| 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 March 31, 2016. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | State Street Global Markets | -78.14 | | 2 | Deutsche Bank | -70.12 | | 3 | Weeden | -56.36 | | 4 | Pavilion Global Markets | -56.22 | | 5 | CLSA | -41.04 | | 6 | Morgan Stanley | -39.64 | | 7 | ITG | -35.22 | | 8 | Pershing | -34.4 | | 9 | WallachBeth Capital | -34.04 | | 10 | Russell Imp. Svcs. | -20.29 |
| | | U.S. brokers | |
| 1 | Fidelity | -50.07 | | 2 | Fox River | -44.3 | | 3 | Agency Trading Group | -38.68 | | 4 | BTIG | -38.4 | | 5 | Knight | -36.31 | | 6 | Raymond James | -31.32 | | 7 | FBN Securities | -29.59 | | 8 | Themis Trading | -25.7 | | 9 | Jeffries | -16.23 | | 10 | Wells Fargo Prime Svcs. | -16 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | BTIG | -66.49 | | 2 | ITG | -54.92 | | 3 | Instinet | -50.14 | | 4 | Wells Fargo Prime Svcs. | -49.94 | | 5 | Goldman Sachs | -47.21 | | 6 | Bank of New York | -34.39 | | 7 | Agency Trading Group | -32.76 | | 8 | Weeden | -28.14 | | 9 | BB&T Investment Svcs. | -28.08 | | 10 | Piper Jaffray | -17.72 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | ITG | -32.22 | | 2 | Agency Trading Group | -29.08 | | 3 | Sanford Bernstein | -24.44 | | 4 | Goldman Sachs | -19.69 | | 5 | Credit Suisse | -19.34 | | 6 | Bank Of America | -17.53 | | 7 | BB&T Investment Svcs. | -14.21 | | 8 | GarWood Securities | -7.88 | | 9 | NGAM Advisors | -5.9 | | 10 | BTIG | -3.22 |
| | | Small orders: 10,000 shares or less | |
| 1 | BB&T Investment Svcs. | -28.39 | | 2 | Agency Trading Group | -19.06 | | 3 | ITG | -18.51 | | 4 | Goldman Sachs | -12.66 | | 5 | NGAM Advisors | -11.5 | | 6 | Guzman | -11.32 | | 7 | BTIG | -9.14 | | 8 | GarWood Securities | -7.53 | | 9 | Weeden | -4.89 | | 10 | Wells Fargo Prime Svcs. | -3.57 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | Agency Trading Group | -26.98 | | 2 | ITG | -22.86 | | 3 | Sanford C. Bernstein | -19.28 | | 4 | BB&T Investment Svcs. | -17.21 | | 5 | Fox River | -9.65 | | 6 | NGAM Advisors | -6.82 | | 7 | Guzman | -6.6 | | 8 | Jones & Associates | -6.48 | | 9 | GarWood Securities | -6.22 | | 10 | Goldman Sachs | -2.56 |
| | | 20% - 50% of daily volume | |
| 1 | Deutsche Bank | -33.72 | | 2 | Weeden | -30.71 | | 3 | Credit Suisse | -28.9 | | 4 | BTIG | -19.93 | | 5 | Goldman Sachs | -18.03 | | 6 | NGAM Advisors | -13.44 | | 7 | GarWood Securities | -10.82 | | 8 | UBS | -10.59 | | 9 | BB&T Investment Svcs. | -9.62 | | 10 | Wells Fargo Prime Svcs. | -8.33 |
| | | 50%+ of daily volume | |
| 1 | Wells Fargo Prime Svcs. | -69.37 | | 2 | Weeden | -25.6 | | 3 | BTIG | -24.83 | | 4 | J.P. Morgan | -21.95 | | 5 | Goldman Sachs | -18.4 | | 6 | Credit Suisse | -18.35 | | 7 | NGAM Advisors | -16.01 | | 8 | BB&T Investment Svcs. | -15.26 | | 9 | GarWood Securities | -12 | | 10 | BofA Merrill Lynch | -6.59 |
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| Trades by market cap |
| Giant cap | |
| 1 | Jones & Associates | -45.73 | | 2 | ITG | -18.01 | | 3 | RBC Capital Markets | -15.26 | | 4 | BB&T Investment Svcs. | -12.9 | | 5 | Agency Trading Group | -10.79 | | 6 | NGAM Advisors | -9.75 | | 7 | Guzman | -8.48 | | 8 | Bank of New York | -7.79 | | 9 | Wells Fargo Prime Svcs. | -5.97 | | 10 | Goldman Sachs | -5.42 |
| | | Large cap | |
| 1 | ITG | -19.68 | | 2 | Agency Trading Group | -19.03 | | 3 | BB&T Investment Svcs. | -17 | | 4 | BTIG | -10.98 | | 5 | Barclays Bank | -10.7 | | 6 | NGAM Advisors | -8.87 | | 7 | GarWood Securities | -8.44 | | 8 | Guzman | -7.5 | | 9 | Weeden | -7.31 | | 10 | RBC Capital Markets | -4.58 |
| | | Midcap | |
| 1 | Agency Trading Group | -48.35 | | 2 | BTIG | -32.87 | | 3 | ITG | -23.9 | | 4 | BB&T Investment Svcs. | -17.13 | | 5 | GarWood Securities | -16.62 | | 6 | NGAM Advisors | -11.96 | | 7 | Credit Suisse | -9.72 | | 8 | Goldman Sachs | -8.04 | | 9 | J.P. Morgan | -7.45 | | 10 | Weeden | -6.49 |
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| Small cap | |
| 1 | Wells Fargo Prime Svcs. | -98.36 | | 2 | BTIG | -90.73 | | 3 | Credit Suisse | -87.59 | | 4 | Weeden | -44.27 | | 5 | Agency Trading Group | -40.47 | | 6 | Goldman Sachs | -39.9 | | 7 | BofA Merrill Lynch | -34.97 | | 8 | GarWood Securities | -12.98 | | 9 | Guzman | -11.89 | | 10 | William Blair | -8.89 |
| | | Microcap | |
| 1 | Wells Fargo Prime Svcs. | -112.65 | | 2 | BTIG | -108.23 | | 3 | Credit Suisse | -87.59 | | 4 | Weeden | -44.27 | | 5 | Goldman Sachs | -39.9 | | 6 | BofA Merrill Lynch | -34.97 | | 7 | Agency Trading Group | -20.36 | | 8 | GarWood Securities | -12.98 | | 9 | Guzman | -8.98 | | 10 | J.P. Morgan | -6.88 |
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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 March 31, 2016. 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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*1Q 2016 peer data are preliminary. |
