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Q4/2018Results as of 02/04/2019
Global Cost Review
© 2019 Investment Technology Group, Inc. All rights reserved.Not to be reproduced or retransmitted without permission. 20519-7060
Global Peer Analysis - Global Cost Review Q4 2018
3
RegionAvg. Commission (BPS)
2018Q4 2018Q3 2018Q2 2018Q1 1Q18-4Q18
Emerging Asia
Micro CapSmall CapMid CapLarge Cap
10.8 15.1 10.1 11.9 12.68.0 7.8 8.8 9.4 8.48.7 8.8 9.4 9.9 9.29.1 9.1 9.5 10.0 9.4
RegionAvg. Commission (CPS)
2018Q4 2018Q3 2018Q2 2018Q1 1Q18-4Q18
United States
Micro CapSmall CapMid CapLarge Cap
0.8 1.2 0.8 1.0 1.01.1 1.1 1.0 1.1 1.11.4 1.4 1.4 1.5 1.41.7 1.8 1.9 1.9 1.8
Total 1.6 1.7 1.7 1.7 1.7
Average Regional Commission by Market CapitalizationRegion
Avg. Commission (BPS)2018Q4 2018Q3 2018Q2 2018Q1 1Q18-4Q18
United States
Micro CapSmall CapMid CapLarge Cap
14.1 10.5 12.7 15.2 12.910.0 10.2 9.6 11.1 10.1
5.7 5.3 5.5 5.9 5.63.0 3.0 3.1 3.1 3.0
Total 3.5 3.4 3.5 3.5 3.5
United Kingdom
Micro CapSmall CapMid CapLarge Cap
7.3 6.4 7.1 7.5 7.17.3 7.8 7.9 7.4 7.65.5 5.6 6.0 5.9 5.74.9 5.2 5.4 5.7 5.3
Total 5.1 5.3 5.5 5.8 5.4
Japan
Micro CapSmall CapMid CapLarge CapTotal
4.9 4.3 4.3 4.6 4.54.5 4.2 4.4 5.1 4.64.7 4.8 4.7 4.7 4.85.0 5.0 5.1 4.9 5.04.9 5.0 5.0 4.9 5.0Total 4.9 5.0 5.0 4.9 5.0
Canada
Micro CapSmall CapMid CapLarge CapTotal
15.2 13.4 12.9 16.0 14.115.8 16.8 15.5 18.7 16.211.1 10.5 11.0 12.1 11.1
5.1 4.7 5.3 5.2 5.17.1 6.7 7.6 7.7 7.2Total 7.1 6.7 7.6 7.7 7.2
Europe ex UK
Micro CapSmall CapMid CapLarge Cap
5.1 5.0 5.1 4.2 4.87.0 6.3 6.5 6.2 6.55.2 5.0 5.5 5.6 5.34.7 4.8 5.2 5.1 5.0
Total 4.8 4.9 5.2 5.2 5.0
Asia Pacific ex Japan
Micro CapSmall CapMid CapLarge Cap
10.2 9.1 11.1 10.5 10.27.8 8.5 9.2 10.1 8.87.7 7.8 7.5 8.0 7.77.0 7.3 6.9 7.2 7.1
Total 7.2 7.4 7.0 7.3 7.3
Emerging Markets
Micro CapSmall CapMid CapLarge Cap
11.0 14.9 10.7 12.4 12.78.6 8.3 9.4 10.5 9.19.4 9.2 10.0 10.7 9.89.5 9.3 9.9 10.2 9.7
Total 9.5 9.3 9.9 10.3 9.8
Total 9.0 9.0 9.5 10.0 9.4
Emerging Europe
Micro CapSmall CapMid CapLarge Cap
9.5 10.4 11.6 8.8 10.18.3 9.9 9.8 9.4 9.39.3 8.9 9.1 10.9 9.48.8 8.1 9.3 10.0 9.1
Total 9.0 8.5 9.3 10.2 9.2
Middle East andAfrica
Micro CapSmall CapMid CapLarge Cap
21.4 23.3 21.7 21.7 21.914.8 12.9 16.9 20.8 16.311.2 11.4 12.4 13.4 12.111.3 10.7 11.1 10.3 10.8
Canada
Micro CapSmall CapMid CapLarge Cap
0.6 0.4 1.0 0.7 0.70.7 0.8 1.2 1.0 0.91.1 1.2 1.3 1.3 1.21.5 1.5 1.7 1.7 1.6
Total 1.2 1.3 1.4 1.4 1.3
Latin America
Micro CapSmall CapMid CapLarge Cap
8.1 8.8 8.5 15.1 9.99.6 9.8 10.8 17.0 11.2
10.6 10.0 11.3 12.0 11.010.1 9.4 11.4 11.1 10.7
Total 10.2 9.6 11.3 11.4 10.8
Total 11.3 10.9 11.5 11.2 11.2
0.81.01.52.0
Global Peer Analysis - Global Cost Review Q4 2018
4
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
