INTERACTIVE

Tradewatch for Q2 2018

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, 2018. Source: Elkins/McSherry, a State Street company.
All trading
Global brokers
RankBrokerDifference
1 Macquarie Securities -37.38
2 Robert W. Baird -30.69
3 State Street Global Mkts. -20.38
4 Royal Bank Scotland -12.99
5 Russell Imp. Svcs. -12.41
6 BTIG -7.1
7 Guzman -5.57
8 Penserra Securities -4.39
9 Citigroup Global Mkts. -3.53
10 Redburn Partners -2.55
U.S. brokers
RankBrokerDifference
1 Macquarie Securities -37.38
2 Robert W. Baird -30.69
3 Guggenheim Partners -29.55
4 Jones & Associates -21.8
5 ISI Group -20.96
6 State Street Global Mkts. -20.38
7 Royal Bank Scotland -12.99
8 Russell Imp. Svcs. -12.41
9 BTIG -7.1
10 Guzman -5.57
 
Trades by order size
Large orders: 50,000+ shares
 
RankBrokerDifference
1 Barclays Bank -59.99
2 Agency Trading Group -46.64
3 J.P. Morgan -27.31
4 BTIG -18.12
5 Jeffries -11.62
6 Gar Wood Securities -9.57
7 WallachBeth Capital -8.93
8 BB&T Investment Svcs. -8.75
9 NGAM Advisors -6.05
10 BofA Merrill Lynch -5.44
Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1 Agency Trading Group -24.37
2 Gar Wood Securities -18.11
3 Goldman Sachs -11.65
4 NGAM Advisors -9.4
5 BB&T Investment Svcs, -6.55
6 Russell Imp. Svcs. -3.07
7 Sanford C. Bernstein -2.77
8 BofA Merrill Lynch -2.74
9 Guzman -2.09
10 J.P. Morgan 0.07
Small orders: 10,000 shares
or less
RankBrokerDifference
1 Gar Wood Securities -16.42
2 Bats -15.3
3 Agency Trading Group -12.62
4 NGAM Advisors -12.26
5 Barclays Bank -9.23
6 Burnham -8.62
7 Wells Fargo Prime Svcs. -8.51
8 Goldman Sachs -7.63
9 Guzman -7.36
10 Bank of New York -6.79
 
Trades by liquidity
0% - 20% of daily volume
RankBrokerDifference
1 Agency Trading Group -24.1
2 Gar Wood Securities -13.59
3 Barclays Bank -11.59
4 NGAM Advisors -8.98
5 Credit Suisse -8.01
6 CAPIS -6.84
7 BTIG -5.94
8 EDGX -5.85
9 BB&T Investment Svcs. -4.5
10 Russell Imp. Svcs. -4.26
20% - 50% of daily volume
RankBrokerDifference
1 Goldman Sachs -15.12
2 Gar Wood Securities -13.78
3 NGAM Advisors -12.15
4 Guzman -11.81
5 J.P. Morgan -9.38
6 BTIG -6.48
7 NYSE Arca -5.98
8 Weeden -3
9 BofA Merrill Lynch -2.27
10 Wells Fargo Prime Svcs. 0.2
50%+ of daily volume
RankBrokerDifference
1 J.P. Morgan -45.35
2 Weeden -28.46
3 Gar Wood Securities -16.51
4 Wells Fargo Prime Svcs. -15.74
5 NGAM Advisors -14.61
6 Guzman -12.76
7 Credit Suisse -11.02
8 BTIG -9.44
9 Goldman Sachs -9.14
10 BofA Merrill Lynch -3.86
 
Trades by market cap
Giant cap
RankBrokerDifference
1 Bank Of New York -14.48
2 Russell Imp. Svcs. -11.92
3 Agency Trading Group -11.02
4 NGAM Advisors -10.24
5 J.P. Morgan -9.68
6 Gar Wood Securities -7.01
7 BB&T Investment Svcs. -4.87
8 Goldman Sachs -3.76
9 Morgan Stanley (MS) -3.18
10 Barclays Bank -1.42
Large cap
RankBrokerDifference
1 Agency Trading Group -25.22
2 Gar Wood Securities -16.03
3 Weeden -14.98
4 NGAM Advisors -12.55
5 Guzman -9.05
6 BB&T Investment Svcs. -5.09
7 BTIG -4.05
8 Sanford C. Bernstein -2.7
9 Credit Suisse -2.28
10 Russell Imp. Svcs. -0.41
Midcap
RankBrokerDifference
1 Agency Trading Group -33.2
2 Gar Wood Securities -17.27
3 Guzman -16.3
4 BofA Merrill Lynch -14.7
5 Sanford C. Bernstein -10.53
6 BTIG -9.38
7 Russell Imp. Svcs. -2.12
8 J.P. Morgan -2.01
9 Goldman Sachs -1.46
10 Credit Suisse 2.15
 
Small cap
RankBrokerDifference
1 Cowen -52.13
2 Guzman -40.68
3 Agency Trading Group -38.46
4 Gar Wood Securities -36.99
5 BTIG -17.08
6 BofA Merrill Lynch -16.91
7 J.P. Morgan -12.36
8 Weeden -10.97
9 Russell Imp. Svcs. -3.33
10 Wells Fargo Prime Svcs. -2.08
Microcap
RankBrokerDifference
1 Gar Wood Securities -171.54
2 BTIG -111.04
3 Agency Trading Group -104.68
4 Guzman -102.49
5 J.P. Morgan -98.62
6 Jane Street Capital -12.85
7 BofA Merrill Lynch -3.41
8 Russell Imp. Svcs. -2.5
9 Wells Fargo Prime Svcs. 74.07
10 Credit Suisse 294.12
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, 2018. Source: Investment Technology Group.
U.S. trading costs: Commissions and implementation shortfall
Average spread and annualized volatility of S&P 500 constituents
*2Q 2018 peer data are preliminary.