Order Size: Large Orders - 50,000 Shares or More
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | -51.23 |
| 2 | Sanford C. Bernstein Limited | -34.58 |
| 3 | Capital Institutional Services (CAPIS) | -33.06 |
| 4 | State Street Global Markets (SSGM) | -31.26 |
| 5 | Brockhouse & Cooper | -30.43 |
| 6 | Cantor Fitzgerald | -27.68 |
| 7 | Barclays | -21.38 |
| 8 | Investment Technology Group (ITG) | -20.03 |
| 9 | Russell Implementation Svcs. | -15.93 |
| 10 | CIBC World Market (CIBC) | -13.19 |
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 principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Fox River Execution Technology, LLC | -32.45 |
| 2 | Agency Trading Group Inc | -21.63 |
| 3 | State Street Global Markets (SSGM) | -18.46 |
| 4 | Stifel, Nicolaus & Company | -16.77 |
| 5 | Susquehanna International Group, LLC | -15.55 |
| 6 | Source Trading Inc | -14.55 |
| 7 | Knight | -12.75 |
| 8 | Liquidnet | -9.46 |
| 9 | Russell Implementation Svcs. | -9.24 |
| 10 | BNY COnvergEx Group | -5.94 |
Order Size: Medium Orders - 10,000 to 50,000 Shares
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | -46.38 |
| 2 | Brockhouse & Cooper | -36.17 |
| 3 | Sanford C. Bernstein Limited | -32.69 |
| 4 | CIBC WOrld Markets (CIBC) | -29.87 |
| 5 | Investment Technology Group (ITG) | -22.89 |
| 6 | Bank of America - Merrill Lynch | -19.70 |
| 7 | Exane | -19.09 |
| 8 | Cheuvreux | -18.76 |
| 9 | Russell Implementation | -15.38 |
| 10 | Instinet | -14.59 |
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 principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Fox River Execution Technology, LLC | -36.94 |
| 2 | BNY COnvergEx Group | -20.31 |
| 3 | Knight | -18.33 |
| 4 | CL King & Associates | -17.03 |
| 5 | Brockhouse & Cooper | -16.20 |
| 6 | State Street Global Markets (SSGM) | -15.89 |
| 7 | Agency Trading Group Inc | -15.43 |
| 8 | Source Trading Inc | -14.79 |
| 9 | Nomura Holdings, Inc | -14.08 |
| 10 | Guzman & Company | -13.66 |
Ofer Size: Small Orders - 10,000 Shares or Less
International Equity Brokers
Arrival Price + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Bloomberg Tradebook | -43.14 |
| 2 | Brockhouse & Cooper | -37.87 |
| 3 | BMO Capital Markets | -30.96 |
| 4 | Investment Technology Group (ITG) | -30.76 |
| 5 | Bank of America - Merrill Lynch | -28.78 |
| 6 | Cantor Fitzgerald | -27.40 |
| 7 | Goldman Sachs | -26.93 |
| 8 | Russell Implementation Svcs. | -25.58 |
| 9 | Sanford C. Bernstein Limited | -25.20 |
| 10 | Redbern Partners LLP | -16.84 |
U.S. Equity Brokers
Arrival Price + Commission: 2Q-2011 to Q3-2010
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Top 50 brokers principle traded)
| Rank | Broker | Difference Cost/Savings vs. Elkins Total Cost Universe (BP) |
| 1 | Fox River Execution Technology, LLC | -34.74 |
| 2 | Agency Trading Group Inc | -27.19 |
| 3 | Knight | -21.93 |
| 4 | CL King & Associates | -21.75 |
| 5 | Sanford C. Bernstein Limited | -21.47 |
| 6 | Source Trading Inc. | -19.24 |
| 7 | Guzman & Company | -19.05 |
| 8 | Brockhouse & Cooper | -18.95 |
| 9 | Cantor Fitzgerald | -18.83 |
| 10 | BNY ConvergEx Group | -18.23 |
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: = (-)
