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All Trading Rank (VWAP) Brokers

All Trading Ranking: Broker - Interval VWAP
International Equity Brokers
Interval VWAP + Commission + Fees: 2Q-2011 to Q3-2010
International Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Brokers with greater than $1.5 billion in principle traded)

Rank Brokers# of Countries TradedDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Investment Technology Group (ITG)26-32.41
2Bloomberg Tradebook35-30.00
3Liquidnet28-27.64
4Barclays33-23.07
5Deutsche Bank39-22.52
6Cheuvreux12-20.75
7The Royal Bank of Scotland Group (RBS)24-19.72
8Morgan Stanley40-19.61
9Goldman Sachs37-19.44
10Instinet31-18.61
11Nomura Holdings, Inc38-17.84
12Societe Generale15-16.86
13Citigroup38-16.05
14Redburn Partners LLP14-15.94
15Exane13-15.90
16Bank of America - Merrill Lynch40-15.73
17Brockhouse & Cooper38-15.34
18Macquarie Securities28-15.01
19UBS40-14.41
20Sanford C. Bernstein Limited33-14.39

U.S. Equity Brokers
Interval VWAP + Commission: 2Q-2011 to Q3-2010
U.S. Equity Brokers vs. Elkins/McSherry Total Cost Universe
(Includes Brokers with greater than $1.5 billion in principle traded)

Rank BrokerDifference Cost/Savings vs. Elkins Total Cost Universe (BP)
1Bloomberg Tradebook-20.86
2Source Trading Inc.-14.98
3Fidelity Capital Markets-11.73
4Fox River Execution Technology, LLC-10.57
5Oppenheimer & Co, Inc-10.42
6JP Morgan-10.24
7Knight-10.01
8Natixis Bleichroeder LLC-10.01
9Investment Technology Group (ITG)-9.95
10The Williams Capital Group-9.38
11BTIG LLC-9.35
12State Street Global Markets (SSGM)-9.21
13Barclays-9.04
14UBS-9.00
15Liquidnet-8.71
16Jefferies & Company-8.43
17Nomura Holdings, Inc.-8.32
18Citigroup-8.28
19Sanford C. Bernstein Limited-8.10
20Weeden & Co, LP-7.65

Interval VWAP: Calculated by adding up the dollars traded for every transaction (price times shares traded) and then divided by the total shares traded for a particular period of time.For example, 11:00 am to 2:30 pm was the time when the order was being worked into the marketplace.
Total Cost Universe International Trading: Commissions + Fees + Market Impact [VWAP]
Total Cost Universe U.S. Trading: Commissions + Market Impact [VWAP]
Savings vs. Universe: = (-)