All Trading Ranking: Broker - Interval VWAP
International Equity Brokers
Interval VWAP + 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 | Brokers | # of Countries Traded | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Investment Technology Group (ITG) | 26 | -32.41 |
| 2 | Bloomberg Tradebook | 35 | -30.00 |
| 3 | Liquidnet | 28 | -27.64 |
| 4 | Barclays | 33 | -23.07 |
| 5 | Deutsche Bank | 39 | -22.52 |
| 6 | Cheuvreux | 12 | -20.75 |
| 7 | The Royal Bank of Scotland Group (RBS) | 24 | -19.72 |
| 8 | Morgan Stanley | 40 | -19.61 |
| 9 | Goldman Sachs | 37 | -19.44 |
| 10 | Instinet | 31 | -18.61 |
| 11 | Nomura Holdings, Inc | 38 | -17.84 |
| 12 | Societe Generale | 15 | -16.86 |
| 13 | Citigroup | 38 | -16.05 |
| 14 | Redburn Partners LLP | 14 | -15.94 |
| 15 | Exane | 13 | -15.90 |
| 16 | Bank of America - Merrill Lynch | 40 | -15.73 |
| 17 | Brockhouse & Cooper | 38 | -15.34 |
| 18 | Macquarie Securities | 28 | -15.01 |
| 19 | UBS | 40 | -14.41 |
| 20 | Sanford C. Bernstein Limited | 33 | -14.39 |
U.S. Equity Brokers
Interval VWAP + Commission: 2Q-2011 to Q3-2010
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Brokers with greater than $1.5 billion in principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | -20.86 |
| 2 | Source Trading Inc. | -14.98 |
| 3 | Fidelity Capital Markets | -11.73 |
| 4 | Fox River Execution Technology, LLC | -10.57 |
| 5 | Oppenheimer & Co, Inc | -10.42 |
| 6 | JP Morgan | -10.24 |
| 7 | Knight | -10.01 |
| 8 | Natixis Bleichroeder LLC | -10.01 |
| 9 | Investment Technology Group (ITG) | -9.95 |
| 10 | The Williams Capital Group | -9.38 |
| 11 | BTIG LLC | -9.35 |
| 12 | State Street Global Markets (SSGM) | -9.21 |
| 13 | Barclays | -9.04 |
| 14 | UBS | -9.00 |
| 15 | Liquidnet | -8.71 |
| 16 | Jefferies & Company | -8.43 |
| 17 | Nomura Holdings, Inc. | -8.32 |
| 18 | Citigroup | -8.28 |
| 19 | Sanford C. Bernstein Limited | -8.10 |
| 20 | Weeden & Co, LP | -7.65 |
Interval VWAP: Calculated by adding up the dollars traded for every transaction (price times shares traded) and then divided by the total shares traded for a particular period of time.For example, 11:00 am to 2:30 pm was the time when the order was being worked into the marketplace.
Total Cost Universe International Trading: Commissions + Fees + Market Impact [VWAP]
Total Cost Universe U.S. Trading: Commissions + Market Impact [VWAP]
Savings vs. Universe: = (-)