44.3 9.1 53.4 18.841.1 8.8 49.9 17.741.1 8.2 49.3 19.639.2 8.4 47.3 18.138.7 8.1 46.7 14.438.6 7.5 46.1 16.436.8 7.2 43.9 14.942.1 7.5 49.6 17.738.0 7.5 45.5 19.136.0 7.3 43.2 16.636.5 7.2 43.7 13.638.9 7.1 46.1 14.538.8 7.2 45.9 14.637.5 6.6 44.1 12.737.5 6.3 43.7 13.835.9 6.1 42.0 13.339.8 5.8 45.5 11.938.3 5.6 43.9 13.836.1 5.6 41.7 13.833.8 5.4 39.2 12.137.6 5.3 42.9 14.235.6 5.0 40.6 14.533.7 5.1 38.7 13.837.3 5.1 42.4 15.542.0 5.1 47.1 16.535.3 5.3 40.7 18.625.4 5.1 30.5 13.022.5 4.8 27.4 13.230.1 4.7 34.8 14.127.4 4.4 31.9 11.223.2 4.4 27.5 11.528.3 4.0 32.3 11.927.5 4.0 31.4 13.329.6 3.5 33.1 14.831.9 3.5 35.4 14.727.5 3.4 30.9 12.934.2 3.5 37.7 15.6
United States(BPS)
Global Peer Analysis - Global Cost Review Q4 2018
5
United States - Micro Cap (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
181.5 30.4 211.9 55.1153.1 32.1 185.2 24.1164.5 30.5 195.0 44.4158.5 26.8 185.2 38.0128.1 23.6 151.7 41.7131.9 26.3 158.2 22.6186.1 25.6 211.7 80.8166.9 23.8 190.7 37.0128.1 25.5 153.7 52.7146.7 25.7 172.4 58.7132.0 23.7 155.7 32.6149.6 23.1 172.7 30.0112.0 20.9 132.9 34.6
86.8 21.9 108.7 17.4119.0 19.9 138.9 21.4
73.9 18.4 92.3 9.088.8 19.7 108.5 12.285.3 18.0 103.3 20.2
112.0 17.2 129.2 22.7169.9 19.8 189.7 53.0106.0 17.7 123.8 26.3
98.1 16.2 114.3 27.2120.7 20.3 141.0 45.6133.2 17.6 150.8 28.8122.7 18.4 141.1 28.7179.3 19.3 198.6 49.6101.3 16.1 117.4 30.3
57.9 17.8 75.7 19.468.9 13.0 81.9 30.5
100.4 15.2 115.6 50.8152.1 16.0 168.0 67.0106.7 17.2 123.8 14.7102.3 16.2 118.4 10.3
74.0 15.2 89.2 16.665.4 12.7 78.1 16.354.3 10.5 64.8 0.773.1 14.1 87.3 23.4
Global Peer Analysis - Global Cost Review Q4 2018
6
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
118.1 21.4 139.5 43.1123.2 20.8 144.0 43.2103.2 19.4 122.6 36.4118.5 20.4 138.9 38.3111.4 19.3 130.6 26.1110.1 19.5 129.6 32.0
99.0 19.2 118.2 32.588.7 20.3 109.0 32.2
114.2 19.5 133.7 30.098.5 18.7 117.3 36.286.9 18.4 105.3 16.595.5 18.8 114.2 32.4
113.7 18.2 131.8 33.074.8 16.2 91.0 22.388.6 16.4 105.0 23.695.5 15.6 111.1 22.2
105.5 16.0 121.5 20.999.5 15.0 114.5 31.2
103.1 15.7 118.8 31.4103.1 15.0 118.1 22.0137.3 17.0 154.3 36.5125.3 14.8 140.1 37.8
98.8 14.3 113.1 29.4122.5 14.1 136.6 28.9
95.8 14.6 110.4 25.8109.3 14.8 124.2 25.6
66.9 13.5 80.4 23.877.1 13.4 90.5 19.183.3 12.1 95.4 22.267.8 13.0 80.8 29.085.2 11.9 97.0 34.276.3 12.4 88.7 20.782.8 12.0 94.8 29.877.3 11.1 88.4 24.972.4 9.6 82.0 32.965.4 10.2 75.6 19.194.5 10.0 104.5 10.0
United States - Small Cap (BPS)
Global Peer Analysis - Global Cost Review Q4 2018
7
United States - Mid Cap (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
