| 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 Sept. 30, 2015. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | Barclays | -41.57 | | 2 | BB&T Investment Svcs. | -40.68 | | 3 | WallachBeth Capital | -39.28 | | 4 | Robert W. Baird | -35.83 | | 5 | William Blair | -24.78 | | 6 | Bloomberg Tradebook | -22.49 | | 7 | Instinet | -20.3 | | 8 | Russell Impl. Svcs. | -18.7 | | 9 | Pavilion Global Markets | -16.18 | | 10 | Royal Bank of Canada | -9.43 |
| | | U.S. brokers | |
| 1 | State Street Global Mkts. | -48.68 | | 2 | Agency Trading Group | -26.66 | | 3 | J.P. Morgan | -15.37 | | 4 | BB&T Investment Svcs. | -14.08 | | 5 | Knight Securities | -13.8 | | 6 | Fidelity | -10.58 | | 7 | UBS | -10.18 | | 8 | Gar Wood Securities | -8.96 | | 9 | WallachBeth Capital | -7.67 | | 10 | Goldman Sachs | -3.97 |
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| Trades by order size |
| Large orders: 50,000+ shares  | |
| 1 | Agency Trading Group | -51.34 | | 2 | Fidelity | -38.71 | | 3 | Bank of New York | -36.85 | | 4 | BB&T Investment Svcs. | -35.76 | | 5 | Goldman Sachs | -34.88 | | 6 | Weeden | -29.77 | | 7 | Instinet | -17.3 | | 8 | Gar Wood Securities | -14.21 | | 9 | Key Bank | -3.32 | | 10 | BoA - Merrill Lynch | -2.33 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | BTIG | -40.43 | | 2 | Goldman Sachs | -35.6 | | 3 | Agency Trading Group | -34.68 | | 4 | BoA - Merrill Lynch | -32.75 | | 5 | UBS | -32.11 | | 6 | Credit Suisse | -28.45 | | 7 | ITG | -24.31 | | 8 | BB&T Investment Svcs. | -13.2 | | 9 | Gar Wood Securities | -8.04 | | 10 | Deutsche Bank | -5.44 |
| | | Small orders: 10,000 shares or less | |
| 1 | J.P. Morgan | -19.23 | | 2 | UBS | -14.86 | | 3 | Knight Securities | -13.01 | | 4 | ITG | -12.5 | | 5 | Gar Wood Securities | -8.07 | | 6 | Goldman Sachs | -7.97 | | 7 | Credit Suisse | -7.66 | | 8 | Guzman | -6.59 | | 9 | Wells Fargo Prime Svcs. | -4.77 | | 10 | Weeden | -4.76 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | State Street Global Mkts. | -53.09 | | 2 | Agency Trading Group | -29.25 | | 3 | BB&T Investment Svcs. | -21.97 | | 4 | J.P. Morgan | -18 | | 5 | Knight Securities | -14.88 | | 6 | Fidelity | -12.92 | | 7 | Gar Wood Securities | -9.5 | | 8 | Goldman Sachs | -6.68 | | 9 | ITG | -3.85 | | 10 | Instinet | -2.16 |
| | | 20% - 50% of daily volume | |
| 1 | Credit Suisse | -22.32 | | 2 | Goldman Sachs | -18.4 | | 3 | BTIG | -11.77 | | 4 | NGAM Advisors | -11.4 | | 5 | Gar Wood Securities | -10.89 | | 6 | BoA - Merrill Lynch | -9.25 | | 7 | Weeden | -7.6 | | 8 | Bank of New York | -7.5 | | 9 | Morgan Stanley | -0.5 | | 10 | J.P. Morgan | -0.25 |
| | | 50%+ of daily volume | |
| 1 | Agency Trading Group | -39.5 | | 2 | State Street Global Mkts. | -38.48 | | 3 | ITG | -34.42 | | 4 | Raymond James | -33.14 | | 5 | Weeden | -31.4 | | 6 | Knight Securities | -22.48 | | 7 | BB&T Investment Svcs. | -21.88 | | 8 | Nomura | -19.75 | | 9 | Cantor Fitzgerald | -18.77 | | 10 | Gar Wood Securities | -16.85 |
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| Trades by market cap |
| Giant cap | |
| 1 | Needham | -31.66 | | 2 | ITG | -18.89 | | 3 | NGAM Advisors | -7.85 | | 4 | Goldman Sachs | -7.46 | | 5 | Bank of New York | -6.66 | | 6 | UBS | -6.16 | | 7 | Agency Trading Group | -6.09 | | 8 | Jones & Associates | -5.34 | | 9 | Gar Wood Securities | -5.33 | | 10 | Instinet | -4.01 |
| | | Large cap | |
| 1 | BTIG | -22.3 | | 2 | Agency Trading Group | -22.02 | | 3 | J.P. Morgan | -11.8 | | 4 | BB&T Investment Svcs. | -10.35 | | 5 | Gar Wood Securities | -6.69 | | 6 | UBS | -6.56 | | 7 | ITG | -5.79 | | 8 | Jefferies | -1.39 | | 9 | Goldman Sachs | -1.01 | | 10 | Robert W. Baird | 0.67 |
| | | Midcap | |
| 1 | J.P. Morgan | -22.13 | | 2 | BTIG | -17.75 | | 3 | Gar Wood Securities | -15.5 | | 4 | Credit Suisse | -13.63 | | 5 | BB&T Investment Svcs. | -10.02 | | 6 | Weeden | -8.53 | | 7 | UBS | -6.38 | | 8 | Bank of New York | -5.67 | | 9 | Goldman Sachs | -4.69 | | 10 | Jefferies | -4.51 |
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| Small cap | |
| 1 | Agency Trading Group | -57.53 | | 2 | Credit Suisse | -51.76 | | 3 | Knight Securities | -32.45 | | 4 | NGAM Advisors | -19.27 | | 5 | ITG | -19.21 | | 6 | Cantor Fitzgerald | -16.49 | | 7 | BB&T Investment Svcs. | -15.2 | | 8 | Gar Wood Securities | -12.56 | | 9 | Goldman Sachs | -9.82 | | 10 | BTIG | -6.17 |
| | | Microcap | |
| 1 | Weeden | -109.08 | | 2 | Credit Suisse | -101.01 | | 3 | Fidelity | -82.94 | | 4 | Knight Securities | -79.12 | | 5 | Morgan Stanley | -78.72 | | 6 | Goldman Sachs | -66.14 | | 7 | J.P. Morgan | -26.23 | | 8 | Gar Wood Securities | -25.79 | | 9 | CAPIS | -24.56 | | 10 | BoA - Merrill Lynch | -19.49 |
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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, 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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*3Q 2015 peer data are preliminary. |
