Bank of America Merrill Lynch, Goldman Sachs and J.P. Morgan Top Market in
U.S. Equity Trading
2014 U.S. Equity Greenwich Share and Quality Leaders Revealed
STAMFORD, Conn. -- June 17, 2014
Bank of America Merrill Lynch, Goldman Sachs and J.P. Morgan are tied for the
number-one spot among brokers, with trading shares of 8.3%–8.5% in U.S. Equity
Trading for combined high-touch and low-touch cash equity commissions with
U.S.-based institutions as of early Q1 2014. Morgan Stanley and Credit Suisse
round out the top five with identical market shares of 7.8%. These firms are
the 2014 Greenwich Share Leaders in U.S. Equity Trading.
“In U.S. equities the main priority is getting paid for what you deliver,”
says Greenwich Associates consultant Jay Bennett. “By maintaining their
trading share in trading, some of the bulge bracket banks are now punching
above their weight class in terms of their research presence. On the other
hand, mid-sized brokers and research specialists that are now being paid in
large part through CSAs must be careful that they are being adequately
compensated for their research.”
In the increasingly important category of U.S. Equity Algorithmic Trading, the
top position is held jointly by Credit Suisse, Goldman Sachs and Morgan
Stanley, which are used for algo trading by 60%–64% of institutional
investors. J.P. Morgan, UBS and Bank of America Merrill Lynch round out the
2014 Greenwich Share Leaders in U.S. Equity Algorithmic Trading, tied with
market penetration scores of 48%–51%.
Citi is the clear leader in North American Portfolio Trading, with a trading
share of 10.5%, followed by three banks—Bank of America Merrill Lynch, Goldman
Sachs and Morgan Stanley—tied with shares of 9.2%–9.7%, and then Barclays,
Deutsche Bank and Credit Suisse, which are tied with shares of 8.2%-8.6%.
These firms are the 2014 Greenwich Share Leaders in U.S. Equity Portfolio
Greenwich Quality Leaders
Greenwich Associates asks institutional portfolio managers, analysts and
traders participating in our annual research program to rate the quality of
service and products they receive from individual brokers. In U.S. Equity
Research and Analyst Service, J.P. Morgan and Sanford C. Bernstein receive top
scores and are the 2014 Greenwich Quality Leaders among institutional
portfolio managers and Sanford C. Bernstein claims that title alone among
The 2014 Greenwich Quality Leaders in U.S. Equity Trading are Credit Suisse,
Goldman Sachs and Morgan Stanley. The 2014 Greenwich Quality Leaders in U.S.
Equity Electronic Trading are Credit Suisse and RBC Capital Markets.
Greenwich Associates is the leading provider of global market intelligence and
advisory services to the financial services industry. We specialize in
providing fact based insights and practical recommendations to improve
business results. Our data focuses on the key metrics required for effective
business management: operations performance, service quality, sales
effectiveness, share of wallet, market share, brand, and behavioral trends. We
are based in Stamford, CT with additional offices in Pleasanton, CA, London,
Singapore, Tokyo, and Toronto.
Please contact us for further information or to arrange an interview with one
of our consultants. You can visit our website, www.greenwich.com, for more
Follow us: @GreenwichAssoc
For more information:
Joan Weber, +1-203-625-4354
Melanie Riera, +1-203-625-5160
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