Tradewatch for Q3 2022

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 Sept. 30, 2022. Source: Elkins/McSherry, a State Street company.
All trading
Global brokers
RankBrokerDifference
1 BNY Mellon -17.28
2 CLSA -3.84
3 ITG 0.45
4 Pershing 4.83
5 Goldman Sachs 4.90
6 Morgan Stanley 15.03
7 Jefferies & Co. 22.07
8 Credit Suisse 23.73
9 Instinet 24.38
10 Piper Sandler 26.67
U.S. brokers
RankBrokerDifference
1 Wells Fargo -68.12
2 IEX -54.78
3 UBS -54.56
4 Jones & Associates -44.74
5 BTIG -42.00
6 Piper Sandler -40.53
7 Gar Wood Securities -36.73
8 Key Bank -34.40
9 Needham & Co. -31.29
10 Stifel Nicolaus & Co. -30.37
Trades by order size
Large orders: 50,000+ shares 
RankBrokerDifference
1 BTIG -100.46
2 Gar Wood Securities -89.10
3 William Blair -82.46
4 Key Bank -79.30
5 UBS -70.42
6 Piper Sandler -60.32
7 Goldman Sachs -58.77
8 RBC Capital Markets -47.81
9 Sanford Bernstein -46.47
10 Jefferies & Co. -33.86
Medium orders: 10,000 - 50,000 shares
RankBrokerDifference
1 Wells Fargo -102.50
2 Morgan Stanley -59.73
3 UBS -57.01
4 Piper Sandler -53.14
5 Credit Suisse -41.91
6 Guzman -29.48
7 BTIG -27.02
8 BNY Mellon -21.56
9 J.P. Morgan -16.89
10 Gar Wood Securities -12.60
Small orders: 10,000 shares or less
RankBrokerDifference
1 UBS -36.08
2 Sanford Bernstein -23.15
3 Goldman Sachs -22.19
4 RBC Capital Markets -20.37
5 Charles Schwab -10.17
6 Guzman -10.14
7 ISI Group -10.13
8 Bank of America -9.59
9 J.P. Morgan -9.04
10 Gar Wood Securities -8.49
Trades by liquidity
50%+ of daily volume
RankBrokerDifference
1 Guzman -727.64
2 UBS -390.51
3 J.P. Morgan -310.55
4 BTIG -109.53
5 Int’l Strategy & Investment -63.10
6 Bank of America -59.63
7 Jones & Associates -44.12
8 Morgan Stanley -31.28
9 Goldman Sachs -24.79
10 Wells Fargo -10.98
20% - 50% of daily volume
RankBrokerDifference
1 Leer -333.39
2 Guzman -250.88
3 Goldman Sachs -116.13
4 Needham & Co -115.39
5 Jones & Associates -110.81
6 Barclays Bank -88.00
7 J.P. Morgan -77.74
8 Piper Sandler -64.54
9 Credit Suisse -52.32
10 BTIG -47.73
0% to 20% of daily volume
RankBrokerDifference
1 Oppenheimer & Co. -58.92
2 Wells Fargo -48.61
3 Piper Sandler -48.55
4 Credit Suisse -47.76
5 William Blair -44.42
6 Goldman Sachs -31.33
7 Jones & Associates -22.42
8 BTIG -20.42
9 UBS -19.26
10 Guzman -17.19
Trades by market cap
Giant cap
RankBrokerDifference
1 UBS -25.02
2 BTIG -15.51
3 ISI Group -9.86
4 Credit Suisse -9.37
5 Gar Wood Securities -5.07
6 Goldman Sachs -3.63
7 J.P. Morgan -2.77
8 Jefferies & Co. -1.96
9 BNY Mellon 0.74
10 Truist 0.76
Large cap
RankBrokerDifference
1 Stifel Nicolaus & Co. -31.40
2 BTIG -27.54
3 ISI Group -22.24
4 Credit Suisse -20.59
5 Wells Fargo -15.70
6 Gar Wood Securities -12.19
7 RBC Capital Markets -10.75
8 Bank of America -10.64
9 Goldman Sachs -9.67
10 Guzman -6.68
Midcap
RankBrokerDifference
1 BTIG -95.25
2 Piper Sandler -86.42
3 Jefferies & Co. -55.23
4 Goldman Sachs -49.94
5 Int’l Strategy & Investment -46.67
6 Wells Fargo -41.39
7 Jones & Associates -28.25
8 UBS -25.63
9 Bank of America -25.22
10 Credit Suisse -18.47
Small cap
RankBrokerDifference
1 Jefferies & Co. -367.74
2 Leer -164.02
3 J.P. Morgan -124.32
4 Piper Sandler -104.17
5 Guzman -81.35
6 Jones & Associates -80.90
7 Goldman Sachs -80.74
8 Int’l Strategy & Investment -75.75
9 Wells Fargo -69.78
10 Credit Suisse -65.53
Microcap
RankBrokerDifference
1 Credit Suisse -491.73
2 UBS -460.70
3 Bank of America -257.14
4 BTIG -195.08
5 Needham & Co. -123.05
6 MKMm Partners -121.90
7 Ladenburg Thalman -106.09
8 Cowen & Co. -95.37
9 Gar Wood Securities -90.60
10 Craig-Hallum Capital -80.73
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 Sept. 30, 2022. 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
*Third-quarter 2022 peer data are preliminary.