61.1 11.9 73.0 26.359.4 11.4 70.8 24.059.2 10.8 70.0 26.857.8 11.1 68.8 24.058.9 10.6 69.4 20.059.2 10.0 69.2 23.259.4 9.4 68.8 19.566.6 10.2 76.8 22.655.0 10.2 65.3 25.857.5 10.2 67.7 26.152.1 10.2 62.3 17.864.2 10.2 74.4 22.864.9 10.3 75.2 23.055.3 9.7 65.1 18.557.9 9.2 67.1 18.155.3 9.0 64.3 17.670.0 8.7 78.6 18.862.8 8.5 71.3 21.958.1 8.2 66.3 19.759.2 8.1 67.3 17.065.3 8.6 73.9 23.357.0 7.8 64.7 21.956.0 7.6 63.6 19.462.6 8.0 70.6 22.469.1 8.2 77.3 24.959.0 8.9 67.9 27.335.0 8.3 43.3 19.947.4 7.6 55.0 19.342.5 7.4 49.9 16.647.1 7.0 54.1 15.242.2 7.1 49.3 16.541.0 6.7 47.7 18.040.7 6.5 47.2 20.955.5 5.9 61.4 18.846.1 5.5 51.6 19.144.6 5.3 49.9 16.648.1 5.7 53.8 19.4
Global Peer Analysis - Global Cost Review Q4 2018
8
United States - Large Cap (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
36.2 7.7 43.9 15.932.0 7.6 39.6 15.433.7 7.1 40.8 17.331.1 7.2 38.4 16.130.6 7.0 37.7 12.731.5 6.6 38.1 14.528.7 6.3 35.0 13.333.7 6.4 40.1 16.130.9 6.4 37.3 16.928.1 6.2 34.3 13.630.6 6.0 36.6 12.230.1 6.0 36.1 12.030.4 6.1 36.5 12.332.0 5.6 37.6 11.131.4 5.3 36.8 12.630.0 5.2 35.2 12.232.0 5.0 37.0 10.332.3 4.9 37.2 12.030.5 4.8 35.3 12.428.2 4.7 32.9 11.130.6 4.5 35.1 12.330.5 4.4 34.9 12.928.3 4.4 32.8 12.631.4 4.4 35.7 14.135.5 4.3 39.8 14.730.0 4.5 34.5 16.822.9 4.4 27.3 11.617.2 4.1 21.3 11.927.3 4.1 31.4 13.623.4 3.9 27.3 10.318.9 3.7 22.6 10.225.8 3.5 29.3 10.824.9 3.5 28.3 11.925.5 3.1 28.6 14.129.4 3.1 32.4 13.824.8 3.0 27.8 12.331.7 3.0 34.6 15.0
Global Peer Analysis - Global Cost Review Q4 2018
9
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
739,788320,934143,494
66,67338,31722,28513,94812,3277,5284,8513,8063,1932,4712,0081,5781,2691,234
948761776
4,6861,392,874
United States Commission (BPS)
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
14.1 1,78710.0 11,115
5.7 221,5693.0 1,158,403
Total 3.5 1,392,874
Global Peer Analysis - Global Cost Review Q4 2018
10
United States Commission (CPS)
Commission (CPS) Traded Value(USD Millions)
(0 , 0.5)(0.5 , 1)(1 , 1.5)(1.5 , 2)(2 , 2.5)(2.5 , 3)(3 , 3.5)(3.5 , 4)(4 , 4.5)(4.5 , 5)(5 , 5.5)(5.5 , 6)(6 , 6.5)(6.5 , 7)(7 , 7.5)(7.5 , 8)(8 , 8.5)(8.5 , 9)(9 , 9.5)
(9.5 , 10)> 10
Total
142,584395,281213,942152,188107,379100,682108,449
64,78643,32612,45118,0646,9146,1631,9921,3701,3601,546
899957956
11,5841,392,874
Market Cap Avg Commission (CPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
0.8 1,7871.1 11,1151.4 221,5691.7 1,158,403
Total 1.6 1,392,874
Global Peer Analysis - Global Cost Review Q4 2018
11
United Kingdom (BPS)
Quarter IS Costs Comm Costs Total Costs Broker_BPS2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
32.5 11.0 43.5 11.238.7 11.1 49.8 13.940.3 10.7 51.0 13.446.1 11.0 57.1 13.148.4 10.5 59.0 13.943.6 10.6 54.2 16.736.2 10.2 46.4 13.942.1 10.2 52.3 14.148.0 10.1 58.1 14.634.7 10.3 45.0 12.129.4 10.1 39.5 10.941.4 10.6 52.0 15.946.3 11.1 57.4 15.542.8 10.3 53.1 12.742.3 9.8 52.1 11.034.3 9.8 44.1 9.541.8 9.9 51.8 10.252.5 10.1 62.6 10.640.9 9.5 50.4 9.740.3 9.4 49.8 10.449.6 8.9 58.5 14.052.7 8.9 61.6 12.841.2 9.2 50.4 10.437.7 8.6 46.3 9.346.5 8.3 54.9 13.044.1 8.6 52.7 14.837.5 8.3 45.9 11.937.5 8.0 45.5 11.341.7 7.8 49.5 11.237.8 8.1 45.9 10.740.4 7.2 47.6 11.439.9 7.4 47.3 11.741.7 7.0 48.8 11.641.6 5.8 47.3 13.341.8 5.5 47.3 8.541.6 5.3 46.9 7.456.6 5.1 61.7 16.1
