Methodology

To determine the members of the 2018 All-America Trading Team, Institutional Investor surveyed buy-side traders and other investment professionals at asset management firms with investments in U.S. equities and invited them to rank their top execution and trading services providers.

Respondents were asked to rank their trading services providers on attributes for Electronic Trading, High Touch, Portfolio Trading and attributes for Unique Market Color.

Attributes for Electronic Trading:
  • Access to large electronic block liquidity
  • Client service and technical support
  • Customizing trading algorithms/solutions
  • Execution consulting & analytics
  • Pre & post trade cost analytics
  • Transparency and accuracy of broker generated Indications of Interest (IoIs)
Attributes for High Touch:
  • Access to large-cap block liquidity
  • Access to small-cap block liquidity
  • Appetite for risk trades Maintains anonymity of my order, intentions, and profile
  • Minimizing market impact
  • Quality of sales traders, customer service, and advice
Attributes for Portfolio Trading:
  • Easy trade reporting and settlement
  • Global portfolio trading capabilities
  • Insightful index and portfolio research
  • Minimizing market impact
  • Transparent trade execution

Votes were weighted based on the participating institution’s estimated gross secondary market commissions paid for U.S. cash equities for the 12 months through September 30, 2017 and the place awarded to the service provider (first, second, third or fourth). These weighted votes were used to create scores for each firm, which determined the rankings. The Leaders Tables for High Touch, Electronic trading and Portfolio trading are based on an aggregate of the attributes in each category. Three additional leader tables were created based on the following attributes under Unique Market Color: Market structure insight, research, and consulting; Overall flow insight, trends, and market structure – non-sector focused; and Special situations coverage (merger arb, spin-offs, activism, distressed).

We received responses from over 350 investment professionals. Voters are subject to eligibility requirements, and winners must achieve a minimum vote count. The names of those surveyed and the institutions they work for are kept confidential to ensure their continuing cooperation. All ballots are subject to review by our Research Operations Group, and final results may be inspected by an independent auditor.