| 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 March 31, 2015. Source: Elkins/McSherry, a State Street company. |
| All trading |
| Global brokers | |
| 1 | UBS | -22.06 | | 2 | Russell Impl. Svcs. | -13.76 | | 3 | Jefferies | -11.36 | | 4 | Liquidnet | -8.36 | | 5 | Pavilion Global Markets | -7.91 | | 6 | Agency Trading Group | -6.6 | | 7 | Garwood Securities | -4.98 | | 8 | Weeden | -4.1 | | 9 | Harris Associates | -4.01 | | 10 | Guzman | -0.75 |
| | | U.S. brokers | |
| 1 | Liquidnet | -55.42 | | 2 | Morgan Stanley | -34.61 | | 3 | Deutsche Bank | -33.73 | | 4 | Kepler Cheuvreux | -28.68 | | 5 | Agency Trading Group | -28.25 | | 6 | BTIG | -26.01 | | 7 | Weeden | -25.77 | | 8 | HSBC | -24.03 | | 9 | UBS | -19.22 | | 10 | J.P. Morgan | -17.92 |
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| Trades by order size |
| Large orders: 50,000+ shares | |
| 1 | UBS | -27.9 | | 2 | Jefferies | -12.24 | | 3 | Pavilion Global Markets | -8.2 | | 4 | Weeden | -7.59 | | 5 | Susquehanna Financial | -6.97 | | 6 | Garwood Securities | -6.68 | | 7 | WallachBeth Capital | -6.34 | | 8 | Guzman | -4.01 | | 9 | CAPIS | -2.1 | | 10 | Agency Trading Group | -0.04 |
| | | Medium orders: 10,000 - 50,000 shares | |
| 1 | Jefferies | -13.5 | | 2 | Harris Associates | -12.34 | | 3 | UBS | -11.78 | | 4 | Agency Trading Group | -10.32 | | 5 | Liquidnet | -4.14 | | 6 | Pavilion Global Markets | -2.36 | | 7 | Sanford C. Bernstein | -0.81 | | 8 | Weeden | -0.26 | | 9 | Morgan Stanley | 0.8 | | 10 | Garwood Securities | 0.93 |
| | | Small orders: 10,000 shares or less | |
| 1 | UBS | -28.48 | | 2 | Pavilion Global Markets | -18.07 | | 3 | Harris Associates | -15.24 | | 4 | Agency Trading Group | -13.14 | | 5 | Morgan Stanley | -7.74 | | 6 | Wells Fargo Prime Svcs. | -5.95 | | 7 | Garwood Securities | -5.79 | | 8 | Weeden | -4.65 | | 9 | William Blair | -3.59 | | 10 | Guzman | -1.69 |
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| Trades by liquidity |
| 0% - 20% of daily volume | |
| 1 | UBS | -23.61 | | 2 | Needham | -19.7 | | 3 | Jefferies | -18.04 | | 4 | Russell Impl. Svcs. | -10.92 | | 5 | Pavilion Global Markets | -7.73 | | 6 | Agency Trading Group | -7.42 | | 7 | Liquidnet | -5.92 | | 8 | Garwood Securities | -4.96 | | 9 | Harris Associates | -4.78 | | 10 | Weeden | -4.72 |
| | | 20% - 50% of daily volume | |
| 1 | BofA Merrill Lynch | -53.97 | | 2 | UBS | -42.78 | | 3 | Cowen | -41.25 | | 4 | Pavilion Global Markets | -11.13 | | 5 | BTIG | -10.15 | | 6 | CAPIS | -5.26 | | 7 | Convergex | -4.68 | | 8 | Garwood Securities | -4.48 | | 9 | Williams Capital | -4.02 | | 10 | Harris Associates | -2.42 |
| | | 50%+ of daily volume | |
| 1 | Guzman | -8.69 | | 2 | Pavilion Global Markets | -7.73 | | 3 | J.P. Morgan | -6.49 | | 4 | Garwood Securities | -6.23 | | 5 | Wells Fargo Prime Svcs. | -6.17 | | 6 | Weeden | -6.15 | | 7 | WallachBeth Capital | -6.14 | | 8 | BTIG | -3.8 | | 9 | Susquehanna Financial | -2.64 | | 10 | Harris Associates | 2.25 |
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| Trades by market cap |
| Giant cap | |
| 1 | Russell Impl. Svcs. | -32.69 | | 2 | UBS | -28.67 | | 3 | Jefferies | -18.66 | | 4 | Pavilion Global Mkts. | -12.74 | | 5 | Cowen | -11.73 | | 6 | BMO Capital Markets | -7.48 | | 7 | CAPIS | -6.64 | | 8 | BofA Merrill Lynch | -5.58 | | 9 | Weeden | -5.23 | | 10 | Harris Associates | -4.94 |
| | | Large cap | |
| 1 | Jefferies | -12.89 | | 2 | Liquidnet | -9.44 | | 3 | Agency Trading Group | -7.68 | | 4 | Weeden | -5.11 | | 5 | Citigroup | -4.91 | | 6 | Russell Impl. Svcs | -3.92 | | 7 | UBS | -2.99 | | 8 | Wells Fargo Prime Svcs. | -2.84 | | 9 | Garwood Securities | -2.35 | | 10 | Pavilion Global Mkts. | -1.76 |
| | | Midcap | |
| 1 | Harris Associates | -17.64 | | 2 | Agency Trading Group | -11.81 | | 3 | UBS | -11.09 | | 4 | CAPIS | -8.4 | | 5 | Sanford C. Bernstein | -7.15 | | 6 | Jefferies | -6.25 | | 7 | Garwood Securities | -5.53 | | 8 | Weeden | -1.71 | | 9 | Guzman | -1.34 | | 10 | Wells Fargo Prime Svcs. | -0.2 |
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| Small cap | |
| 1 | UBS | -20.11 | | 2 | Agency Trading Group | -19.48 | | 3 | Garwood Securities | -19.38 | | 4 | Guzman | -15.66 | | 5 | Harris Associates | -13.46 | | 6 | Wells Fargo Prime Svcs. | -8.01 | | 7 | Jefferies | -7.75 | | 8 | J.P. Morgan | -5.11 | | 9 | Weeden | -4.94 | | 10 | BTIG | -4.82 |
| | | Microcap | |
| 1 | Garwood Securities | -21.22 | | 2 | Agency Trading Group | -17.56 | | 3 | WallachBeth Capital | -12.03 | | 4 | Susquehanna Financial | -11.09 | | 5 | Harris Associates | -4.8 | | 6 | Wells Fargo Prime Svcs. | -2.43 | | 7 | J.P. Morgan | -2.32 | | 8 | Guzman | -1.83 | | 9 | Weeden | 1.97 | | 10 | BTIG | 6.53 |
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| TRADING ANALYTICS |
| 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 March 31, 2015. Source: Investment Technology Group. |
| U.S. trading costs: Commissions and implementation shortfall |
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| Average spread and annualized volatility of S&P 500 constituents |
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*1Q 2015 peer data are preliminary. |
