All Trading Ranking: Broker - Arrival Price
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Brokers with greater than $1.5 billion in principle traded)
| Rank | Broker | # of Countries Traded | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | 25 | -45.31 |
| 2 | Brockhouse & Cooper | 38 | -33.10 |
| 3 | Sanford C. Bernstein Limited | 33 | -32.72 |
| 4 | State Street Global Markets (SSGM) | 20 | -30.79 |
| 5 | Capital Institutional Services (CAPIS) | 12 | -29.15 |
| 6 | Cantor Fitzgerald | 17 | -24.52 |
| 7 | Investment Technology Group (ITG) | 26 | -21.46 |
| 8 | Russell Implementation Svcs. | 41 | -16.87 |
| 9 | CIBC World Markets (CIBC) | 13 | -16.78 |
| 10 | Barclays | 33 | -14.50 |
| 11 | Bank of America - Merrill Lynch | 40 | -13.88 |
| 12 | Exane | 13 | -11.57 |
| 13 | Instinet | 31 | -9.12 |
| 14 | Citigroup | 38 | -7.22 |
| 15 | Morgan Stanley | 40 | -6.90 |
| 16 | RBC Capital Markets | 17 | -6.68 |
| 17 | Credit Suisse | 38 | -6.07 |
| 18 | Goldman Sachs | 37 | -4.83 |
| 19 | HSBC | 35 | -2.64 |
| 20 | UBS | 40 | -2.16 |
U.S. Equity Broker
Arrival Price + Commission: 2Q-2011 to Q3-2010
U.S. Equity Broker vs. Elkins/McSherry Total Cost Universe
(Includes Broker with greater than $1.5 billion in principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | -40.36 |
| 2 | Fox River Execution Technology, LLC | -34.93 |
| 3 | Agency Trading Group Inc | -20.18 |
| 4 | State Street Global Markets (SSGM) | -17.97 |
| 5 | Knight | -17.75 |
| 6 | Source Trading Inc | -17.27 |
| 7 | Guzman & Company | -14.19 |
| 8 | BNY ConvergEx Group | -13.56 |
| 9 | Natixis Bleichroeder LLC | -13.41 |
| 10 | Merlin Securities | -11.63 |
| 11 | Russell Implementation Svcs. | -10.70 |
| 12 | Sanford C. Bernstein Limited | -8.72 |
| 13 | Brockhouse & Cooper | -8.00 |
| 14 | Capital Institutional Services (CAPIS) | -6.97 |
| 15 | Liquidnet | -6.73 |
| 16 | BTIG LLC | -5.90 |
| 17 | Jefferies & Company | -4.42 |
| 18 | Oppenheimer & Co, Inc | -4.31 |
| 19 | Nomura Holdings, Inc. | -3.20 |
| 20 | The Williams Capital Group | -2.98 |
Arrival Price: Calculated by comparing the stock price from the time received to the actual execution price (Price to Price)
Total Cost Universe International Trading: Commissions + Fees + Market Impact [Arrival Price]
Total Cost Universe U.S. Trading: Commissions + Market Impact [Arrival Price]
Savings vs. Universe: = (-)
