The Institutional Investor capital position Ranking
Rank            
2004 2003 Firm Total consolidated capital ($ millions) Equity capital ($ millions) Long-term debt ($ millions) "Excess" net captial ($ millions) Total assets ($ millions)
1 1 Merrill Lynch & Co. 1 $96,223 $30,321 2 $65,902 3 $2,419 $494,518
2 2 Morgan Stanley 4 82,769 24,867 57,902 3,998 602,843
3 4 Goldman, Sachs & Co. 5 79,114 21,632 57,482 2,800 6 403,799
4 3 Credit Suisse First Boston 66,598 15,613 50,985 3,275 489,744
5 6 Citigroup Global Markets Holdings 7 59,364 15,622 43,742 3,955 361,261
6 5 Lehman Brothers Holdings 4 58,013 13,174 44,839 8 N/A 312,061
7 7 Bear, Stearns & Co. 4 37,463 8,033 29,430 1,996 212,168
8 8 UBS 13,693 6,678 7,015 3,646 471,156
9 9 Deutsche Bank Securities 7,048 4,575 2,473 2,036 208,011
10 10 Banc of America Securities 6,472 3,389 3,083 1,621 97,992
11 12 J.P. Morgan Securities 5,742 3,292 2,450 1,573 125,113
12 11 Charles Schwab & Co. 5,233 4,461 772 870 6 45,866
13 13 TD Waterhouse Group 2,742 2,742 - 579 15,983
14 18 Shelby Cullom Davis & Co. 2,366 2,366 - 1,921 6 3,115
15 16 Legg Mason Wood Walker 2,278 1,486 792 322 6,814
16 17 ABN Amro 1,895 1,565 330 1,302 18,799
17 20 RBS Greenwich Capital 1,810 1,555 255 601 94,051
18 14 Wachovia Capital Markets 9 1,794 1,256 538 524 21,510
19 19 A.G. Edwards & Sons 1,739 1,739 - 533 4,935
20 25 Interactive Brokers Group 1,605 1,561 44 512 10,577
21 21 CIBC World Markets Corp. 1,516 470 1,046 744 16,808
22 22 Quick & Reilly/Fleet Securities 1,372 867 505 796 8,093
23 29 Jefferies Group 1,281 838 443 226 10,992
24 26 TD Securities (USA) 1,258 173 1,085 425 9,811
25 27 Ameritrade Holding Corp. 1,238 1,201 37 223 14,211
26 28 Edward Jones 1,193 785 408 537 3,689
27 24 SG Cowen Securities Corp. 1,162 522 640 613 22,069
28 31 Raymond James Financial 10 1,092 925 167 349 6,912
29 32 National Financial Services 1,049 1,049 - 921 16,389
30 23 LaBranche & Co. 1,041 773 268 403 1,186
31 30 Instinet Group 971 971 - 275 2,067
32 33 Nomura Holding America 930 730 200 431 72,580
33 38 E*Trade Brokerage Holdings 858 858 - 333 4,316
34 34 Piper Jaffray 11 843 663 180 206 2,380
35 36 Nuveen Investments 766 464 302 13 954
36 37 Barclays Capital 757 270 487 339 6 145,190 12
37 40 BNP Paribas Securities Corp. 622 385 237 338 59,501
38 39 Neuberger Berman 575 429 146 287 1,759
39 45 HSBC Securities (USA) 492 142 350 255 16,230
40 43 Bernard L. Madoff Investment Securities 480 480 - 387 896
41 44 Robert W. Baird & Co. 463 415 48 235 1,081
42 41 Cantor Fitzgerald Securities 461 461 - N/A 12,200
43 48 Morgan Keegan & Co. 455 455 - 220 6 2,184
44 42 Fidelity Brokerage Services 444 414 30 76 503
45 46 KBC Financial Products USA 13 397 397 - 53 8,431
46 53 Dresdner Kleinwort Wasserstein Securities 396 96 300 301 22,672
47 50 Investment Technology Group 392 392 - 107 459
48 49 SunTrust Capital Markets 380 220 160 194 5100
49 62 Oppenheimer & Co. 14 368 355 13 225 1,522
50 52 Advest 344 334 10 52 1,081
50 54 Fimat USA 344 59 285 108 15 10,625
52 51 Fiserv Securities 337 225 112 105 3,110
53 55 BNY Brokerage 310 260 50 74 459
54 47 Commerzbank Capital Markets Corp. 305 190 115 244 9,200
55 57 Janney Montgomery Scott 296 274 22 169 3,142
56 35 Knight Equity Markets 16 294 294 - 170 3,958
57 56 McDonald Investments 283 283 - 171 1,671
58 58 Southwest Securities 265 255 10 96 4,614
59 60 J.J.B. Hilliard, W.L. Lyons 254 19 235 87 503
