The Cost of Executing Trades in 47 Countries

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November 9, 2008

The Cost of Executing Trades in 47 Countries
Country	Average price of stock (dollars)	Average commissions (basis points)	Average fees (basis points)	Market impact (basis points)	Average 07/07 – 06/08 total (basis points)	Average 07/06 – 06/07 total (basis points)
Argentina	$23.96	25	3.48	13.75	42.23	35.94
Australia	16.32	19.58	0.11	7.48	27.17	23.86
Austria	53.49	17.18	0.38	8.39	25.95	25.19
Belgium	70.59	17.72	0.15	9.22	27.09	24.82
Brazil	20.19	22	1.62	8.17	31.79	40.63
Canada	38.24	15.48	0.12	10.65	26.25	22.58
Chile	6.47	36.02	2.71	14.1	52.83	51.91
China	10.16	18.92	9.02	18.24	46.18	51.84
Colombia	31.18	40.02	0.08	15.21	55.31	68.08
Czech Republic	139.19	28.67	2.27	7.04	37.98	50.52
Denmark	241.42	18.43	0.23	12.39	31.05	28.33
Egypt	69.63	33.91	0.15	21.98	56.04	66.41
Finland	29.62	17.56	0.4	10.83	28.79	27.07
France	77.8	15.88	0.21	7.41	23.5	22.83
Germany	97.13	15.93	0.18	7.45	23.56	19.94
Greece	30.95	24.97	13.29	11.85	50.11	46.97
Hong Kong	3.71	18.39	10.44	12.59	41.42	34.88
Hungary	72.2	24.62	3.33	9.83	37.78	50.74
India	34.09	30.76	11.48	17.3	59.54	51.27
Indonesia	0.95	32.56	10.05	10.37	52.98	58.24
Ireland — Buys	20.66	15.61	100	17.09	132.7	127.44
Ireland — Sells	22.18	16.32	0.54	16.16	33.02	28.3
Israel	54.57	23.58	1.4	18.77	43.75	33.71
Italy	11.87	16.95	0.25	7.46	24.66	24.26
Japan	39.39	15.84	0.08	5.58	21.5	15.83
Korea	103.96	24.01	15.37	10.92	50.3	48.84
Luxembourg	62.06	15.69	0.1	13.41	29.2	29.89
Malaysia	2.3	25.37	4.95	10.79	41.11	41.74
Mexico	6.99	23.65	0.01	17.15	40.81	33.5
Netherlands	37.34	16.79	0.43	7.39	24.61	23.29
New Zealand	3.93	18.95	0.41	14.96	34.32	31.43
Norway	19.44	17.78	0.1	11.36	29.24	25.13
Peru	56.93	47.31	0	16.41	63.72	86.94
Philippines	6.33	36.79	32.54	11.14	80.47	70.5
Poland	27.44	28.3	0.65	13.2	42.15	46.1
Portugal	9.92	18.32	0.53	14.57	33.42	25.81
Russia	58.83	16.7	0.91	14.89	32.5	34.21
Singapore	4.51	21.51	2.7	11.29	35.5	34.17
South Africa	16.47	17.15	12.7	14.8	44.65	40.44
Spain	36.59	16.75	0.24	17.44	34.43	23.32
Sweden	14.86	16.32	0.09	10.26	26.67	24.17
Switzerland	117.34	16.74	0.46	8.94	26.14	22.75
Taiwan	1.72	24.84	14.16	10.42	49.42	42.34
Thailand	2.47	28.34	1.77	12.62	42.73	50.5
Turkey	6.89	23.15	1.92	13.23	38.3	42.99
U.K. — Buys	13.22	15.21	49.98	7.06	72.25	68.79
U.K. — Sells	13.45	15.08	0.21	7.36	22.65	19.78
U.S. — NYSE	44.39	9.64	0.13	4.12	13.89	14.8
U.S. — Nasdaq	38.03	11.92	0.15	5.44	17.51	19.44
Venezuela	12.02	43.83	9.19	30.66	83.68	89.93
Overall	38.67	22.24	6.43	12.18	40.86	40.45
Source: Elkins/McSherry.