Global Peer Analysis - Global Cost Review Q4 2018
12
United Kingdom Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
25,87348,77022,98021,9726,6513,6111,2293,6761,228
215243282642
1113
79284412
630137,452
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
7.3 1907.3 1,1475.5 23,6624.9 112,452
Total 5.1 137,452
Global Peer Analysis - Global Cost Review Q4 2018
13
Japan (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
56.9 9.1 66.0 29.342.5 9.4 51.9 17.156.6 8.9 65.5 23.443.7 8.7 52.4 24.952.0 8.5 60.5 19.349.2 9.0 58.2 26.147.1 8.4 55.5 22.947.9 8.2 56.1 25.851.9 8.0 60.0 23.540.6 8.3 49.0 20.854.3 7.5 61.8 21.354.1 7.6 61.7 21.957.1 8.1 65.2 22.363.4 7.9 71.4 29.263.9 7.6 71.5 36.355.4 7.7 63.1 28.053.5 7.7 61.2 24.557.5 7.8 65.3 22.254.1 7.3 61.4 24.046.0 7.0 53.0 21.442.4 6.7 49.0 20.857.0 6.7 63.7 25.160.0 6.1 66.1 20.754.3 6.1 60.4 22.850.3 5.8 56.1 22.849.8 6.7 56.6 24.147.0 6.4 53.3 18.849.8 6.3 56.2 19.344.1 6.2 50.3 19.934.4 6.3 40.7 13.936.0 6.1 42.1 16.139.5 5.9 45.3 16.638.5 5.6 44.1 17.537.9 4.9 42.8 18.249.5 5.0 54.5 17.839.5 5.0 44.5 16.747.5 4.9 52.4 18.8
Global Peer Analysis - Global Cost Review Q4 2018
14
Japan Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
27,53054,93019,60114,4626,6165,1131,4205,752
2131,015
109104116
6175152162154
137,045
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
4.9 1254.5 1,6444.7 28,7875.0 106,489
Total 4.9 137,045
Global Peer Analysis - Global Cost Review Q4 2018
15
Canada (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
46.3 12.2 58.5 19.638.8 12.6 51.4 18.739.8 12.2 52.0 22.942.3 12.2 54.5 21.042.6 11.9 54.5 15.840.9 12.1 53.0 19.845.1 12.3 57.4 14.748.0 12.3 60.3 16.939.1 12.1 51.2 18.140.5 11.7 52.3 21.143.9 12.3 56.2 20.943.5 12.0 55.5 16.730.6 11.3 41.9 16.836.8 10.6 47.4 12.363.9 7.6 71.5 36.338.6 10.7 49.3 19.241.1 10.5 51.7 12.536.8 10.3 47.0 9.530.0 9.8 39.9 13.435.2 9.4 44.6 11.039.3 9.8 49.0 16.551.0 9.0 60.1 23.035.9 9.1 45.0 13.340.4 9.1 49.4 15.550.7 9.0 59.7 17.752.1 9.3 61.5 22.134.8 8.5 43.4 15.837.1 8.5 45.6 14.337.2 8.8 46.0 15.632.7 7.9 40.7 13.733.0 8.2 41.2 15.435.3 7.8 43.1 12.135.0 7.7 42.7 12.434.2 7.7 41.9 18.228.5 7.6 36.0 15.326.0 6.7 32.7 14.643.7 7.1 50.8 18.9
Global Peer Analysis - Global Cost Review Q4 2018
16
Canada Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
17,53714,61010,6675,0684,0742,2062,0611,9451,0221,309
689474455554305228209300164163950
64,988
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
15.2 56215.8 2,02211.1 17,068
5.1 45,337Total 7.1 64,988
Global Peer Analysis - Global Cost Review Q4 2018
17