60 - Mizuho Securities USA 233 183 50 147 13,500
61 63 Glickenhaus & Co. 229 229 - 125 6 1,772
62 - Wells Fargo Institutional Brokerage & Sales 224 174 50 115 6 4,956
63 72 Keefe, Bruyette & Woods 206 206 - 69 6 440
64 67 Scott & Stringfellow 202 142 60 81 873
65 60 Garban 197 197 - 73 17 864
66 69 Harris Nesbitt Corp. 18 196 116 80 94 6,316
67 71 Daiwa America Corp. 186 186 - 168 23,040
68 66 Sanford C. Bernstein & Co. 179 179 - 125 3,257
69 73 Crowell, Weedon & Co. 158 143 15 45 6 204
70 - H&R Block Financial Advisors 157 157 - 106 1,385
71 59 Friedman, Billings, Ramsey & Co. 147 147 - 55 275
72 74 Wedbush Morgan Securities 144 144 - 91 1,384
73 79 CDC Derivatives 143 23 120 105 6 1,120
74 70 Natexis Bleichroeder 142 142 - 100 6,769
75 76 Stephens 127 127 - 65 316
76 75 Robeco USA 19 125 63 62 64 3,516
77 78 William Blair & Co. 122 120 2 49 378
78 82 Ferris Baker Watts 104 104 - 42 330
79 84 D.A. Davidson & Co. 85 72 13 35 190
80 83 CDC Securities 84 9 75 80 3,385
81 81 Santander Central Hispano Investment Securities 82 82 - 81 129
82 86 BNP Paribas Brokerage Services 75 30 45 25 4,000
83 - Knight Capital Markets 72 72 - 36 3,958
83 87 Ryan, Beck & Co. 72 72 - 25 173
83 85 Swiss American Securities 72 72 - 68 7,517
86 94 NatCity Investments 69 39 30 48 97
87 88 First Albany Capital 65 59 6 26 339
88 89 Comerica Securities 62 62 - 32 69
89 90 Needham & Co. 61 61 - 7 6 113
90 93 Allen & Co. 56 56 - 45 151
91 92 McMahan Securities Co. 53 53 - 8 101
92 100 Putnam Lovell NBF Securities 20 41 41 - 3 96
93 95 B.C. Ziegler & Co. 31 31 - 10 52
94 97 Doft & Co. 29 29 - 16 59
94 - Investec (US) 29 29 - 19 49
96 96 Folger Nolan Fleming Douglas 28 28 - 23 41
97 - C.E. Unterberg, Towbin 23 23 - 11 6 31
98 98 Duncan-Williams 22 22 - 15 79
99 99 George K. Baum & Co. 20 18 2 11 53
100 - Deltec Asset Management 8 8 - 4 10
All figures are as of December 31, 2003, unless otherwise specified.
1 As of December 26, 2003.
2 Includes preferred securities issued by subsidiaries.
3 Excludes current portion of long-term borrowings.
4 As of November 30, 2003.
5 As of November 28, 2003.
6 Based on 5 percent of combined aggregate debit items.
7 2003 rank: No. 6 Salomon Smith Barney Holdings, No. 65 Citicorp Investment Services.
8 Includes trust-preferred.
9 Wachovia Securities (2003 rank: No. 14) and Prudential Securities (2003 rank: No. 15) merged to form Wachovia Securities LLC on July 1, 2003. Wachovia Securities is the parent company of Wachovia Capital Markets.
10 As of September 26, 2003.
11 Piper Jaffray & Co. became an independent company, split from U.S. Bancorp, as of December 31, 2003.
12 In addition to the figures for Barclays Capital, includes assets of New York branch of Barclays PLC.
13 Information is for consolidated KBC Financial Holding and subsidiaries, which includes the U.S. broker-dealer.
14 Fahnestock & Co. acquired Oppenheimer & Co. in January 2003 and adopted the Oppenheimer name in September 2003.
15 Based on CTC minimum net capital requirement.
16 Knight Securities became Knight Equity Markets on September 1, 2003.
17 Based on 6 2/3 percent of aggregate indebtedness, liquid capital in excess of haircuts at 120 percent.
18 Effective July 2, 2003, BMO Nesbitt Burns Corp. changed its name to Harris Nesbitt Corp.
19 Effective March 1, 2003, Weiss, Peck & Greer changed its name to Robeco USA.
20 As of September 30, 2003.