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  1. Home
  2. INTERACTIVE
March 14, 2022 12:00 AM

Tradewatch for Q4 2021

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    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, 2021. Source: Elkins/McSherry, a State Street company.
    All trading
    Global brokers
    RankBrokerDifference
    1 Goldman Sachs -79.73
    2 Pavilion -37.08
    3 Piper Sandler -34.77
    4 UBS -26.87
    5 Instinet -17.32
    6 Morgan Stanley -2.30
    7 CLSA -2.24
    8 Credit Suisse -2.21
    9 Guzman -0.44
    10 Pershing 0.55
    U.S. brokers
    RankBrokerDifference
    1 MKM Partners -50.27
    2 Wells Fargo -49.62
    3 Gar Wood Securities -40.92
    4 Bank of America -37.50
    5 J.P. Morgan -34.90
    6 JMP Securities -34.85
    7 UBS -34.16
    8 Russell -33.59
    9 William Blair -31.12
    10 Goldman Sachs -30.53
    Trades by order size
    Large orders: 50,000+ shares 
    RankBrokerDifference
    1 Needham & Co. -103.18
    2 BTIG -61.35
    3 Goldman Sachs -44.00
    4 William Blair -43.45
    5 Russell -34.69
    6 J.P. Morgan -17.35
    7 Jeffries & Co. -6.49
    8 Key Bank -5.69
    9 Guzman -1.92
    10 RBC Capital Markets 0.10
    Medium orders: 10,000 - 50,000 shares
    RankBrokerDifference
    1 UBS -39.70
    2 Int'l Strategy & Investment -38.21
    3 RBC Capital Markets -28.39
    4 Gar Wood Securities -17.96
    5 Truist -14.28
    6 Needham & Co. -13.15
    7 Credit Suisse -10.27
    8 BTIG -8.38
    9 Goldman Sachs -6.99
    10 J.P. Morgan -3.16
    Small orders: 10,000 shares or less
    RankBrokerDifference
    1 Bank of America -71.84
    2 BTIG -16.49
    3 Gar Wood Securities -10.85
    4 J.P. Morgan -6.64
    5 Credit Suisse -3.08
    6 BNY Mellon -3.00
    7 Goldman Sachs -2.94
    8 Cowen -1.80
    9 Barclays Bank -0.56
    10 Guzman -0.35"
    Trades by liquidity
    0% - 20% of daily volume
    RankBrokerDifference
    1 Bank of America -56.63
    2 UBS -34.05
    3 Oppenheimer & Co -26.53
    4 Int'l Strategy & Investment -25.76
    5 Goldman Sachs -22.24
    6 Needham & Co. -21.93
    7 William Blair -18.63
    8 Barclays Bank -17.55
    9 BTIG -15.46
    10 Gar Wood Securities -14.28
    20% - 50% of daily volume
    RankBrokerDifference
    1 Russell -81.51
    2 Truist -43.45
    3 BTIG -25.24
    4 RBC Capital Markets -24.92
    5 Needham & Co. -23.92
    6 UBS -20.04
    7 Bank of America -14.24
    8 Goldman Sachs -10.35
    9 Credit Suisse -4.95
    10 J.P. Morgan -4.62
    50%+ of daily volume
    RankBrokerDifference
    1 Stifel Nicolaus & Co. -38.80
    2 Jeffries & Co. -37.37
    3 Jones & Associates -32.07
    4 Guzman -28.94
    5 RBC Capital Markets -23.27
    6 Cowen -20.88
    7 Knight Trading -20.07
    8 Bids Trading -17.62
    9 Int'l Strategy & Investment -16.05
    10 Bank of America -15.12
    Trades by market cap
    Giant cap
    RankBrokerDifference
    1 BTIG -16.36
    2 Bank of America -9.86
    3 Gar Wood Securities -7.34
    4 J.P. Morgan -5.76
    5 Truist -3.93
    6 Cowen -1.25
    7 Guzman 0.01
    8 Goldman Sachs 0.08
    9 Russell 0.53
    10 Barclays Bank 1.45
    Large cap
    RankBrokerDifference
    1 Goldman Sachs -35.49
    2 BTIG -28.61
    3 J.P. Morgan -20.38
    4 RBC Capital Markets -16.33
    5 Bank of America -14.73
    6 Gar Wood Securities -9.77
    7 Credit Suisse -3.55
    8 Russell -2.60
    9 Guzman -0.74
    10 Morgan Stanley -0.36"
    Midcap
    RankBrokerDifference
    1 Bank of America -57.01
    2 Int'l Strategy & Investment -52.13
    3 Wells Fargo -38.72
    4 Jeffries & Co. -34.30
    5 Truist -32.75
    6 Goldman Sachs -28.26
    7 RBC Capital Markets -26.04
    8 Sanford Bernstein -18.74
    9 Gar Wood Securities -13.81
    10 Jones & Associates -10.64
    Small cap
    RankBrokerDifference
    1 Gar Wood Securities -94.67
    2 Wells Fargo -73.79
    3 UBS -70.23
    4 Jeffries & Co. -57.24
    5 Russell -56.64
    6 Int'l Strategy & Investment -50.55
    7 Guzman -46.89
    8 BTIG -41.57
    9 Credit Suisse -38.72
    10 Jones & Associates -33.98
    Microcap
    RankBrokerDifference
    1 Credit Suisse -461.74
    2 Guggenheim Securities -337.34
    3 J.P. Morgan -268.52
    4 BTIG -254.27
    5 UBS -242.93
    6 Knight Trading -240.75
    7 Bank of America -179.7
    8 Ladenburg Thalmann -107.00
    9 Russell -97.91
    10 Cantor Fitzgerald -91.48
    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, 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
    *Fourth-quarter 2021 peer data are preliminary.
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    July 4, 2022 page one

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