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. | ||||||
To view the 2008 rankings of the top trading firms, click on the charts below:
New York Stock Exchange Trading Leaders
