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 Dec. 31, 2018. Source: Elkins/McSherry, a State Street company.
| All trading |
| Global brokers | |
| 1 | Robert W. Baird | -56.42 | | 2 | Wells Fargo Prime Svcs. | -45.14 | | 3 | ISI Group | -40.86 | | 4 | Nomura Securities | -37.29 | | 5 | Citigroup Global Mkts. | -34.80 | | 6 | Canaccord Genuity | -34.59 | | 7 | Oddo Securities | -22.16 | | 8 | Macquarie Securities | -14.40 | | 9 | Piper Jaffray | -11.77 | | 10 | Pictet | -11.15 |
| | | U.S. brokers | |
| 1 | Wells Fargo Prime Svcs. | -34.50 | | 2 | Cantor Fitzgerald | -34.02 | | 3 | Agency Trading Group | -33.97 | | 4 | ITG | -31.05 | | 5 | Gar Wood Securities | -29.62 | | 6 | Guzman | -26.51 | | 7 | BTIG | -20.46 | | 8 | FBN Securities | -17.80 | | 9 | Williams Capital | -15.82 | | 10 | Bank of New York | -14.23 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | Agency Trading Group | -55.83 | | 2 | Guzman | -47.69 | | 3 | Morgan Stanley | -32.29 | | 4 | ITG | -30.93 | | 5 | BTIG | -30.66 | | 6 | Gar Wood Securities | -21.59 | | 7 | Jane Street Capital | -9.85 | | 8 | WallachBeth Capital | -6.75 | | 9 | BB&T Investment Serv | -3.73 | | 10 | Russell Impl. Svcs. | -2.56 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Wells Fargo Prime Svcs. | -47.31 | | 2 | ITG | -45.58 | | 3 | Guzman | -34.03 | | 4 | Agency Trading Group | -23.07 | | 5 | BTIG | -19.66 | | 6 | Gar Wood Securities | -18.29 | | 7 | WallachBeth Capital | -8.98 | | 8 | Russell Impl. Svcs. | -3.07 | | 9 | Goldman Sachs | 0.91 | | 10 | Sanford C. Bernstein | 5.37 |
| | | Small orders: 10,000 shares or less | |
| 1 | Guzman | -23.44 | | 2 | ITG | -18.96 | | 3 | Gar Wood Securities | -16.23 | | 4 | Agency Trading Group | -14.43 | | 5 | Credit Suisse | -8.37 | | 6 | RBC Capital Mkts. | -7.37 | | 7 | BTIG | -5.73 | | 8 | Russell Impl. Svcs. | -4.48 | | 9 | Bank of New York | -4.18 | | 10 | Weeden | 0.02 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | Knight Securities | -38.32 | | 2 | Guzman | -35.14 | | 3 | Citigroup Global Mkts. | -31.89 | | 4 | Agency Trading Group | -30.91 | | 5 | ITG | -23.15 | | 6 | BTIG | -22.81 | | 7 | Gar Wood Securities | -15.52 | | 8 | WallachBeth Capital | -8.11 | | 9 | Bank of New York | -7.40 | | 10 | Russell Impl. Svcs. | -4.26 |
| | | 20% - 50% of daily volume | |
| 1 | Wells Fargo Prime Svcs. | -26.62 | | 2 | Gar Wood Securities | -16.86 | | 3 | BTIG | -13.12 | | 4 | J.P. Morgan | -8.01 | | 5 | WallachBeth Capital | -5.90 | | 6 | Bank of America | -5.11 | | 7 | Weeden | -4.89 | | 8 | Russell Impl. Svcs. | 1.69 | | 9 | Guzman | 2.56 | | 10 | Credit Suisse | 24.29 |
| | | 50%+ of daily volume | |
| 1 | Wells Fargo Prime Svcs. | -142.18 | | 2 | Gar Wood Securities | -18.33 | | 3 | Guzman | -12.44 | | 4 | BTIG | -11.28 | | 5 | Jane Street Capital | -10.97 | | 6 | WallachBeth Capital | -9.04 | | 7 | Bank of America | -4.21 | | 8 | Weeden | -2.68 | | 9 | J.P. Morgan | -2.37 | | 10 | Russell Impl. Svcs. | -2.00 |
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| Trades by market cap |
| Giant cap | |
| 1 | ITG | -45.12 | | 2 | Guzman | -42.34 | | 3 | Citigroup Global Mkts. | -37.28 | | 4 | RBC Capital Mkts. | -20.31 | | 5 | Agency Trading Group | -18.47 | | 6 | Morgan Stanley | -15.95 | | 7 | Bank of New York | -13.09 | | 8 | Russell Impl. Svcs. | -11.92 | | 9 | Gar Wood Securities | -10.46 | | 10 | MKM Partners | -8.17 |
| | | Large cap | |
| 1 | Agency Trading Group | -25.82 | | 2 | Guzman | -22.18 | | 3 | BTIG | -18.75 | | 4 | Gar Wood Securities | -17.87 | | 5 | Bank of New York | -17.82 | | 6 | MKM Partners | -16.70 | | 7 | Lehman Brothers | -14.53 | | 8 | ITG | -11.87 | | 9 | WallachBeth Capital | -10.24 | | 10 | Knight Securities | -7.25 |
| | | Midcap | |
| 1 | Knight Securities | -31.67 | | 2 | Agency Trading Group | -30.30 | | 3 | ITG | -30.16 | | 4 | Morgan Stanley | -28.63 | | 5 | Sanford C. Bernstein | -21.42 | | 6 | Gar Wood Securities | -17.30 | | 7 | Needham | -15.56 | | 8 | Goldman Sachs | -14.14 | | 9 | Raymond James | -8.32 | | 10 | BB&T Investment Svcs. | -6.24 |
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| Small cap | |
| 1 | BTIG | -48.36 | | 2 | Knight Securities | -47.08 | | 3 | Gar Wood Securities | -39.28 | | 4 | Agency Trading Group | -36.01 | | 5 | Morgan Stanley | -33.68 | | 6 | Bank of America | -23.74 | | 7 | Bank of New York | -22.23 | | 8 | Wells Fargo Prime Svcs. | -9.31 | | 9 | Goldman Sachs | -9.25 | | 10 | RBC Capital Mkts. | -8.74 |
| | | Microcap | |
| 1 | Cowen | -113.12 | | 2 | Agency Trading Group | -93.8 | | 3 | Bank of New York | -83.78 | | 4 | Morgan Stanley | -76.91 | | 5 | BTIG | -76.08 | | 6 | Guzman | -76.07 | | 7 | Wells Fargo Prime Svcs. | -73.06 | | 8 | Jeffries | -53.63 | | 9 | Fox River | -42.92 | | 10 | Bank of America | -37.66 |
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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 Dec. 31, 2018. Source: Investment Technology Group.
U.S. trading costs: Commissions and implementation shortfall
