INTERACTIVE

Tradewatch for March 9, 2015

(updated with correction)
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, 2014. Source: Elkins/McSherry, a State Street company.
All trading
Global brokers
RankBrokerDifference
1 Liquidnet -47.87
2 Kepler Cheuvreux -27.16
3 Deutsche Bank -23.54
4 Sanford C. Bernstein -20.54
5 J.P. Morgan -19.33
6 BofA Merrill Lynch -16.05
7 Pavilion Global Markets -14.09
8 Morgan Stanley (MS) -13.66
9 UBS -12.94
10 Instinet -6.61
U.S. brokers
RankBrokerDifference
1 Pavilion Global Markets -50.81
2 Weeden -24.14
3 UBS -23.11
4 Agency Trading Grp. -21.4
5 William Blair -19.8
6 Guzman -15.53
7 Russell Impl. Svcs. -14.93
8 Oppenheimer -13.81
9 Liquidnet -12.54
10 Morgan Stanley -12.14
 
Trades by order size
Large orders: 50,000+ shares
 
RankBrokerDifference
1 Weeden -29.34
2 UBS -24.42
3 Russell Impl. Svcs. -13.85
4 Guzman -10.87
5 Agency Trading Grp. -9.94
6 WallachBeth Capital -7.34
7 Liquidnet -6.81
8 Susquehanna -6.18
9 BTIG -2.93
10 Sanford C. Bernstein -1.69
Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1 Agency Trading Grp. -25.82
2 Weeden -20.86
3 UBS -19.56
4 Morgan Stanley -14.27
5 Guzman -13.78
6 Harris Associates -10.83
7 Russell Impl. Svcs. -10.57
8 Jefferies -10.45
9 Wells Fargo Prime Svcs. -9.31
10 Liquidnet -7.48
Small orders: 10,000 shares
or less
RankBrokerDifference
1 Morgan Stanley -33.79
2 Agency Trading Grp. -26.34
3 UBS -25.94
4 Weeden -22.38
5 Liquidnet -21.93
6 Guzman -20.01
7 Wells Fargo Prime Svcs. -14.74
8 Harris Associates -13.88
9 Russell Impl. Svcs. -13.83
10 BofA Merrill Lynch -11.37
 
Trades by liquidity
0% - 20% of daily volume
RankBrokerDifference
1 Pavilion Global Markets -50.82
2 BTIG -26.86
3 Weeden -25.73
4 UBS -24.76
5 Stifel Nicolaus -23.28
6 Agency Trading Grp. -17.94
7 Guzman -16.05
8 Russell Impl. Svcs. -15.37
9 Oppenheimer -15.15
10 Morgan Stanley -14.7
20% - 50% of daily volume
RankBrokerDifference
1 UBS -31.18
2 Russell Impl. Svcs. -30.32
3 Weeden -21.35
4 J.P. Morgan -16.69
5 Agency Trading Grp. -12.06
6 BTIG -6.43
7 Wells Fargo Prime Svcs. -6.08
8 Harris Associates -1.83
9 Guzman -1.76
10 Garwood Securities -0.19
50%+ of daily volume
RankBrokerDifference
1 Weeden -23.58
2 Credit Suisse -17.06
3 Wells Fargo Prime Svcs. -13.77
4 Liquidnet -13.35
5 Agency Trading Grp. -12.58
6 BTIG -11.65
7 Guzman -9.21
8 Garwood Securities -6.61
9 Susquehanna -4.73
10 J.P. Morgan 2.95
 
Trades by market cap
Giant cap
RankBrokerDifference
1 UBS -26.5
2 Agency Trading Grp. -9.79
3 Morgan Stanley -8.3
4 Weeden -7.19
5 Harris Associates -4.09
6 Russell Impl. Svcs. -2.89
7 J.P. Morgan -2.07
8 CAPIS -1.98
9 Garwood -1.96
10 Wells Fargo Prime Svcs. -1.94
Large cap
RankBrokerDifference
1 UBS -14.6
2 Morgan Stanley -9.42
3 Agency Trading Grp. -9.25
4 Liquidnet -8.9
5 Citigroup -6.29
6 Weeden -4.86
7 Wells Fargo Prime Svcs. -3.53
8 Instinet -3.24
9 Russell Impl. Svcs. -2.2
10 Garwood 0.32
Midcap
RankBrokerDifference
1 Russell Impl. Svcs. -23.7
2 Liquidnet -23.03
3 Agency Trading Grp. -19.88
4 ITG -16.31
5 Harris Associates -15.03
6 Wells Fargo Prime Svcs. -12.83
7 Weeden -9.79
8 BTIG -7.83
9 Garwood -7.15
10 Morgan Stanley -7.09
 
Small cap
RankBrokerDifference
1 Agency Trading Grp. -14.57
2 Harris Associates -9.54
3 Garwood -8.26
4 UBS -6.1
5 WallachBeth Capital -5.66
6 Wells Fargo Prime Svcs. -2.54
7 Weeden -1.75
8 Russell Impl. Svcs. -1.13
9 Guzman 1.65
10 BTIG 3.56
Microcap
RankBrokerDifference
1 Agency Trading Grp. -34.03
2 Goldman Sachs -23.84
3 Guzman -20.82
4 Wells Fargo Prime Svcs. -17.59
5 Harris Associates -16.57
6 Garwood -13.66
7 Weeden -7
8 Russell Impl. Svcs. -2.75
9 Bloomberg Tradebook -2.73
10 BTIG 5.26
 
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, 2014. Source: Investment Technology Group.
U.S. trading costs: Commissions and implementation shortfall
 
Average spread and annualized volatility of S&P 500 constituents
*4Q 2014 peer data are preliminary.