| Nasdaq Trading | ||
| Top investment managers and brokerages, benchmarked against volume-weighted average price | ||
| Rank 1 | Investment manager 2 | Difference vs. E/M universe (basis points) |
| 1 | Goldman Sachs Asset Mgmt | 12.9 |
| 2 | Jacobs Levy Equity Mgmt | 12.7 |
| 3 | Capital Guardian Trust Co. | 9.4 |
| 4 | Franklin Templeton Investments | 9 |
| 5 | Barclays Global Investors | 8.8 |
| 6 | Jennison Associates | 8.6 |
| 7 | Gamco Investors | 7.5 |
| 8 | Independence Capital Mgmt | 7.4 |
| 9 | GMO | 6.9 |
| 10 | AllianceBernstein | 6.7 |
| 11 | First Quadrant | 5.9 |
| 12 | Baillie Gifford & Co. | 3.7 |
| 13 | Deutsche Asset Mgmt | 3.5 |
| 14 | Delaware Investments | 2.1 |
| 15 | JPMorgan Asset Mgmt | 2 |
| Rank 1 | Brokerage firm 3 | Difference vs. E/M universe (basis points) |
| 1 | EdgeTrade 4 | 14.6 |
| 2 | Fox River Execution Technology | 14.1 |
| 3 | Investment Technology Group | 8.5 |
| 4 | Morgan Stanley | 7.5 |
| 5 | UBS Securities | 5.9 |
| 6 | Merrill Lynch & Co. | 4.8 |
| 7 | Instinet | 4.6 |
| 8 | Liquidnet | 4.1 |
| 9 | Goldman, Sachs & Co. | 4 |
| 10 | Lehman Brothers 5 | 3.3 |
| 11 6 | Citigroup | 3.2 |
| 12 6 | Credit Suisse | 3.2 |
| 13 | Deutschenk | 2.9 |
| 14 | Banc of America Securities | 2.2 |
| 15 | JPMorgan Chase & Co. | 1.9 |
| | | |
| Top brokerages, benchmarked against arrival price | ||
| Rank 1 | Brokerage firm 7 | Difference vs. E/M universe (basis points) |
| 1 | Morgan Stanley | 35.9 |
| 2 | Kellogg Partners | 35.7 |
| 3 | BNY ConvergEx Group | 27.9 |
| 4 | Guzman & Co. | 22.5 |
| 5 | EdgeTrade 4 | 17.9 |
| 6 | Fox River Execution Technology | 16.6 |
| 7 | Pipeline Trading Systems | 13 |
| 8 | Merrill Lynch & Co. | 11.7 |
| 9 | BTIG | 9.4 |
| 10 | UBS Securities | 3.5 |
| | | |
| 1 Rank is for 12 months ended June 30. | ||
| 2 Includes managers with greater than $1 billion in principal traded. | ||
| 3 Includes brokerages with greater than $3 billion in principal traded. | ||
| 4 EdgeTrade was acquired by Knight Capital Group in January. | ||
| 5 Lehman Brothers Holdings filed fornkruptcy protection in September, after the study was completed. | ||
| 6 Order determined by results before rounding. | ||
| 7 Includes brokerages with greater than $500 million in principal traded. | ||
| Source: Elkins/McSherry. | ||
New York Stock Exchange Trading Leaders
The Costs of Executing Trades in 47 Countries
