| 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, 2014+B378. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | Liquidnet | -42.23 | | 2 | Credit Lyonnais | -33.36 | | 3 | Morgan Stanley | -17.11 | | 4 | Sanford C. Bernstein | -15.65 | | 5 | Deutsche Bank | -14.71 | | 6 | UBS | -13.28 | | 7 | J.P. Morgan | -12.97 | | 8 | BofA - Merrill Lynch | -12.29 | | 9 | Instinet | -11.65 | | 10 | Russell Imp. Services | -4.23 |
| | | U.S. brokers | |
| 1 | Stifel Nicolaus | -32.9 | | 2 | Agency Trading Group | -16.99 | | 3 | Morgan Stanley | -16.29 | | 4 | Sanders Morris Harris | -13.03 | | 5 | Liquidnet | -12.33 | | 6 | State Street Bank | -12.09 | | 7 | Russell Imp. Services | -11.98 | | 8 | Robert W. Baird | -11.27 | | 9 | Bloomberg Tradebook | -11.24 | | 10 | Weeden | -10.04 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | Sanders Morris Harris | -19.08 | | 2 | Russell Imp. Svcs. | -13.85 | | 3 | State Street Bank | -12.05 | | 4 | Weeden | -10.79 | | 5 | WallachBeth Capital | -10.93 | | 6 | Agency Trading Group | -9.94 | | 7 | Instinet | -8.17 | | 8 | Bloomberg Tradebook | -7.99 | | 9 | Williams Capital | -7.86 | | 10 | Susquehanna | -7.83 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Pavilion Global Markets | -29.54 | | 2 | Morgan Stanley | -18.92 | | 3 | UBS | -17.52 | | 4 | Agency Trading Group | -16.98 | | 5 | State Street Bank | -16.93 | | 6 | Robert W. Baird | -16.61 | | 7 | Bloomberg Tradebook | -14.66 | | 8 | ITG | -12.14 | | 9 | Wells Fargo Prime Svcs. | -11.39 | | 10 | Russell Imp. Svcs. | -10.57 |
| | | Small orders: 10,000 shares or less | |
| 1 | Morgan Stanley | -42.43 | | 2 | Agency Trading Group | -26.34 | | 3 | BofA - Merrill Lynch | -24.57 | | 4 | Liquidnet | -23.42 | | 5 | Wells Fargo Prime Svcs. | -14.74 | | 6 | Weeden | -12.33 | | 7 | UBS | -12.06 | | 8 | Russell Imp. Svcs. | -11.18 | | 9 | Sanford C. Bernstein | -3.02 | | 10 | BTIG | -1.93 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | Deutsche Bank | -25 | | 2 | CSFB | -20.4 | | 3 | Liquidnet | -16.46 | | 4 | BofA - Merrill Lynch | -15.52 | | 5 | Wells Fargo Prime Svcs. | -13.77 | | 6 | Agency Trading Group | -12.58 | | 7 | BTIG | -12.4 | | 8 | WallachBeth Capital | -12.3 | | 9 | Jefferies & Co. | -10.83 | | 10 | Weeden | -9.17 |
| | | 20% - 50% of daily volume | |
| 1 | Liquidnet | -32.45 | | 2 | Russell Imp. Svcs. | -30.32 | | 3 | J.P. Morgan | -26.88 | | 4 | Bloomberg Tradebook | -16.31 | | 5 | Agency Trading Group | -12.06 | | 6 | WallachBeth Capital | -9.9 | | 7 | Jefferies & Co. | -8.79 | | 8 | Susquehanna | -8.48 | | 9 | Williams Capital | -7.76 | | 10 | Weeden | -7.4 |
| | | 50%+ of daily volume | |
| 1 | Pavilion Global Markets | -50.03 | | 2 | Stifel Nicolaus | -35.6 | | 3 | William Blair | -29.42 | | 4 | Morgan Stanley | -18.13 | | 5 | Agency Trading Group | -17.94 | | 6 | Sanders Morris Harris | -13.28 | | 7 | Weeden | -12.52 | | 8 | Robert W. Baird | -12.13 | | 9 | UBS | -11.88 | | 10 | State Street Bank | -11.87 |
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| Trades by market cap |
| Giant cap | |
| 1 | Sanders Morris Harris | -18.25 | | 2 | Robert W. Baird | -13.95 | | 3 | Agency Trading Group | -9.79 | | 4 | J.P. Morgan | -9.66 | | 5 | Morgan Stanley | -4.79 | | 6 | UBS | -4.46 | | 7 | Weeden | -3.13 | | 8 | Russell Imp. Svcs. | -2.89 | | 9 | Wells Fargo Prime Svcs. | -1.94 | | 10 | Raymond James | -1.89 |
| | | Large cap | |
| 1 | UBS | -15 | | 2 | Morgan Stanley | -14.54 | | 3 | Citigroup | -13.19 | | 4 | Instinet | -13.19 | | 5 | Liquidnet | -9.39 | | 6 | Agency Trading Group | -9.25 | | 7 | Wells Fargo Prime Svcs. | -3.53 | | 8 | Weeden | -2.86 | | 9 | Russell Imp. Svcs. | -2.2 | | 10 | BofA - Merrill Lynch | -0.84 |
| | | Midcap | |
| 1 | ITG | -29.09 | | 2 | Russell Imp. Svcs. | -23.7 | | 3 | Liquidnet | -22.69 | | 4 | Agency Trading Group | -19.88 | | 5 | Weeden | -14.62 | | 6 | Wells Fargo Prime Svcs. | -12.83 | | 7 | Morgan Stanley | -10.17 | | 8 | BTIG | -7.83 | | 9 | Deutsche Bank | -1.54 | | 10 | Themis Trading | 2.58 |
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| Small cap | |
| 1 | Craig Hallum Capital | -22.54 | | 2 | RBC Capital Markets | -19.48 | | 3 | ITG | -14.62 | | 4 | Agency Trading Group | -14.57 | | 5 | Bloomberg Tradebook | -5.18 | | 6 | SG Americas Secs. | -1.49 | | 7 | Russell Imp. Svcs. | -1.13 | | 8 | Wells Fargo Prime Svcs. | 0.96 | | 9 | Morgan Stanley | 1.17 | | 10 | WallachBeth Capital | 1.84 |
| | | Microcap | |
| 1 | Agency Trading Group | -34.03 | | 2 | Weeden | -23.46 | | 3 | Wells Fargo Prime Svcs. | -17.59 | | 4 | BNY ConvergEx | -15.17 | | 5 | Bloomberg Tradebook | -7.13 | | 6 | Russell Imp. Svcs. | -2.09 | | 7 | Aqua Securities | -1.04 | | 8 | BTIG | 5.26 | | 9 | Meridian Equity Ptn. | 7.02 | | 10 | Morgan Stanley | 9.12 |
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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, 2014. 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 2014 peer data are preliminary. |