Commission(CAD CPS)
Traded Value(CAD Millions)
(0 , 0.5)(0.5 , 1)(1 , 1.5)(1.5 , 2)(2 , 2.5)(2.5 , 3)(3 , 3.5)(3.5 , 4)(4 , 4.5)(4.5 , 5)(5 , 5.5)(5.5 , 6)(6 , 6.5)(6.5 , 7)(7 , 7.5)(7.5 , 8)(8 , 8.5)(8.5 , 9)(9 , 9.5)
(9.5 , 10)>10
Total
7,22720,88612,3668,5535,5107,2957,2736,2136,0091,4841,543
24913094423758456734
67685,791
Canada Commission (CAD CPS)
Market Cap Avg Commission (CAD CPS) Traded Value(CAD Millions)
Micro CapSmall CapMid CapLarge Cap
0.8 7431.0 2,6721.5 22,5282.0 59,848
Total 1.6 85,791
Global Peer Analysis - Global Cost Review Q4 2018
18
Asia Pacific ex - Japan(BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
60.9 14.5 75.4 25.457.2 14.8 72.0 28.049.5 14.5 64.0 24.948.8 15.0 63.9 22.860.5 14.5 75.0 25.659.3 13.5 72.9 23.252.9 13.5 66.4 21.470.2 13.2 83.4 23.161.3 13.1 74.3 19.957.1 13.0 70.1 20.462.4 13.0 75.5 19.049.0 13.3 62.3 17.543.8 13.3 57.1 11.349.8 13.0 62.8 12.755.5 12.6 68.1 16.049.5 12.6 62.1 15.352.5 12.7 65.1 11.547.8 12.3 60.1 14.645.2 12.5 57.7 10.444.2 12.1 56.3 11.449.8 11.4 61.3 13.044.5 10.9 55.4 14.141.1 11.0 52.1 6.752.3 10.0 62.3 14.548.1 9.9 57.9 13.454.1 10.3 64.4 16.537.1 9.9 47.1 12.839.0 10.1 49.1 13.141.6 9.2 50.8 15.836.9 9.6 46.5 12.640.4 9.1 49.5 12.531.6 9.1 40.6 11.242.1 8.1 50.2 13.937.1 7.3 44.5 14.641.2 7.0 48.2 14.342.7 7.4 50.1 13.345.5 7.2 52.7 11.3
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Asia Pacific ex - Japan Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
16,20849,49816,12110,27916,5203,8802,416
11,6412,7747,3253,393
139848245629<110
11069
141,243
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
10.2 1217.8 9477.7 29,7687.0 110,407
Total 7.2 141,243
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Europe ex - UK (BPS)
Quarter IS Costs Comm Costs Total Costs Broker_BPS2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
34.0 10.8 44.8 17.131.0 10.9 41.9 16.033.9 10.5 44.4 17.829.2 10.6 39.8 16.629.1 10.1 39.2 13.331.4 10.5 42.0 14.826.4 10.1 36.5 10.646.1 9.9 56.0 17.942.1 9.7 51.8 18.931.4 10.0 41.4 12.332.6 9.5 42.1 14.136.1 10.0 46.1 12.935.2 10.1 45.3 11.131.8 9.4 41.3 10.333.9 9.3 43.2 11.138.8 9.5 48.4 13.034.4 9.1 43.4 10.637.3 9.0 46.3 11.639.4 8.9 48.3 12.240.7 9.0 49.6 12.538.7 8.7 47.4 14.835.0 8.5 43.5 15.232.9 8.1 41.0 12.336.3 7.9 44.1 16.041.7 7.6 49.3 14.040.5 8.3 48.7 14.532.7 7.8 40.5 15.833.0 7.6 40.6 13.332.1 7.4 39.5 13.327.7 7.4 35.1 10.924.1 7.3 31.4 11.826.6 7.3 33.9 12.029.2 6.9 36.1 12.828.6 5.2 33.7 12.330.7 5.2 35.9 10.535.9 4.9 40.8 12.441.6 4.8 46.3 14.8
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Europe ex - UK Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
81,972153,226
60,35341,13011,32310,8906,491
11,0391,5311,5581,333
867753
178125899
1811
1,830383,421
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
5.1 1147.0 1,1885.2 42,5374.7 339,582
