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  2. INTERACTIVE
December 12, 2016 12:00 AM

Broker rankings and trading analytics for the third quarter

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    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
    RankBrokerDifference
    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
    RankBrokerDifference
    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
     
    Trades by order size

    Large orders: 50,000+ shares

     

    RankBrokerDifference
    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
    RankBrokerDifference
    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

    RankBrokerDifference
    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
     
    Trades by liquidity

    0% - 20% of daily volume
    RankBrokerDifference
    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
    RankBrokerDifference
    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
    RankBrokerDifference
    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
     
    Trades by market cap

    Giant cap
    RankBrokerDifference
    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
    RankBrokerDifference
    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
    RankBrokerDifference
    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
     

    Small cap
    RankBrokerDifference
    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
    RankBrokerDifference
    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
     
    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

     
    Average spread and annualized volatility of S&P 500 constituents

    *3Q 2016 peer data are preliminary.

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