MARKET CAP - GIANT CAP
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Cantor Fitzgerald | -39.39 |
| 2 | WJB Capital Group, Inc. | -37.89 |
| 3 | Bloomberg Tradebook | -37.31 |
| 4 | Brockhouse & Cooper | -33.44 |
| 5 | Sanford C. Bernstein Limited | -32.98 |
| 6 | The Royal Bank of Scotland Group plc | -30.67 |
| 7 | Cheuvreux | -30.08 |
| 8 | Deutsche Bank | -25.16 |
| 9 | Investment Technology Group (ITG) | -24.88 |
| 10 | Russell Implementation Svcs. | -21.78 |
U.S. Equity Broker
Arrival Price + Commission: 2Q-2011 to Q3-2010
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Fox River Execution Technology, LLC | -33.19 |
| 2 | Oppenheimer & Co. Inc. | -31.02 |
| 3 | Stifel, Nicolaus & Company | -29.55 |
| 4 | Agency Trading Group Inc | -24.70 |
| 5 | Piper Jaffray & Co. | -22.90 |
| 6 | Source Trading Inc | -21.30 |
| 7 | Knight | -20.62 |
| 8 | Natixis Bleichroeder LLC | -20.54 |
| 9 | Merlin Securities | -19.40 |
| 10 | State Street Global Markets (SSGM) | -18.58 |
MARKET CAP - LARGE CAP
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | -43.56 |
| 2 | Capital Institutional Services (CAPIS) | -36.17 |
| 3 | Brockhouse & Cooper | -32.58 |
| 4 | Sanford C. Bernstein Limited | -31.47 |
| 5 | Investment Technology Group (ITG) | -28.66 |
| 6 | Societe Generale | -27.74 |
| 7 | Barclays | -24.40 |
| 8 | CIBC World Markets (CIBC) | -21.04 |
| 9 | Russell Implementation Svcs. | -15.96 |
| 10 | Credit Suisse | -10.45 |
U.S. Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Manager | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Fox River Execution Technology LLC | -35.43 |
| 2 | Agency Trading Group Inc | -21.70 |
| 3 | Oppenheimer & Co. Inc | -18.21 |
| 4 | Source Trading Inc | -18.19 |
| 5 | Knight | -17.83 |
| 6 | Guzman & Company | -15.30 |
| 7 | State Street Global Markets (SSGM) | -15.29 |
| 8 | Russell Implementation Svcs | -15.15 |
| 9 | Merlin Securities | -14.60 |
| 10 | Natixis Bleichroeder | -13.46 |
MARKET CAP - MID CAP
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Manager | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | ABN AMRO Bank N.V. | -60.02 |
| 2 | Bloomberg Tradebook | -51.10 |
| 3 | Redburn Partners, LLC | -49.09 |
| 4 | Instinet | -37.15 |
| 5 | Sanford C. Bernstein Ltd | -35.22 |
| 6 | Brockhouse & Cooper | -33.88 |
| 7 | Exane | -26.10 |
| 8 | Citigroup | -18.21 |
| 9 | State Street Global Markets (SSGM) | -17.31 |
| 10 | Jefferies & Company | -15.07 |
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Manager | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Cantor Fitzgerald | -43.10 |
| 2 | Fox River Execution Technology, LLC | -36.94 |
| 3 | State Street Global Markets (SSGM) | -24.44 |
| 4 | WJB Capital Group, Inc | -21.47 |
| 5 | The Williams Capital Group | -21.02 |
| 6 | Agency Trading Group | -19.82 |
| 7 | Source Trading Inc | -14.23 |
| 8 | BNY ConvergEx Group | -13.60 |
| 9 | Knight | -13.58 |
| 10 | Investment Technology Group (ITG) | -12.22 |
MARKET CAP - SMALL CAP
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | -46.89 |
| 2 | Sanford C Bernstein Limited | -36.99 |
| 3 | Daiwa Capital Markets | -36.96 |
| 4 | Barclays | -33.57 |
| 5 | Jefferies & Company, Inc | -29.52 |
| 6 | Brockhouse & Cooper | -29.09 |
| 7 | RBC Capital Markets | -22.23 |
| 8 | Cheuvreux | -16.39 |
| 9 | Evolution Securities | -14.48 |
| 10 | Key Bank | -7.37 |
U.S. Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Fox River Execution Technology, LLC | -34.67 |
| 2 | BGC Financial,L.P. | -21.35 |
| 3 | CL King & Associates | -20.15 |
| 4 | Agency Trading Group Inc | -17.09 |
| 5 | Brockhouse & Cooper | -17.01 |
| 6 | BNY ConvergEx Group | -14.77 |
| 7 | JonesTrading Institutional Services LLC | -12.47 |
| 8 | Knight | -9.60 |
| 9 | Source Trading Inc | -8.63 |
| 10 | Marlin Securities | -3.46 |
MARKET CAP - MICRO CAP
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Cheureux | -42.66 |
| 2 | ING | -37.15 |
| 3 | HSBC | -30.22 |
| 4 | Sanford C. Bernstein Limited | -28.46 |
| 5 | Knight | -25.90 |
| 6 | Bloomberg Tradebook | -25.45 |
| 7 | Nomura Holdings, Inc | -17.78 |
| 8 | Goldman Sachs | -17.48 |
| 9 | Evolution Securities | -17.18 |
| 10 | Brockhouse & Cooper | -15.47 |
U.S. Equity Investment Manager
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | CL King & Associates | -42.37 |
| 2 | Fox River Execution Technology, LLC | -29.36 |
| 3 | Investment Technology Group (ITG) | -23.39 |
| 4 | Russell Implementation Svcs | -19.23 |
| 5 | Capital Institutional Services (CAPIS) | -18.57 |
| 6 | Wells Fargo | -18.26 |
| 7 | Goldman Sachs | -16.88 |
| 8 | Morgan Stanley | -15.39 |
| 9 | Marlin Securities | -13.44 |
| 10 | Source Trading Inc | -13.05 |
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: = (-)