Total 4.8 383,421
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Emerging Markets (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
72.1 19.4 91.5 34.474.1 19.9 94.0 26.077.7 18.9 96.6 34.267.9 19.9 87.8 29.477.2 17.7 94.9 30.377.0 17.7 94.7 30.967.7 17.3 85.0 27.588.3 17.3 105.7 29.675.6 16.3 91.9 28.263.8 16.2 80.0 24.572.8 16.2 89.1 27.766.0 16.3 82.3 19.677.0 16.2 93.3 21.570.3 15.7 86.0 24.378.1 16.0 94.1 23.172.3 15.8 88.1 23.375.8 15.5 91.3 21.067.7 15.6 83.3 21.367.5 15.1 82.6 22.667.8 15.4 83.2 20.070.4 14.9 85.3 21.279.8 14.6 94.4 18.460.9 14.0 74.9 23.574.3 13.2 87.5 23.078.7 13.1 91.8 16.568.0 13.4 81.3 22.156.6 13.3 69.9 16.564.3 12.9 77.3 18.455.0 12.7 67.7 13.861.3 13.5 74.8 17.560.9 12.3 73.1 15.651.5 12.0 63.6 15.863.6 11.1 74.7 16.258.9 10.3 69.2 19.059.3 9.9 69.3 21.757.9 9.3 67.2 17.065.5 9.5 75.0 18.8
Global Peer Analysis - Global Cost Review Q4 2018
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Emerging Markets Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
7,90729,60634,10817,35218,05116,8796,200
14,1563,0237,6163,350
5715,6271,102
89550922731435
144422
168,093
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
11.0 3698.6 2,7869.4 44,6399.5 120,298
Total 9.5 168,093
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Emerging Asia (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
74.9 19.0 93.9 34.869.9 19.7 89.6 26.372.6 18.8 91.4 37.472.6 18.9 91.5 33.081.0 17.3 98.3 34.379.1 17.3 96.4 29.870.7 16.9 87.6 31.488.8 17.0 105.8 32.473.8 15.8 89.6 29.762.9 15.9 78.7 24.972.5 15.9 88.5 26.961.4 15.9 77.3 21.669.4 15.9 85.3 20.066.8 15.3 82.1 26.472.8 15.8 88.6 24.169.7 15.5 85.2 24.275.1 15.0 90.0 24.662.1 15.1 77.1 22.561.8 14.7 76.5 22.464.3 15.0 79.3 22.364.6 14.5 79.0 24.270.4 14.3 84.7 17.758.1 13.7 71.8 26.970.9 12.9 83.8 24.167.4 12.9 80.3 12.462.6 12.9 75.5 21.455.5 12.8 68.3 15.961.4 12.6 74.0 18.148.0 12.3 60.4 10.258.5 13.1 71.6 16.064.4 11.9 76.3 15.650.3 11.5 61.8 15.157.6 10.7 68.3 15.755.6 10.0 65.6 17.657.8 9.5 67.3 20.050.6 9.0 59.7 16.366.7 9.0 75.8 19.2
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Emerging Asia Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
7,03823,54521,91311,19911,38910,1273,1409,8231,9105,5841,975
3983,625
37674406199224
899
193113,505
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
10.8 3108.0 2,1738.7 27,0399.1 83,982
Total 9.0 113,505
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Emerging Europe (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
92.6 22.9 115.5 37.994.7 22.5 117.2 40.581.8 21.5 103.3 33.276.0 22.8 98.8 21.382.0 20.8 102.8 29.869.7 21.1 90.8 26.742.1 20.5 62.6 6.798.4 20.4 118.8 27.375.6 20.0 95.6 31.383.2 19.6 102.8 32.874.4 19.4 93.8 15.772.1 19.3 91.4 18.269.4 18.8 88.2 17.679.4 17.7 97.1 25.497.4 17.5 114.9 22.095.7 17.5 113.1 27.688.3 17.4 105.7 2.899.4 16.6 116.0 30.060.2 15.0 75.2 23.380.6 16.1 96.7 23.3
