Tradewatch for Sept. 4, 2017

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 June 30, 2017. Source: Elkins/McSherry, a State Street company.
All trading

Global brokers
RankBrokerDifference
1

Raymond James

-36.12
2

William Blair

-32.44
3

State Street Global Mkts.

-13.99
4

Sanford C. Bernstein

-9.50
5

Morgan Stanley

-8.31
6

Pershing

-3.78
7

Pavilion

3.23
8

Barclays Bank

3.92
9

Redburn Partners

8.81
10

Jeffries

9.29

U.S. brokers
RankBrokerDifference
1

ITG

-48.07
2

Cantor Fitzgerald

-36.68
3

Jeffries

-32.71
4

BTIG

-27.70
5

Gar Wood Securities

-26.44
6

Agency Trading Group

-25.47
7

Themis Trading

-24.21
8

FBN Securities

-23.34
9

Wells Fargo Prime Svcs.

-23.19
10

Piper Jaffray

-20.21
 
Trades by order size

Large orders: 50,000+ shares

 

RankBrokerDifference
1

Goldman Sachs

-57.29

2

Barclays Bank

-44.61
3

Wells Fargo Prime Svcs.

-34.80
4

Morgan Stanley

-34.70
5

Agency Trading Group

-24.67
6

BTIG

-18.28
7

Stifel Nicolaus

-16.63
8

BB&T Investment Svcs.

-13.51
9

J.P. Morgan

-12.20
10

Gar Wood Securities

-11.18

Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1

Gar Wood Securities

-22.90
2

Agency Trading Group

-19.90
3

Wells Fargo Prime Svcs.

-18.29
4

J.P. Morgan

-17.32
5

Goldman Sachs

-14.54
6

Deutsche Bank

-14.53
7

Credit Suisse

-14.28
8

Bank of New York

-10.89
9

Barclays Bank

-9.32
10

BB&T Investment Svcs.

-7.81

Small orders: 10,000 shares

or less

RankBrokerDifference
1

Gar Wood Securities

-16.19
2

BTIG

-14.58
3

Credit Suisse

-11.83
4

Agency Trading Group

-11.36
5

Barclays Bank

-10.16
6

Bank of New York

-9.71
7

Bats

-9.69
8

Goldman Sachs

-7.72
9

Wells Fargo Prime Svcs.

-7.06
10

J.P. Morgan

-4.24
 
Trades by liquidity

0% - 20% of daily volume
RankBrokerDifference
1

ITG

-39.08
2

Agency Trading Group

-17.08
3

Gar Wood Securities

-13.91
4

BB&T Investment Svcs.

-9.26
5

BTIG

-8.85
6

Goldman Sachs

-7.82
7

Bank of New York

-7.49
8

Credit Suisse

-6.59
9

Wells Fargo Prime Svcs.

-5.86
10

J.P. Morgan

-4.37

20% - 50% of daily volume
RankBrokerDifference
1

Credit Suisse

-36.12
2

Goldman Sachs

-18.84
3

Agency Trading Group

-18.45
4

Gar Wood Securities

-18.28
5

BTIG

-13.92
6

J.P. Morgan

-9.42
7

UBS

-8.87
8

Sanford C. Bernstein

-6.99
9

Weeden

-3.83
10

BB&T Investment Svcs.

-1.47

50%+ of daily volume
RankBrokerDifference
1

Credit Suisse

-30.36
2

Weeden

-27.83
3

J.P. Morgan

-26.01
4

Gar Wood Securities

-20.85
5

Agency Trading Group

-18.42
6

Goldman Sachs

-17.88
7

Wells Fargo Prime Svcs.

-15.21
8

BTIG

-14.91
9

BofA Merrill Lynch

-10.36
10

Morgan Stanley

-8.29
 
Trades by market cap

Giant cap
RankBrokerDifference
1

Gar Wood Securities

-9.12
2

Wells Fargo Prime Svcs.

-8.31
3

Agency Trading Group

-7.55
4

Stifel Nicolaus

-6.68
5

Goldman Sachs

-5.15
6

Barclays Bank

-5.00
7

Instinet

-3.92
8

Morgan Stanley

-3.54
9

BTIG

-3.37
10

Bank of New York

-3.28

Large cap
RankBrokerDifference
1

ITG

-45.40
2

Agency Trading Group

-14.52
3

BTIG

-13.44
4

Gar Wood Securities

-10.53
5

Barclays Bank

-7.98
6

BB&T Investment Svcs.

-5.49
7

Goldman Sachs

-5.08
8

Bank of New York

-3.85
9

J.P. Morgan

-3.23
10

Stifel Nicolaus

-1.15

Midcap
RankBrokerDifference
1

BTIG

-42.75
2

Agency Trading Group

-30.08
3

Gar Wood Securities

-25.93
4

Credit Suisse

-18.01
5

BB&T Investment Svcs.

-17.22
6

ITG

-13.25
7

Bank of New York

-12.00
8

Goldman Sachs

-10.81
9

RBC Capital Markets

-6.69
10

J.P. Morgan

-2.37
 

Small cap
RankBrokerDifference
1

Jeffries

-53.54
2

BTIG

-49.38
3

Sanford C. Bernstein

-48.00
4

Weeden

-45.53
5

Agency Trading Group

-36.44
6

BB&T Investment Svcs.

-36.44
7

Barclays Bank

-32.99
8

Gar Wood Securities

-21.99
9

J.P. Morgan

-20.01
10

Goldman Sachs

-18.51

Microcap
RankBrokerDifference
1

Credit Suisse

-113.03
2

Gar Wood Securities

-99.18
3

Bank of New York

-96.91
4

Agency Trading Group

-82.74
5

BofA Merrill Lynch

-75.76
6

Goldman Sachs

-68.04
7

J.P. Morgan

-67.86
8

BB&T Investment Svcs.

-64.26
9

Morgan Stanley

24.63
10

Susquehanna

87.35
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 June 30, 2017. Source: Investment Technology Group.

U.S. trading costs: Commissions and implementation shortfall

Average spread and annualized volatility of S&P 500 constituents

*2Q 2017 peer data are preliminary.

Recommended for You
SECURE 2.0 tops DC plan sponsors’ focus — MFS survey
SECURE 2.0 tops DC plan sponsors’ focus — MFS survey
Graphic: U.S. large caps priced for continued outperformance
Graphic: U.S. large caps priced for continued outperformance
CFA Level II pass rates plunge
CFA Level II pass rates plunge