanders Morris Harris | -16.39 | | 5 | HSBC | -11.86 | | 6 | William Blair | -11.14 | | 7 | Knight Capital Group | -8.22 | | 8 | Jones Trading | -7.91 | | 9 | Deutsche Bank | -6.41 | | 10 | Citigroup | -5.18 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | State Street Bank | -18.22 | | 2 | Instinet | -11.2 | | 3 | BTIG | -11.1 | | 4 | Bloomberg Tradebook | -7.28 | | 5 | William Blair | -7.11 | | 6 | Morgan Stanley | -6.36 | | 7 | Wells Fargo Prime Svcs. | -5.67 | | 8 | Sanford C. Bernstein | -3.42 | | 9 | Deutsche Bank | -2.62 | | 10 | WallachBeth Capital | -1.62 |
| | | Small orders: 10,000 shares or less | |
| 1 | Morgan Stanley | -14.58 | | 2 | Liquidnet | -13.12 | | 3 | Stifel Nicolaus | -12.51 | | 4 | Robert W. Baird | -9.95 | | 5 | William Blair | -7.16 | | 6 | Bloomberg Tradebook | -6.8 | | 7 | Russell Imp. Services | -3.66 | | 8 | UBS | -2.79 | | 9 | Sanford C. Bernstein | -1.93 | | 10 | BoA - Merrill Lynch | -1.83 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | Wells Fargo Prime Svcs. | -20.6 | | 2 | Oppenheimer | -19.64 | | 3 | Stifel Nicolaus | -19.52 | | 4 | BTIG | -18.11 | | 5 | Garwood Securities | -11.73 | | 6 | State Street Bank | -10.07 | | 7 | Sanders Morris Harris | -9.57 | | 8 | William Blair | -7.87 | | 9 | HSBC | -6.28 | | 10 | Bloomberg Tradebook | -3.89 |
| | | 20% - 50% of daily volume | |
| 1 | Liquidnet | -25.25 | | 2 | BTIG | -22.93 | | 3 | Cantor Fitzgerald | -21.87 | | 4 | Sterne Agee | -17.47 | | 5 | Wells Fargo Prime Svcs. | -10.48 | | 6 | WallachBeth Capital | -9.03 | | 7 | BoA - Merrill Lynch | -8.61 | | 8 | Bloomberg Tradebook | -7.87 | | 9 | Bank of New York | -5.46 | | 10 | ITG | -3.68 |
| | | 50%+ of daily volume | |
| 1 | Stifel Nicolaus | -34.7 | | 2 | Janney Montgomery | -28.88 | | 3 | J.P. Morgan | -27.82 | | 4 | BTIG | -26.57 | | 5 | Susquehanna | -24.53 | | 6 | Liquidnet | -15.62 | | 7 | CSFB | -11.25 | | 8 | BoA - Merrill Lynch | -9.66 | | 9 | Fidelity | -8.82 | | 10 | Goldman Sachs | -6.72 |
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| Trades by market cap |
| Giant cap | |
| 1 | BTIG | -30.68 | | 2 | Weeden | -30.32 | | 3 | William Blair | -21.37 | | 4 | Sanders Morris Harris | -18.14 | | 5 | HSBC | -12.69 | | 6 | Jefferies | -2.11 | | 7 | Knight Capital Grp. | -1.83 | | 8 | Russell Imp. Svcs. | -1.32 | | 9 | Morgan Stanley | -1.03 | | 10 | Jones Trading | -0.99 |
| | | Large cap | |
| 1 | Wells Fargo Prime Svcs. | -33.56 | | 2 | Garwood Securities | -28.81 | | 3 | Cantor Fitzgerald | -21.42 | | 4 | Instinet | -20.55 | | 5 | BTIG | -17.32 | | 6 | State Street Bank | -15.67 | | 7 | Morgan Stanley | -9.31 | | 8 | Sanford C. Bernstein | -5.34 | | 9 | Bloomberg Tradebook | -5.25 | | 10 | Liquidnet | -4.55 |
| | | Midcap | |
| 1 | Liquidnet | -37.56 | | 2 | Russell Imp. Svcs. | -26.3 | | 3 | ITG | -26.06 | | 4 | J.P. Morgan | -26.04 | | 5 | Morgan Stanley | -20.73 | | 6 | BoA - Merrill Lynch | -17.09 | | 7 | Themis | -16.83 | | 8 | Jefferies | -16.61 | | 9 | Instinet | -14.43 | | 10 | CAPIS | -11.87 |
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| Small cap | |
| 1 | Citigroup | -17.48 | | 2 | Morgan Stanley | -17.07 | | 3 | Macquarie | -13.39 | | 4 | Instinet | -9.84 | | 5 | BNY Convergex | -7.06 | | 6 | CAPIS | -1.99 | | 7 | UBS | -1.55 | | 8 | ITG | 1.78 | | 9 | J.P. Morgan | 3.14 | | 10 | Bloomberg Tradebook | 4.21 |
| | | Microcap | |
| 1 | Themis | -31.17 | | 2 | Morgan Stanley | -18.71 | | 3 | Bloomberg Tradebook | -17.8 | | 4 | Cowen | -14.78 | | 5 | Russell Imp. Svcs. | -5.25 | | 6 | J.P. Morgan | -1.76 | | 7 | ITG | 2.77 | | 8 | Knight Capital Grp. | 3.79 | | 9 | Barclays | 6.07 | | 10 | BoA - Merrill Lynch | 9.89 |
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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 Dec. 31, 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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*4Q 2013 peer data are preliminary. |