103.8 14.1 118.0 14.268.5 15.3 83.8 18.469.3 14.7 83.9 20.978.5 14.7 93.2 21.089.7 14.5 104.2 25.569.8 13.7 83.5 24.634.4 13.5 47.8 21.973.1 14.3 87.4 16.565.2 13.4 78.6 23.462.3 14.2 76.6 25.855.2 13.3 68.5 21.642.9 12.6 55.4 14.469.0 11.6 80.6 29.766.0 10.2 76.2 27.279.0 9.3 88.3 31.987.0 8.5 95.5 23.243.5 9.0 52.5 25.3
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Emerging Europe Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(34 , 36)(38 , 40)
> 40Total
116828
2,3601,502
9288074847221541807827
149344930
46
178,472
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
9.5 268.3 2309.3 3,8738.8 4,344
Total 9.0 8,472
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Latin America (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
44.9 20.2 65.1 35.273.7 19.4 93.1 20.393.4 18.9 112.3 26.455.5 19.6 75.1 21.769.2 17.7 86.9 17.172.0 18.0 90.0 38.266.8 17.4 84.2 23.187.0 17.7 104.6 22.392.1 16.7 108.8 22.461.1 16.5 77.7 20.070.8 16.5 87.3 35.572.6 16.8 89.5 14.088.5 16.6 105.1 29.864.6 16.2 80.8 16.974.1 16.1 90.2 18.970.7 15.9 86.6 17.970.5 15.8 86.4 15.880.9 16.2 97.1 16.283.5 15.5 99.0 19.473.9 15.9 89.8 12.388.1 15.5 103.5 15.7
123.6 15.4 139.0 22.582.9 14.0 96.9 16.191.3 13.7 104.9 20.6
107.5 12.9 120.3 23.774.5 14.4 88.9 21.062.4 14.7 77.1 18.074.6 13.2 87.8 21.269.3 13.2 82.6 21.776.7 14.1 90.8 22.454.9 13.2 68.1 17.659.7 13.5 73.1 18.270.8 11.5 82.2 4.672.1 11.4 83.5 16.657.4 11.3 68.8 25.077.1 9.6 86.7 16.975.8 10.2 86.0 18.4
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Latin America Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)
> 40Total
4922,6786,3203,7464,0094,4812,0002,363
4011,013
70971
1,0847022739
264
30,148
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
8.1 189.6 180
10.6 8,92510.1 21,025
Total 10.2 30,148
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Africa and Middle East (BPS)
Quarter IS Costs Comm Costs Total Costs Broker Costs2009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q4
92.7 19.0 111.7 28.084.7 19.3 104.0 20.479.0 17.2 96.2 26.151.5 18.3 69.8 23.457.8 17.5 75.3 26.176.6 17.0 93.6 29.868.7 17.1 85.8 19.075.9 16.7 92.6 17.760.0 16.3 76.3 23.264.2 16.4 80.6 28.378.8 15.5 94.3 21.783.2 15.3 98.5 15.5
119.4 15.6 135.1 19.8100.4 15.4 115.8 22.7109.0 16.0 125.0 24.7
75.4 16.2 91.6 23.579.7 16.6 96.3 16.659.7 17.3 77.1 14.584.8 16.9 101.7 29.074.7 17.1 91.8 13.063.0 17.9 81.0 12.291.8 15.0 106.8 16.748.6 15.4 64.0 4.776.5 14.2 90.7 17.8
110.1 14.1 124.2 31.890.5 14.7 105.3 26.170.0 14.4 84.4 15.664.4 14.1 78.4 17.473.7 13.6 87.3 22.255.6 15.1 70.7 15.944.6 13.5 58.1 9.752.7 13.7 66.4 18.392.4 12.9 105.3 31.756.9 11.2 68.1 28.260.9 11.5 72.4 23.265.3 10.9 76.2 18.450.9 11.3 62.3 13.9
