| 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 Sept. 30, 2014. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | Jefferies | -24.49 | | 2 | Sanford C. Bernstein | -20.6 | | 3 | Kepler Cheuvreux | -17.99 | | 4 | BoA - Merrill Lynch | -16.61 | | 5 | Deutsche Bank | -16.21 | | 6 | Morgan Stanley | -13.93 | | 7 | Russell Impl. Svcs. | -13.17 | | 8 | J.P. Morgan | -12.28 | | 9 | UBS | -11.4 | | 10 | Instinet | -7.4 |
| | | U.S. brokers | |
| 1 | Agency Trading Grp. | -28.73 | | 2 | Stifel Nicolaus | -27.9 | | 3 | Weeden | -23.98 | | 4 | UBS | -20.77 | | 5 | Wells Fargo Prime Svcs. | -19.33 | | 6 | Morgan Stanley | -16.29 | | 7 | Guzman | -15.61 | | 8 | Bloomberg Tradebook | -13.28 | | 9 | BTIG | -12.57 | | 10 | Liquidnet | -12.51 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | UBS | -30.06 | | 2 | Weeden | -29.23 | | 3 | Agency Trading Grp. | -24.03 | | 4 | Russell Impl. Svcs. | -13.85 | | 5 | Guzman | -10.9 | | 6 | BTIG | -10.72 | | 7 | Nomura Securities | -9.19 | | 8 | Liquidnet | -7.47 | | 9 | Susquehanna | -7.43 | | 10 | Wells Fargo Prime Svcs. | -4.55 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Agency Trading Grp. | -30.43 | | 2 | Weeden | -20.73 | | 3 | Wells Fargo Prime Svcs. | -19.27 | | 4 | UBS | -18.29 | | 5 | Morgan Stanley | -18.23 | | 6 | State Street Bank | -16.68 | | 7 | Bloomberg Tradebook | -16.47 | | 8 | BTIG | -15.37 | | 9 | Guzman | -13.95 | | 10 | Russell Impl. Svcs. | -10.57 |
| | | Small orders: 10,000 shares or less | |
| 1 | Morgan Stanley | -39.71 | | 2 | Agency Trading Grp. | -35.8 | | 3 | Raymond James | -28.15 | | 4 | Stifel Nicolaus | -25.64 | | 5 | Wells Fargo Prime Svcs. | -25.4 | | 6 | Liquidnet | -22.36 | | 7 | Weeden | -22.07 | | 8 | Guzman | -20.04 | | 9 | BoA - Merrill Lynch | -18.32 | | 10 | UBS | -13.91 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | BTIG | -32.46 | | 2 | Stifel Nicolaus | -31.96 | | 3 | Agency Trading Grp. | -30.68 | | 4 | William Blair | -25.52 | | 5 | Weeden | -25.48 | | 6 | UBS | -22.22 | | 7 | Morgan Stanley | -19.26 | | 8 | Wells Fargo Prime Svcs. | -19.13 | | 9 | Oppenheimer | -18.94 | | 10 | Guzman | -16.13 |
| | | 20% - 50% of daily volume | |
| 1 | J.P. Morgan | -22 | | 2 | Weeden | -21.28 | | 3 | Bloomberg Tradebook | -20.65 | | 4 | Agency Trading Grp. | -19.13 | | 5 | Wells Fargo Prime Svcs. | -17.96 | | 6 | BTIG | -15.85 | | 7 | Russell Impl. Svcs. | -13.31 | | 8 | Williams Capital | -6.72 | | 9 | Oppenheimer | -1.92 | | 10 | Guzman | -1.76 |
| | | 50%+ of daily volume | |
| 1 | Stifel Nicolaus | -25.29 | | 2 | Weeden | -23.58 | | 3 | BTIG | 23.06 | | 4 | Wells Fargo Prime Svcs. | -22.43 | | 5 | Guzman | -21.79 | | 6 | Agency Trading Grp. | -15.88 | | 7 | Knight Capital Grp. | -12.32 | | 8 | Citigroup | -11.8 | | 9 | Garwood Securities | -5.66 | | 10 | J.P. Morgan | -4.56 |
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| Trades by market cap |
| Giant cap | |
| 1 | UBS | -22.42 | | 2 | Jefferies | -13.3 | | 3 | Morgan Stanley | -7.29 | | 4 | Weeden | -7.18 | | 5 | Agency Trading Grp. | -6.94 | | 6 | J.P. Morgan | -6.51 | | 7 | Russell Impl. Svcs. | -2.89 | | 8 | Wells Fargo Prime Svcs. | -2.16 | | 9 | Garwood Securities | -1.54 | | 10 | Raymond James | -0.57 |
| | | Large cap | |
| 1 | BTIG | -18.92 | | 2 | Morgan Stanley | -14.43 | | 3 | UBS | -13.57 | | 4 | Agency Trading Grp. | -10.03 | | 5 | Raymond James | -9.77 | | 6 | Citigroup | -9.42 | | 7 | Liquidnet | -9.02 | | 8 | State Street Bank | -7.37 | | 9 | Weeden | -3.88 | | 10 | Wells Fargo Prime Svcs. | -0.98 |
| | | Midcap | |
| 1 | Agency Trading Grp. | -20.87 | | 2 | Jefferies | -17.35 | | 3 | Susquehanna | -16.75 | | 4 | Morgan Stanley | -11.74 | | 5 | Russell Impl. Svcs. | -10.95 | | 6 | Weeden | -9.85 | | 7 | BTIG | -7.83 | | 8 | Garwood Securities | -7.63 | | 9 | Wells Fargo Prime Svcs. | -7.43 | | 10 | Guzman | -5.19 |
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| Small cap | |
| 1 | Agency Trading Grp. | -15.07 | | 2 | Sanford C. Bernstein | -9.31 | | 3 | ITG | -9.14 | | 4 | Knight Capital Grp. | -6.52 | | 5 | State Street Bank | -4.24 | | 6 | RBC Capital Markets | -3.85 | | 7 | Weeden | -1.85 | | 8 | William Blair | -1.64 | | 9 | Garwood Securities | -0.97 | | 10 | Wells Fargo Prime Svcs. | -0.65 |
| | | Microcap | |
| 1 | Agency Trading Grp. | -21.33 | | 2 | J.P. Morgan | -16.2 | | 3 | Susquehanna | -15.55 | | 4 | Wells Fargo Prime Svcs. | -10.95 | | 5 | Raymond James | -9.23 | | 6 | Garwood Securities | -6.2 | | 7 | Goldman Sachs | -5.71 | | 8 | Bloomberg Tradebook | -2.73 | | 9 | Weeden | 0.02 | | 10 | BTIG | 5.26 |
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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 Sept. 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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*3Q 2014 peer data are preliminary. |
