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Market Cap (AP) Brokers

MARKET CAP - GIANT CAP

International Equity Brokers
Arrival Price + Commission + Fees:  2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe 
(Includes Top 50 brokers principal traded) 
  

Rank Broker     Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Cantor Fitzgerald  -39.39
2 WJB Capital Group, Inc. -37.89
3 Bloomberg Tradebook -37.31
4 Brockhouse & Cooper -33.44
5 Sanford C. Bernstein Limited -32.98
6 The Royal Bank of Scotland Group plc -30.67
7 Cheuvreux -30.08
8 Deutsche Bank -25.16
9 Investment Technology Group (ITG) -24.88
10 Russell Implementation Svcs. -21.78

U.S. Equity Broker
Arrival Price + Commission: 2Q-2011 to Q3-2010 
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe 
(Includes Top 50 brokers principal traded) 

Rank Broker Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Fox River Execution Technology, LLC -33.19
2 Oppenheimer & Co. Inc. -31.02
3 Stifel, Nicolaus & Company -29.55
4 Agency Trading Group Inc -24.70
5 Piper Jaffray & Co. -22.90
6 Source Trading Inc -21.30
7 Knight -20.62
8 Natixis Bleichroeder LLC -20.54
9 Merlin Securities -19.40
10 State Street Global Markets (SSGM) -18.58


MARKET CAP - LARGE CAP

International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)

Rank Broker Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Bloomberg Tradebook -43.56
2 Capital Institutional Services (CAPIS) -36.17
3 Brockhouse & Cooper -32.58
4 Sanford C. Bernstein Limited -31.47
5 Investment Technology Group (ITG) -28.66
6 Societe Generale -27.74
7 Barclays -24.40
8 CIBC World Markets (CIBC) -21.04
9 Russell Implementation Svcs. -15.96
10 Credit Suisse -10.45

U.S. Equity Brokers 
Arrival Price + Commission + Fees:  2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe 
(Includes Top 50 brokers principal traded)

Rank Manager Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Fox River Execution Technology LLC -35.43
2 Agency Trading Group Inc  -21.70
3 Oppenheimer & Co. Inc  -18.21
4 Source Trading Inc  -18.19
5 Knight -17.83
6 Guzman & Company -15.30
7 State Street Global Markets (SSGM) -15.29
8 Russell Implementation Svcs -15.15
9 Merlin Securities -14.60
10 Natixis Bleichroeder -13.46


MARKET CAP - MID CAP

International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)

Rank Manager Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 ABN AMRO Bank N.V. -60.02
2 Bloomberg Tradebook -51.10
3 Redburn Partners, LLC -49.09
4 Instinet -37.15
5 Sanford C. Bernstein Ltd -35.22
6 Brockhouse & Cooper  -33.88
7 Exane  -26.10
8 Citigroup -18.21
9 State Street Global Markets (SSGM) -17.31 
10 Jefferies & Company -15.07

International Equity Brokers 
Arrival Price + Commission + Fees:  2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe 
(Includes Top 50 brokers principal traded)

Rank Manager Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Cantor Fitzgerald -43.10
2 Fox River Execution Technology, LLC -36.94
3 State Street Global Markets (SSGM)  -24.44
4 WJB Capital Group, Inc  -21.47
5 The Williams Capital Group -21.02
6 Agency Trading Group -19.82
7 Source Trading Inc -14.23
8 BNY ConvergEx Group -13.60
9 Knight -13.58
10 Investment Technology Group (ITG) -12.22

MARKET CAP - SMALL CAP

International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)

Rank Broker Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Bloomberg Tradebook  -46.89
2 Sanford C Bernstein Limited  -36.99
3 Daiwa Capital Markets -36.96
4 Barclays -33.57
5 Jefferies & Company, Inc -29.52
6 Brockhouse & Cooper -29.09
7 RBC Capital Markets -22.23
8 Cheuvreux -16.39
9 Evolution Securities -14.48
10 Key Bank -7.37

U.S. Equity Brokers 
Arrival Price + Commission + Fees:  2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe 
(Includes Top 50 brokers principal traded)

Rank Broker Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Fox River Execution Technology, LLC  -34.67
2 BGC Financial,L.P.  -21.35
3 CL King & Associates -20.15
4 Agency Trading Group Inc -17.09
5 Brockhouse & Cooper -17.01
6 BNY ConvergEx Group -14.77
7 JonesTrading Institutional Services LLC -12.47
8 Knight -9.60
9 Source Trading Inc -8.63
10 Marlin Securities -3.46

MARKET CAP - MICRO CAP

International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principal traded)

Rank Broker Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 Cheureux -42.66
2 ING  -37.15
3 HSBC -30.22
4 Sanford C. Bernstein Limited -28.46
5 Knight -25.90
6 Bloomberg Tradebook -25.45
7 Nomura Holdings, Inc -17.78
8 Goldman Sachs -17.48
9 Evolution Securities -17.18
10 Brockhouse & Cooper -15.47

U.S. Equity Investment Manager 
Arrival Price + Commission + Fees:  2Q-2011 to Q3-2010
International Equity Investment Manager vs. Elkins/McSherry Total Cost Universe 
(Includes Top 50 brokers principal traded)

Rank Broker Difference Cost/Savings vs. Elkins Total Cost Universe (BP)
1 CL King & Associates  -42.37
2 Fox River Execution Technology, LLC -29.36
3 Investment Technology Group (ITG) -23.39
4 Russell Implementation Svcs -19.23
5 Capital Institutional Services (CAPIS) -18.57
6 Wells Fargo -18.26
7 Goldman Sachs -16.88
8 Morgan Stanley -15.39
9 Marlin Securities -13.44
10 Source Trading Inc -13.05

Arrival Price: Calculated by comparing the stock price from the time received to the actual execution price (Price to Price).
Total Cost Universe International Trading: Commissions + Fees + Market Impact (Arrival Price)  
Total Cost Universe U.S. Trading: Commissions + Market Impact (Arrival Price)
Savings vs. Universe: = (-)

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