Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Innovation Investing Conference
    • 2022 Defined Contribution East Conference
    • 2022 ESG Investing Conference
    • 2022 DC Investment Lineup Conference
    • 2022 Alternatives Investing Conference
Breadcrumb
  1. Home
  2. INTERACTIVE
March 08, 2021 12:00 AM

Tradewatch for Q4 2020

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    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 Dec. 31, 2020. Source: Elkins/McSherry, a State Street company.
    All trading
    Global brokers
    RankBrokerDifference
    1 Banco Santander -324.07
    2 Cowen -98.72
    3 Redburn Partners -34.72
    4 Kotak Securities -31.72
    5 Goldman Sachs -28.77
    6 Tocqueville Asset Mgmt. -23.72
    7 Cantor Fitzgerald -0.83
    8 HSBC Securities -0.67
    9 Barclays Bank -0.54
    10 Guzman 0.64
    U.S. brokers
    RankBrokerDifference
    1 Cowen -97.80
    2 ITG -60.88
    3 BTIG -40.77
    4 Gar Wood Securities -37.05
    5 BB&T Investment Svcs. -31.04
    6 Burnham -30.99
    7 Guzman -26.09
    8 Charles Schwab -25.43
    9 Citadel Derivatives Grp. -21.89
    10 G-Research -21.15
    Trades by order size
    Large orders: 50,000+ shares
     
    RankBrokerDifference
    1 BTIG -65.24
    2 Goldman Sachs -52.55
    3 William Blair -27.14
    4 J.P. Morgan -3.67
    5 Guzman -1.03
    6 BB&T Investment Svcs. 0.02
    7 RBC Capital Markets 0.67
    8 Stifel Nicolaus 6.87
    9 Russell Impl. Svcs. 15.1
    10 Morgan Stanley 25.65
    Medium orders: 10,000 - 50,000 shares
    RankBrokerDifference
    1 Gar Wood Securities -21.3
    2 Guzman -16.69
    3 Bank of America -10.88
    4 Knight Trading -10.38
    5 BTIG -2.38
    6 J.P. Morgan -1.42
    7 Goldman Sachs 1.38
    8 Russell Impl. Svcs. 4.76
    9 UBS 7.89
    10 BB&T Investment Svcs. 10.13
    Small orders: 10,000 shares
    or less
    RankBrokerDifference
    1 BTIG -26.22
    2 Credit Suisse -18.78
    3 Guzman -15.95
    4 Gar Wood Securities -11.49
    5 Goldman Sachs -9.95
    6 Cowen -6.80
    7 UBS -5.12
    8 J.P. Morgan -3.54
    9 Knight Trading -3.12
    10 Morgan Stanley -2.04
    Trades by liquidity
    0% - 20% of daily volume
    RankBrokerDifference
    1 Bank of New York -17.55
    2 William Blair -16.94
    3 Gar Wood Securities -14.47
    4 Guzman -14.01
    5 RBC Capital Markets -6.53
    6 Knight Trading -4.76
    7 BB&T Investment Svcs. -4.48
    8 Goldman Sachs -3.26
    9 BTIG -2.93
    10 J.P. Morgan -1.64
    20% - 50% of daily volume
    RankBrokerDifference
    1 Russell Impl. Svcs. -40.19
    2 RBC Capital Markets -24.60
    3 Gar Wood Securities -15.90
    4 J.P. Morgan -14.72
    5 Guzman -12.00
    6 Cowen -10.92
    7 Goldman Sachs -9.58
    8 BTIG -2.99
    9 Instinet -2.39
    10 Bank of America -2.35
    50%+ of daily volume
    RankBrokerDifference
    1 BTIG -41.42
    2 Gar Wood Securities -17.97
    3 Citadel Derivatives Grp. -15.07
    4 Guzman -14.77
    5 Cowen -14.42
    6 Credit Suisse -12.31
    7 J.P. Morgan -9.78
    8 Goldman Sachs -7.13
    9 Charles Schwab -5.23
    10 Morgan Stanley -3.83
    Trades by market cap
    Giant cap
    RankBrokerDifference
    1 Bank of America -17.73
    2 Credit Suisse -8.16
    3 Guzman -8.11
    4 BB&T Investment Svcs. -6.26
    5 Gar Wood Securities -6.01
    6 Cowen -4.02
    7 BTIG -3.85
    8 J.P. Morgan -2.60
    9 UBS -0.65
    10 IEX 1.36
    Large cap
    RankBrokerDifference
    1 BTIG -51.93
    2 Guzman -22.03
    3 Goldman Sachs -21.37
    4 Credit Suisse -19.98
    5 Gar Wood Securities -16.44
    6 J.P. Morgan -0.62
    7 Bank Of America 0.45
    8 Morgan Stanley 3.03
    9 Russell Impl. Svcs. 6.41
    10 BB&T Investment Svcs. 10.66
    Midcap
    RankBrokerDifference
    1 Guzman -26.15
    2 Gar Wood Securities -21.85
    3 Goldman Sachs -19.69
    4 RBC Capital Markets -18.27
    5 BB&T Investment Svcs. -15.37
    6 BTIG -11.13
    7 J.P. Morgan -5.95
    8 Jeffries -3.31
    9 Morgan Stanley 0.31
    10 Russell Impl. Svcs. 4.97
    Small cap
    RankBrokerDifference
    1 Gar Wood Securities -72.03
    2 BTIG -62.94
    3 Goldman Sachs -49.32
    4 Guzman -42.68
    5 Russell Impl. Svcs. -9.07
    6 UBS -1.69
    7 IEX 1.04
    8 Morgan Stanley 18.22
    9 BB&T Investment Svcs. 18.91
    10 Credit Suisse 19.31
    Microcap
    RankBrokerDifference
    1 Gar Wood Securities -195.82
    2 Guzman -112.8
    3 BTIG -97.74
    4 UBS -93.18
    5 Russell Impl. Svcs. -85.86
    6 Credit Suisse -20.14
    7 IEX -9.06
    8 J.P. Morgan -6.46
    9 Bank of America -5.30
    10 Morgan Stanley 54.62
    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 Dec. 31, 2020. 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
    *4Q 2020 peer data are preliminary.
    Recommended for You
    Insider buying picking up
    Insider buying picking up
    S&P 500 Energy index shows strength
    S&P 500 Energy index shows strength
    Graphic: Sell-off makes stock valuations more attractive
    Graphic: Sell-off makes stock valuations more attractive
    OCIO, Anchor in Rough Seas
    Sponsored Content: OCIO, Anchor in Rough Seas

    Reader Poll

    May 23, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Crossroads: Politics, Inflation, & Bonds
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Q2 2022 Credit Outlook: Carry On
    Leverage does not equal risk
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    May 23, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Innovation Investing Conference
      • 2022 Defined Contribution East Conference
      • 2022 ESG Investing Conference
      • 2022 DC Investment Lineup Conference
      • 2022 Alternatives Investing Conference