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, 2018. Source: Elkins/McSherry, a State Street company.
| All trading |
| Global brokers | |
| 1 | Robert W. Baird | -36.75 | | 2 | Wells Fargo Prime Svcs. | -25.03 | | 3 | Royal Bank Scotland | -20.58 | | 4 | Weeden | -19.88 | | 5 | Cowen | -19.19 | | 6 | Macquarie Securities | -9.5 | | 7 | Morgan Stanley | -6.81 | | 8 | BTIG | -5.98 | | 9 | Redburn Partners | -5.7 | | 10 | Knight Securities | -5.21 |
| | | U.S. brokers | |
| 1 | BMO Capital Markets | -33.25 | | 2 | FBN Securities | -30.66 | | 3 | ITG | -30.08 | | 4 | Agency Trading Group | -28.17 | | 5 | Gar Wood Securities | -27.15 | | 6 | State Street Global Markets | -26.73 | | 7 | Jeffries | -19.08 | | 8 | Barclays Bank | -17.85 | | 9 | Themis Trading | -17.4 | | 10 | BB&T Investment Svcs. | -17.38 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | Agency Trading Group | -35.72 | | 2 | Goldman Sachs | -30.9 | | 3 | J.P. Morgan | -24.2 | | 4 | BTIG | -18.88 | | 5 | Russell Imp. Svcs. | -12.21 | | 6 | Jeffries | -8.38 | | 7 | Gar Wood Securities | -7.47 | | 8 | Credit Suisse | -6.19 | | 9 | BB&T Investment Svcs. | -6.08 | | 10 | Morgan Stanley | -5.48 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Agency Trading Group | -20.89 | | 2 | Gar Wood Securities | -17.41 | | 3 | Barclays Bank | -16.81 | | 4 | Jones & Associates | -13.93 | | 5 | Goldman Sachs | -11.88 | | 6 | Russell Imp. Svcs. | -8.1 | | 7 | Guzman | -7.01 | | 8 | Stifel Nicolaus | -5.67 | | 9 | Credit Suisse | -5.56 | | 10 | BB&T Investment Svcs. | -5.12 |
| | | Small orders: 10,000 shares or less | |
| 1 | Gar Wood Securities | -15.34 | | 2 | Credit Suisse | -12.88 | | 3 | Agency Trading Group | -11.26 | | 4 | Barclays Bank | -9.03 | | 5 | Goldman Sachs | -8.05 | | 6 | Guzman | -7.38 | | 7 | BTIG | -6.61 | | 8 | Bank of New York | -5.27 | | 9 | Burnham | -2.77 | | 10 | Russell Imp. Svcs. | -2.1 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | ITG | -21.08 | | 2 | Agency Trading Group | -20.24 | | 3 | Wells Fargo Prime Svcs. | -13 | | 4 | Jones & Associates | -12.7 | | 5 | Credit Suisse | -12.39 | | 6 | Gar Wood Securities | -12.09 | | 7 | Barclays Bank | -10.72 | | 8 | BTIG | -6.58 | | 9 | Russell Imp. Svcs. | -6.52 | | 10 | Bank of New York | -6.45 |
| | | 20% - 50% of daily volume | |
| 1 | Russell Imp. Svcs. | -39.6 | | 2 | Goldman Sachs | -21.07 | | 3 | Gar Wood Securities | -13.3 | | 4 | J.P. Morgan | -9.87 | | 5 | Sanford Bernstein | -6.82 | | 6 | BTIG | -4.93 | | 7 | Weeden | -1.78 | | 8 | BoA Merrill Lynch | -1.16 | | 9 | Wells Fargo Prime Svcs. | 0.92 | | 10 | Guzman | 1.25 |
| | | 50%+ of daily volume | |
| 1 | Russell Imp. Svcs. | -50.33 | | 2 | J.P. Morgan | -35.02 | | 3 | Weeden | -19.64 | | 4 | Gar Wood Securities | -15.71 | | 5 | Guzman | -13.05 | | 6 | Credit Suisse | -11.69 | | 7 | Wells Fargo Prime Svcs. | -11.08 | | 8 | BTIG | -9.78 | | 9 | Goldman Sachs | -7.73 | | 10 | BoA Merrill Lynch | -3.98 |
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| Trades by market cap |
| Giant cap | |
| 1 | Agency Trading Group | -8.57 | | 2 | Wachovia Bank | -8.35 | | 3 | J.P. Morgan | -8.05 | | 4 | Bank of New York | -7.49 | | 5 | WallachBeth Capital | -6.36 | | 6 | Gar Wood Securities | -6.01 | | 7 | Russell Imp. Svcs. | -5.97 | | 8 | Stifel Nicolaus | -4.65 | | 9 | Guzman | -4.17 | | 10 | CDRG | -3.8 |
| | | Large cap | |
| 1 | Agency Trading Group | -22.12 | | 2 | Gar Wood Securities | -13.31 | | 3 | Barclays Bank | -11.38 | | 4 | Russell Imp. Svcs. | -9.96 | | 5 | Weeden | -6.38 | | 6 | Piper Jaffray | -5.84 | | 7 | Guzman | -5.52 | | 8 | Lehman Brothers | -5.41 | | 9 | CDRG | -5 | | 10 | BBT Investment Svcs. | -2.53 |
| | | Midcap | |
| 1 | Agency Trading Group | -30.63 | | 2 | Gar Wood Securities | -19.58 | | 3 | Bank of New York | -13.69 | | 4 | Barclays Bank | -12.32 | | 5 | Guzman | -12.01 | | 6 | Morgan Stanley | -11.52 | | 7 | BTIG | -11.38 | | 8 | BB&T Investment Svcs. | -10.64 | | 9 | Sanford Bernstein | -10.27 | | 10 | BoA Merrill Lynch | -8.85 |
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| Small cap | |
| 1 | BTIG | -40.13 | | 2 | Agency Trading Group | -34.25 | | 3 | Guzman | -31.6 | | 4 | Gar Wood Securities | -31.56 | | 5 | J.P. Morgan | -8.59 | | 6 | Credit Suisse | -7.69 | | 7 | Wells Fargo Prime Svcs. | -6.94 | | 8 | Goldman Sachs | -5.6 | | 9 | Russell Imp. Svcs. | -3.59 | | 10 | Weeden | 9.85 |
| | | Microcap | |
| 1 | BTIG | -96.03 | | 2 | Goldman Sachs | -93.2 | | 3 | Agency Trading Group | -89.64 | | 4 | J.P. Morgan | -85.59 | | 5 | Guzman | -81.15 | | 6 | Jane Street Capital | -15.66 | | 7 | Russell Imp. Svcs. | -7.63 | | 8 | BoA Merrill Lynch | 5.86 |
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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, 2018. Source: Investment Technology Group.
U.S. trading costs: Commissions and implementation shortfall
