| 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, 2016. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | William Blair | -25.49 | | 2 | Raymond James | -24.40 | | 3 | Barclays | -19.44 | | 4 | Pershing | -18.24 | | 5 | UBS | -16.46 | | 6 | Citigroup Global Markets | -14.89 | | 7 | Weeden | -10.72 | | 8 | Morgan Stanley | -9.91 | | 9 | State Street Global Mkts. | -4.92 | | 10 | Pavilion Global Markets | -0.53 |
| | | U.S. brokers | |
| 1 | Cowen | -79.24 | | 2 | Instinet | -71.33 | | 3 | BTIG | -49.10 | | 4 | ITG | -48.48 | | 5 | Raymond James | -47.94 | | 6 | Fox River Execution Svcs. | -43.70 | | 7 | Citigroup Global Markets | -38.92 | | 8 | Agency Trading Group | -37.58 | | 9 | Themis Trading | -36.67 | | 10 | Jefferies | -32.23 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | BTIG | -104.48 | | 2 | Wells Fargo Prime Svcs. | -79.74 | | 3 | BB&T Investment Svcs. | -57.33 | | 4 | Credit Suisse | -46.35 | | 5 | Weeden | -31.29 | | 6 | Goldman Sachs | -29.45 | | 7 | Bank of New York | -24.67 | | 8 | Agency Trading Group | -20.64 | | 9 | J.P. Morgan | -18.83 | | 10 | Stifel Nicolaus | -14.95 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Sanford Bernstein | -30.45 | | 2 | Agency Trading Group | -22.65 | | 3 | BTIG | -13.65 | | 4 | J.P. Morgan | -13.42 | | 5 | GarWood Securities | -12.65 | | 6 | Goldman Sachs | -12.22 | | 7 | Bank of New York | -9.69 | | 8 | NGAM Advisors | -8.01 | | 9 | Guzman | -6.09 | | 10 | Barclays | -5.64 |
| | | Small orders: 10,000 shares or less | |
| 1 | ITG | -26.49 | | 2 | BTIG | -17.02 | | 3 | Agency Trading Group | -15.97 | | 4 | Guzman | -13.09 | | 5 | NGAM Advisors | -11.92 | | 6 | Goldman Sachs | -9.99 | | 7 | BB&T Investment Svcs. | -9.72 | | 8 | GarWood Securities | -9.39 | | 9 | Burnham Securities | -6.83 | | 10 | Credit Suisse | -6.22 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | BB&T Investment Svcs. | -28.74 | | 2 | ITG | -24.73 | | 3 | Sanford Bernstein | -21.32 | | 4 | BTIG | -21.32 | | 5 | Deutsche Bank | -17.42 | | 6 | Jones & Associates | -13.17 | | 7 | Agency Trading Group | -11.74 | | 8 | Guzman | -10.20 | | 9 | GarWood Securities | -9.58 | | 10 | NGAM Advisors | -7.68 |
| | | 20% - 50% of daily volume | |
| 1 | BTIG | -39.98 | | 2 | Agency Trading Group | -31.54 | | 3 | Credit Suisse | -26.35 | | 4 | Goldman Sachs | -17.28 | | 5 | NGAM Advisors | -14.92 | | 6 | GarWood Securities | -14.84 | | 7 | Wells Fargo Prime Svcs. | -14.02 | | 8 | UBS | -13.25 | | 9 | J.P. Morgan | -11.21 | | 10 | Weeden | -10.91 |
| | | 50%+ of daily volume | |
| 1 | Weeden | -36.58 | | 2 | J.P. Morgan | -24.53 | | 3 | Credit Suisse | -21.12 | | 4 | BTIG | -19.82 | | 5 | Wells Fargo Prime Svcs. | -18.71 | | 6 | NGAM Advisors | -15.6 | | 7 | GarWood Securities | -15.06 | | 8 | Goldman Sachs | -14.37 | | 9 | BB&T Investment Svcs. | -9.44 | | 10 | BoA Merrill Lynch | -6.67 |
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| Trades by market cap |
| Giant cap | |
| 1 | Jones & Associates | -36.28 | | 2 | Deutsche Bank | -21.10 | | 3 | RBC Capital Mkts. | -18.65 | | 4 | Guzman | -14.69 | | 5 | NGAM Advisors | -11.93 | | 6 | Agency Trading Group | -10.93 | | 7 | BTIG | -9.24 | | 8 | J.P. Morgan | -7.72 | | 9 | Stifel Nicolaus | -6.78 | | 10 | GarWood Securities | -6.12 |
| | | Large cap | |
| 1 | ITG | -44.14 | | 2 | BTIG | -14.63 | | 3 | BB&T Investment Svcs. | -11.64 | | 4 | NGAM Advisors | -10.09 | | 5 | GarWood Securities | -9.51 | | 6 | Guzman | -7.23 | | 7 | Barclays | -4.29 | | 8 | Bank of New York | -3.71 | | 9 | Goldman Sachs | -3.34 | | 10 | Wells Fargo Prime Svcs. | -1.81 |
| | | Midcap | |
| 1 | BTIG | -56.30 | | 2 | Agency Trading Group | -50.07 | | 3 | GarWood Securities | -20.14 | | 4 | BB&T Investment Svcs. | -15.68 | | 5 | Credit Suisse | -11.20 | | 6 | NGAM Advisors | -10.73 | | 7 | J.P. Morgan | -10.35 | | 8 | Barclays | -7.24 | | 9 | Wells Fargo Prime Svcs. | -2.49 | | 10 | Goldman Sachs | -1.86 |
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| Small cap | |
| 1 | BTIG | -47.03 | | 2 | Agency Trading Group | -41.19 | | 3 | Credit Suisse | -39.63 | | 4 | Weeden | -39.04 | | 5 | GarWood Securities | -21.17 | | 6 | J.P. Morgan | -20.53 | | 7 | Goldman Sachs | -19.48 | | 8 | Morgan Stanley | -13.27 | | 9 | BoA Merrill Lynch | -1.22 | | 10 | Wells Fargo Prime Svcs. | -1.01 |
| | | Microcap | |
| 1 | Wells Fargo Prime Svcs. | -31.81 | | 2 | BTIG | -25.35 | | 3 | Credit Suisse | -12.56 | | 4 | BoA Merrill Lynch | -7.96 | | 5 | Goldman Sachs | -4.21 | | 6 | Weeden | -4.04 | | 7 | GarWood Securities | -2.35 | | 8 | Guzman | -2.03 | | 9 | J.P. Morgan | -1.98 | | 10 | Morgan Stanley | -1.59 |
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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, 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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*3Q 2016 peer data are preliminary. |
