NYSE Trading

Top investment managers and brokerages, benchmarked against volume-weighted average price
Rank 1 Investment manager 2 Difference vs. E/M universe (basis points)
1 Capital Growth Mgmt 34.4
2 Brandes Investment Partners 28.9
3 Lord, Abbett & Co. 16.7
4 Pzena Investment Mgmt 15.8
5 Capital Guardian Trust Co. 11.2
6 Mondrian Investment Partners 9.2
7 Jennison Associates 9.1
8 3 Jacobs Levy Equity Mgmt 7.7
9 3 Investec 7.7
10 AllianceBernstein 7.2
11 Goldman Sachs Asset Mgmt 6.6
12 Highland Capital Mgmt 6.3
13 First Quadrant 5.6
14 3 BlackRock 5.3
15 3 GMO 5.3
Rank 1 Brokerage firm 4 Difference vs. E/M universe (basis points)
1 Fox River Execution Technology 12.9
2 Credit Suisse 9.6
3 Weeden & Co. 6.9
4 3 Investment Technology Group 6.5
5 3 EdgeTrade 5 6.5
6 Instinet 6.2
7 Citigroup 6
8 State Street Global Markets 5.8
9 3 JPMorgan Chase & Co. 5.1
10 3 Merrill Lynch & Co. 5.1
11 UBS Securities 4.7
12 Banc of America Securities 2.6
13 Goldman, Sachs & Co. 2.2
14 Liquidnet 1.4
15 Deutsche Bank 1.3



Top brokerages, benchmarked against arrival price
Rank 1 Brokerage firm 6 Difference vs. E/M universe (basis points)
1 Fox River Technology Group 28.2
2 Merlin Securities 26
3 EdgeTrade 5 24.1
4 Pipeline Trading Systems 22.2
5 State Street Global Markets 22.1
6 Goldman, Sachs & Co. 13.2
7 Citigroup 11.7
8 BTIG 11.6
9 Morgan Stanley 9
10 Jefferies & Co. 2.1



1 Rank is for 12 months ended June 30.
2 Includes managers with greater than $2 billion in principal traded.
3 Order determined by results before rounding.
4 Includes brokerages with greater than $7.5 billion in principal traded.
5 EdgeTrade was acquired by Knight Capital Group in January.
6 Includes brokerages with greater than $1 billion in principal traded.
Source: Elkins/McSherry.
To view the 2008 rankings of the top trading firms, click on the charts below:

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