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:
The Costs of Executing Trades in 47 Countries