Global Peer Analysis - Global Cost Review Q4 2018
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Africa and Middle East Commission (BPS)
Commission (BPS) Traded Value(USD Millions)
(0 , 2)(2 , 4)(4 , 6)(6 , 8)
(8 , 10)(10, 12)(12 , 14)(14 , 16)(16 , 18)(18 , 20)(20, 22)(22 , 24)(24 , 26)(26 , 28)(28 , 30)(30, 32)(32 , 34)(34 , 36)(36 , 38)(38 , 40)
> 40Total
2612,5563,515
9041,7251,464
5761,248
55883858875
7693301453326802739
20715,967
Market Cap Avg Commission (BPS) Traded Value(USD Millions)
Micro CapSmall CapMid CapLarge Cap
21.4 1514.8 20411.2 4,80211.3 10,946
Total 11.3 15,967
Global Peer Analysis - Global Cost Review Q4 2018
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DefinitionsTraded Value (USD Millions) Principal value of all trades executed, shown in Millions (USD) found in ITG's Peer UniverseTrade Value (CAD Millions) Principal value of all trades executed, shown in Millions (CAD) found in ITG's Peer Universe
Average Commission (BPS) ((Shares Executed * TradePrice (USD) * CommissionPerShare(BPS) / (SharesExecuted * tradePrice (USD)))Average Commission (CAD CPS) ((Shares Executed * CommissionPerShare (CAD CPS)) / (Shares Executed))Average Commission (USD CPS) ((Shares Executed * CommissionPerShare (USD CPS)) /(Shares Executed))
IS Cost (BPS) The difference, or slippage between the arrival price and the execution price for a trade.Total Cost (BPS) The sum of Average Commission (BPS) and IS Cost (BPS)Broker Cost (BPS) The difference, or slippage, between the broker arrival price and the execution price for a trade.
* Daily exchange rate is used in all calculations
Disclaimer
ITG Inc., member FINRA, SIPC. The information contained herein has been taken from trade and statistical services and other sources we deem reliable but we do not representthat such information is accurate or complete and it should not be relied upon as such. No guarantee or warranty is made as to the reasonableness of the assumptions or theaccuracy of the models or market data used by ITG or the actual results that may be achieved. These materials are for informational purposes only, and are not intended to be usedfor trading or investment purposes or as an offer to sell or the solicitation of an offer to buy any security or financial product. These materials do not provide any form of advice(investment, tax or legal). ITG Inc. is not a registered investment adviser and does not provide investment advice or recommendations to buy or sell securities, to hire anyinvestment adviser or to pursue any investment or trading strategy.
2019-02-04© Investment Technology Group, Inc. All rights reserved. Not to be reproduced or retransmitted without permission. Global Peer is a trademark of the Investment TechnologyGroup, Inc. companies. 20519-7060.
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