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Executive Summary

This report provides detailed information from investors in U.S. Equities in the United States, including helpful benchmark data such as:

  • Annual U.S. cash equity commissions
  • U.S. Equity trading dollar volume executed high-touch vs electronic channels
  • Channel usage
  • Commission rates: algorithmic/smart-order routing trades, crossing network trades

Graphic slides include:

  • Cash Equity Commissions – Annual Spend into Q1 2015
  • High-Touch vs Electronic Mix of US Equity Trading Dollar Volume
  • High-Touch vs Electronic Mix of US Equity Trading Dollar Volume – Hedge Funds vs Long Onlys
  • Preference for Cash Equity Trading Coverage Across High-Touch & Electronic Trading
  • Concentration of US Algorithmic or Smart Order Routing Business
  • Most Important Selection Criteria for Algorithmic Trading
  • Proportion of US Equity Trading Dollar Volume Done via Algorithmic - Smart-Order Routing Trading
  • Proportion of US Equity Trading Dollar Volume Done via Crossing Networks
  • Commission Rates and Tack-On Rates on US Equity Algorithmic Trading
Methodology

Research is based on personal interviews conducted from November 2014 through February 2015 with 321 equity traders. The data in this report is based upon aggregated results from individuals participating in the study.

Buy-side institutional investors  were asked to provide quantitative and qualitative evaluations of the brokers they use for U.S. Equities as well as detailed information on important market trends like commission rates, commission allocation, fund performance, and number of brokers used.