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 30, 2017. Source: Elkins/McSherry, a State Street company. |
All trading |
Global brokers | 1 | William Blair | -32.48 | 2 | Raymond James | -28.24 | 3 | Sanford C. Bernstein | -28.07 | 4 | Russell Imp. Services | -14.06 | 5 | Pershing | -11.29 | 6 | Instinet | -8.79 | 7 | Morgan Stanley | -5.3 | 8 | State Street Global Mkts. | -2.53 | 9 | CAPIS | -1.78 | 10 | Pavilion | -1.69 |
| | U.S. brokers | |
1 | Instinet | -85.86 | 2 | Cowen | -63.41 | 3 | ITG | -58.03 | 4 | Cantor Fitzgerald | -47.39 | 5 | BTIG | -33.62 | 6 | Wells Fargo Prime Svcs. | -29.84 | 7 | Jefferies | -28.27 | 8 | Agency Trading Group | -28.1 | 9 | FBN Securities | -27.89 | 10 | BB&T Investment Svcs. | -25.09 |
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Trades by order size |
Large orders: 50,000+ shares | 1 | BB&T Investment Svcs. | -78.24 | 2 | Goldman Sachs | -42.48 | 3 | Wells Fargo Prime Svcs. | -36.92 | 4 | BTIG | -31.43 | 5 | Credit Suisse | -30.3 | 6 | Jones & Associates | -22.7 | 7 | Morgan Stanley | -20.65 | 8 | J.P. Morgan | -17.98 | 9 | Agency Trading Group | -17.59 | 10 | Barclays Bank | -16.87 |
| | Medium orders: 10,000 - 50,000 shares | 1 | Jones & Associates | -25.13 | 2 | Gar Wood Securities | -21.74 | 3 | Agency Trading Group | -21.09 | 4 | J.P. Morgan | -18.13 | 5 | Goldman Sachs | -17.18 | 6 | Deutsche Bank | -14.52 | 7 | Credit Suisse | -12.49 | 8 | NGAM Advisors | -8.31 | 9 | Barclays Bank | -8.09 | 10 | BofA Merrill Lynch | -7.43 |
| | Small orders: 10,000 shares or less | 1 | ITG | -26.18 | 2 | Gar Wood Securities | -14.2 | 3 | BTIG | -13.25 | 4 | Agency Trading Group | -12.04 | 5 | Guzman | -11.42 | 6 | NGAM Advisors | -11.29 | 7 | Bank of New York | -11.21 | 8 | Credit Suisse | -10.95 | 9 | Goldman Sachs | -8.81 | 10 | Wells Fargo Prime Svcs. | -7.86 |
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Trades by liquidity |
0% - 20% of daily volume | 1 | BB&T Investment Svcs. | -53.06 | 2 | ITG | -38.4 | 3 | Guzman | -23.44 | 4 | Deustche Bank | -15.2 | 5 | Gar Wood Securities | -12.63 | 6 | Credit Suisse | -11.83 | 7 | Goldman Sachs | -11.12 | 8 | BTIG | -8.61 | 9 | NGAM Advisors | -8.24 | 10 | Agency Trading Group | -6.37 |
| | 20% - 50% of daily volume | 1 | BTIG | -40.27 | 2 | Credit Suisse | -35.14 | 3 | Agency Trading Group | -19.73 | 4 | Gar Wood Securities | -18.28 | 5 | Goldman Sachs | -13.46 | 6 | J.P. Morgan | -12.13 | 7 | NGAM Advisors | -11.81 | 8 | Russell Imp. Svcs. | -11.44 | 9 | UBS | -10.13 | 10 | Sanford C. Bernstein | -7.89 |
| | 50%+ of daily volume | 1 | Credit Suisse | -32.63 | 2 | Weeden | -30.93 | 3 | J.P. Morgan | -28.22 | 4 | Agency Trading Group | -22.05 | 5 | Wells Fargo Prime Svcs. | -20.36 | 6 | Gar Wood Securities | -19.68 | 7 | Bank of New York | -19.6 | 8 | BTIG | -17.64 | 9 | Goldman Sachs | -17.14 | 10 | Guzman | -14.23 |
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Trades by market cap |
Giant cap | 1 | Russell Imp. Svcs. | -19.54 | 2 | Deustche Bank | -13.66 | 3 | Guzman | -13.12 | 4 | NGAM Advisors | -11.64 | 5 | Needham | -9.32 | 6 | BTIG | -9.19 | 7 | Agency Trading Group | -8.65 | 8 | Gar Wood Securities | -8.54 | 9 | BMO Capital Mkts. | -7.42 | 10 | FBN Securities | -7.17 |
| | Large cap | 1 | ITG | -41.81 | 2 | Pictet | -26.95 | 3 | Russell Imp. Svcs. | -17.31 | 4 | Needham | -16.03 | 5 | BTIG | -15.78 | 6 | Jones & Associates | -14.84 | 7 | Gar Wood Securities | -10.69 | 8 | NGAM Advisors | -9.84 | 9 | Deustche Bank | -8.37 | 10 | WallachBeth Capital | -7.43 |
| | Midcap | 1 | BTIG | -46.11 | 2 | ITG | -42.86 | 3 | Agency Trading Group | -31.41 | 4 | Gar Wood Securities | -22.6 | 5 | RBC Capital Mkts. | -19.51 | 6 | BBT Investment Svcs. | -16.32 | 7 | Wells Fargo Prime Svcs. | -14.57 | 8 | Themis Trading | -12.8 | 9 | Credit Suisse | -12.51 | 10 | Goldman Sachs | -11.52 |
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Small cap | 1 | BB&T Investment Svcs. | -72.09 | 2 | Weeden | -66.29 | 3 | Jefferies | -52.33 | 4 | BTIG | -52.09 | 5 | Guzman | -44.12 | 6 | Agency Trading Group | -42.96 | 7 | Barclays Bank | -42.92 | 8 | J.P. Morgan | -26.15 | 9 | Burnham | -24.54 | 10 | Gar Wood Securities | -20.37 |
| | Microcap | 1 | Wells Fargo Prime Svcs. | -23.34 | 2 | BTIG | -13.25 | 3 | BofA Merrill Lynch | -12.03 | 4 | Credit Suisse | -12.01 | 5 | Weeden | -9.91 | 6 | Gar Wood Securities | -8.64 | 7 | J.P. Morgan | -7.71 | 8 | Agency Trading Group | -7.58 | 9 | Goldman Sachs | -6.4 | 10 | Russell Imp. Svcs. | -2.52 |
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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 30, 2017. 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 2017 peer data are preliminary. |