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Abel Noser Solutions Releases 2011 Full Service Global Brokers’ Trading Performance Study

Published on 11 Jun 2012

Abel Noser Solutions announced the release of their annual 2011 Full Service Global Brokers’ Trading Performance Study. The report ranks large global brokers who demonstrated best execution for clients, and includes a breakdown of the top 10 brokers in the North American, European and Asian Pacific regions. This year, Citibank edged out Morgan Stanley, who ranked second, a half basis point ahead of last year’s winner, Deutsche Bank.

The ranking was calculated based on implementation shortfall, the difference between the price of a share when the broker obtains an order and the average price a client receives. In addition, brokers were measured against trades in the same names, same side, with similar percentages of average daily volume (ADV) and market momentum.

“The largest brokers in the world are in a competitive race to achieve best execution. The biggest firms have continued to invest heavily in market-leading technology, continuous innovation and exceptional client support. Citibank and many of the top brokers have been able to shave costs off their trading, which has helped increase their market share and volume,” said James Noser, president of Abel Noser Solutions. “The rankings also indicate that institutional investors are looking for brokers with global electronic execution capabilities, and technology customized to the nuances of each market

“Over the last year, we have seen a dramatic decrease in volumes globally. This, along with lower liquidity, has impacted the pace of trading and widened the difference between the first and tenth ranked broker,” said Ted Morgan, COO of Abel Noser Solutions. “The top ten full service finishers traded nearly $1.7 trillion in 2011, which is 34% behind the volumes of 2010. Even though our universe has grown in 2011, the top ten brokers in the ranking were the top ten brokers in 2010 as well. These brokers are utilizing the most sophisticated trading systems and analytics, and are helping clients navigate today’s complex markets.”

Abel Noser Solutions employed its stock specific universes to create similar comparisons based on a universe of data from nearly 200 investment management firms, individual managers and strategies. This information comprises over USD$7.5 trillion in annual trading principal in over 70 countries. The results for the broker rankings include some data from markets outside North America, Europe and Asia.