INTERACTIVE

Tradewatch for June 13, 2016

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
RankBrokerDifference
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 (MS) -39.64
7 ITG -35.22
8 Pershing -34.4
9 WallachBeth Capital -34.04
10 Russell Imp. Svcs. -20.29
U.S. brokers
RankBrokerDifference
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
 
Trades by order size
Large orders: 50,000+ shares
 
RankBrokerDifference
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
RankBrokerDifference
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
RankBrokerDifference
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
 
Trades by liquidity
0% - 20% of daily volume
RankBrokerDifference
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
RankBrokerDifference
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
RankBrokerDifference
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
 
Trades by market cap
Giant cap
RankBrokerDifference
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
RankBrokerDifference
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
RankBrokerDifference
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
 
Small cap
RankBrokerDifference
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
RankBrokerDifference
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
 
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
 
Average spread and annualized volatility of S&P 500 constituents
*1Q 2016 peer data are preliminary.