Tradewatch for Q2 2021

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, 2021. Source: Elkins/McSherry, a State Street company.
All trading
Global brokers
RankBrokerDifference
1 Goldman Sachs -75.22
2 Cowen -43.11
3 UBS -26.7
4 Barclays Bank -22.29
5 Kotak Securities -13.71
6 HSBC Securities 3.27
7 Credit Suisse 6.74
8 Morgan Stanley 8.14
9 Guzman 11.86
10 Pershing 12.62
U.S. brokers
RankBrokerDifference
1 Gar Wood Securities -33.51
2 National Financial Services -28.71
3 Guzman -27.57
4 Jones & Associates -27.44
5 William Blair -23.65
6 Burnham -21.79
7 Charles Schwab -20.58
8 Knight Trading -20.38
9 BTIG -19.11
10 Bank of America -18.32
Trades by order size
Large orders: 50,000+ shares
 
RankBrokerDifference
1 BTIG -76.13
2 William Blair -35.5
3 Needham & Co. -21.78
4 J.P. Morgan -21.5
5 Russell Investments -12.06
6 Guzman -11.93
7 BB&T Investment Svcs. -2.78
8 RBC Capital Markets 5.02
9 Goldman Sachs 7.24
10 Morgan Stanley 9.23
Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1 Gar Wood Securities -20.58
2 Guzman -17.26
3 Credit Suisse -13.75
4 Goldman Sachs -9.67
5 Knight Trading -9.14
6 Needham & Co. -8.4
7 UBS -3.76
8 Bank of America -2.33
9 BTIG -1.9
10 Russell Investments -0.65
Small orders: 10,000 shares
or less
RankBrokerDifference
1 Bank of America -58.73
2 BTIG -15.44
3 Guzman -15.4
4 Credit Suisse -9.02
5 Gar Wood Securities -8.61
6 J.P. Morgan -7.2
7 UBS -5.56
8 Knight Trading -5.28
9 Instinet -2.17
10 Goldman Sachs -1.31
Trades by liquidity
0% - 20% of daily volume
RankBrokerDifference
1 Bank of America -47.17
2 UBS -27.22
3 Guzman -15.25
4 BB&T Investment Svcs. -12.78
5 BTIG -11.69
6 J.P. Morgan -10.95
7 Gar Wood Securities -9.15
8 William Blair -8.84
9 Knight Trading -6.86
10 Credit Suisse -6.49
20% - 50% of daily volume
RankBrokerDifference
1 Russell Investments -55.2
2 Guzman -18.46
3 Knight Trading -15.39
4 Garwood Securities -15.14
5 BTIG -12.39
6 RBC Capital Markets -10.75
7 Bank of America -8.61
8 Goldman Sachs -7.54
9 UBS -5.11
10 J.P. Morgan -4.61
50%+ of daily volume
RankBrokerDifference
1 Guzman -19.2
2 Russell Investments -16.83
3 Gar Wood Securities -16
4 BB&T Investment Svcs. -15.77
5 Credit Suisse -12.46
6 J.P. Morgan -9.46
7 Citadel Derivatives Grp. -9.15
8 Cowen -9.06
9 BTIG -8.09
10 UBS -7.04
Trades by market cap
Giant cap
RankBrokerDifference
1 BB&T Investment Svcs. -29.01
2 Bank of America -24.8
3 Credit Suisse -11.72
4 BTIG -11.58
5 Guzman -9.9
6 Gar Wood Securities -5.44
7 J.P. Morgan -4.35
8 Instinet -1.46
9 Russell Investments -0.16
10 Bank Of New York 2.95
Large cap
RankBrokerDifference
1 Goldman Sachs -35.36
2 RBC Capital Markets -28.78
3 Guzman -21.8
4 J.P. Morgan -13.6
5 Gar Wood Securities -10.87
6 BTIG -10.43
7 Credit Suisse -9.51
8 Knight Trading -7.1
9 UBS -2.47
10 Russell Investments -1.09"
Midcap
RankBrokerDifference
1 Bank of America -53.81
2 Jeffries & Co. -31.79
3 Guzman -26.97
4 Gar Wood Securities -22.7
5 Goldman Sachs -21.7
6 BB&T Investment Svcs. -20.75
7 J.P. Morgan -10.33
8 Russell Investments -1.13
9 Credit Suisse -0.8
10 Needham & Co. 1.09
Small cap
RankBrokerDifference
1 Gar Wood Securities -122.39
2 UBS -65.21
3 Guzman -59.55
4 BTIG -56.25
5 Jones & Associates -51.93
6 Russell Investments -27.07
7 Knight Trading -26.56
8 Credit Suisse -23.62
9 J.P. Morgan -13.58
10 Jeffries & Co. -3.27
Microcap
RankBrokerDifference
1 Gar Wood Securities -141.34
2 Knight Trading -108.45
3 BTIG -101.49
4 UBS -95.23
5 Guzman -95.09
6 Russell Investments -80.53
7 Credit Suisse -72.65
8 J.P. Morgan -57.65
9 Bank of America -42.47
10 Cantor Fitzgerald 1.86
Trading analytics
Commissions and implementation shortfall based on Virtu's Global Peer database. *Volatility annualized is the 60-day historical volatility for the S&P 500 index. Data are as of June 30, 2021. Source: Virtu Financial LLC
U.S. trading costs: Commissions and implementation shortfall
U.S. trading costs
Average spread and annualized volatility of S&P 500 constituents
Average spread and volatility
*Second-quarter 2021 peer data are preliminary.