| 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 are as of June 30, 2015. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | Liquidnet | -42.46 | | 2 | Morgan Stanley | -32.71 | | 3 | BTIG | -31.07 | | 4 | Kepler Cheuvreux | -29.27 | | 5 | Agency Trading Group | -28.84 | | 6 | Weeden | -26.42 | | 7 | Deutsche Bank | -23.55 | | 8 | WallachBeth Capital | -21.63 | | 9 | J.P. Morgan | -17.08 | | 10 | UBS | -15.69 |
| | | U.S. brokers | |
| 1 | Pavilion Global Markets | -43.25 | | 2 | UBS | -23.19 | | 3 | Russell Impl. Svcs. | -10.92 | | 4 | Liquidnet | -3.21 | | 5 | WallachBeth Capital | -2.82 | | 6 | Gar Wood Securities | -2.18 | | 7 | Weeden | -1.54 | | 8 | Wells Fargo Prime Svcs. | -1.51 | | 9 | Jefferies | -1.43 | | 10 | Harris Associates | -1.14 |
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| Trades by order size |
| Large orders: 50,000+ shares  | |
| 1 | Russell Impl. Svcs. | -41.97 | | 2 | UBS | -35.64 | | 3 | Weeden | -5.21 | | 4 | Gar Wood Securities | -4.19 | | 5 | WallachBeth Capital | -3.24 | | 6 | Liquidnet | -2.31 | | 7 | Jefferies | -1.06 | | 8 | CAPIS | 0.59 | | 9 | FBN Securities | 3.62 | | 10 | Guzman | 4.08 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Harris Associates | -9.47 | | 2 | UBS | -8.16 | | 3 | Agency Trading Group | -5.94 | | 4 | Jefferies | -5.71 | | 5 | Wells Fargo Prime Svcs. | -5.22 | | 6 | Liquidnet | -2.75 | | 7 | Morgan Stanley | 2.27 | | 8 | Weeden | 2.49 | | 9 | William Blair | 3.07 | | 10 | Gar Wood Securities | 3.74 |
| | | Small orders: 10,000 shares or less | |
| 1 | UBS | -29.6 | | 2 | Harris Associates | -12.37 | | 3 | Agency Trading Group | -6.81 | | 4 | Morgan Stanley | -5.1 | | 5 | Liquidnet | -5 | | 6 | Gar Wood Securities | -2.83 | | 7 | Wells Fargo Prime Svcs. | -2.47 | | 8 | Weeden | -1.99 | | 9 | Guzman | 1.64 | | 10 | Themis Trading | 1.77 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | Pavilion Global Markets | -43.25 | | 2 | UBS | -24.87 | | 3 | Jefferies | -10.14 | | 4 | Jones & Associates | -7.84 | | 5 | Russell Impl. Svcs. | -4.56 | | 6 | Weeden | -2.31 | | 7 | Gar Wood Securities | -1.97 | | 8 | Harris Associates | -1.91 | | 9 | Wells Fargo Prime Svcs. | -1.5 | | 10 | Agency Trading Group | -0.69 |
| | | 20% - 50% of daily volume | |
| 1 | UBS | -44.09 | | 2 | Liquidnet | -26.14 | | 3 | Instinet | -6.45 | | 4 | BNY ConvergEx | -2.84 | | 5 | CAPIS | -2.4 | | 6 | Susquehanna Financial | -2.01 | | 7 | Gar Wood Securities | -1.99 | | 8 | Harris Associates | 0.45 | | 9 | Williams Capital | 0.62 | | 10 | Agency Trading Group | 0.74 |
| | | 50%+ of daily volume | |
| 1 | J.P. Morgan | -15.19 | | 2 | Guzman | -5.64 | | 3 | Gar Wood Securities | -3.76 | | 4 | Wells Fargo Prime Svcs. | -3.71 | | 5 | Jane Street Capital | -3.47 | | 6 | CAPIS | -3.35 | | 7 | WallachBeth Capital | -2.81 | | 8 | Weeden | -2.77 | | 9 | Liquidnet | -2.7 | | 10 | BTIG | 0.3 |
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| Trades by market cap |
| Giant cap | |
| 1 | Pavilion Global Mkts. | -46.31 | | 2 | UBS | -33.84 | | 3 | Russell Impl. Svcs. | -33.35 | | 4 | Jones & Associates | -33.12 | | 5 | Jefferies | -13.22 | | 6 | WallachBeth Capital | -11.39 | | 7 | CAPIS | -7.47 | | 8 | BMO Capital Markets | -7.45 | | 9 | Weeden | -6.58 | | 10 | Wells Fargo | -6.14 |
| | | Large cap | |
| 1 | Jefferies | -43.29 | | 2 | UBS | -31.72 | | 3 | Weeden | -29.6 | | 4 | Agency Trading Group | -28.81 | | 5 | Russell Impl. Svcs. | -28.38 | | 6 | Gar Wood Securities | -27.38 | | 7 | Wells Fargo Prime Svcs. | -27.26 | | 8 | Morgan Stanley | -25.97 | | 9 | Guzman | -24.33 | | 10 | Harris Associates | -23.04 |
| | | Midcap | |
| 1 | CAPIS | -19.15 | | 2 | Harris Associates | -18.74 | | 3 | Jefferies | -12.84 | | 4 | Sanford C. Bernstein | -9.9 | | 5 | Agency Trading Group | -9.74 | | 6 | Gar Wood Securities | -6.14 | | 7 | UBS | -3.62 | | 8 | Weeden | -3.07 | | 9 | Wells Fargo Prime Svcs. | -0.27 | | 10 | BTIG | 1.96 |
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| Small cap | |
| 1 | Guzman | -17.21 | | 2 | UBS | -10.64 | | 3 | WallachBeth Capital | -6.5 | | 4 | Gar Wood Securities | -6.44 | | 5 | Susquehanna Financial | -6.32 | | 6 | ITG | -4.56 | | 7 | Agency Trading Group | -3.76 | | 8 | Harris Associates | -0.64 | | 9 | Williams Capital | 0.01 | | 10 | BTIG | 4.47 |
| | | Microcap | |
| 1 | Cowen | -36.59 | | 2 | Russell Impl. Svcs. | -32.4 | | 3 | Gar Wood Securities | -16.33 | | 4 | Goldman Sachs | -15.55 | | 5 | WallachBeth Capital | -12.87 | | 6 | J.P. Morgan | -8.74 | | 7 | Susquehanna Financial | -5.37 | | 8 | Agency Trading Group | -4.89 | | 9 | Instinet | -3.59 | | 10 | Guzman | -0.62 |
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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, 2015. 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 2015 peer data are preliminary. |
