global cost review - 2018q4 - virtu

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

2

Table of Contents


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


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


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


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


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


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


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


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


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


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


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


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)


5

United States - Micro Cap (BPS)


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


6


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)


7

United States - Mid Cap (BPS)


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


8

United States - Large Cap (BPS)


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


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)


14.1 1,78710.0 11,115

5.7 221,5693.0 1,158,403

Total 3.5 1,392,874


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)


0.8 1,7871.1 11,1151.4 221,5691.7 1,158,403

Total 1.6 1,392,874


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


12

United Kingdom Commission (BPS)


(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



7.3 1907.3 1,1475.5 23,6624.9 112,452

Total 5.1 137,452


13

Japan (BPS)


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


14

Japan Commission (BPS)


(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



4.9 1254.5 1,6444.7 28,7875.0 106,489

Total 4.9 137,045


15

Canada (BPS)


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


16

Canada Commission (BPS)


(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



15.2 56215.8 2,02211.1 17,068

5.1 45,337Total 7.1 64,988


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)


0.8 7431.0 2,6721.5 22,5282.0 59,848

Total 1.6 85,791


18

Asia Pacific ex - Japan(BPS)


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


19

Asia Pacific ex - Japan Commission (BPS)


(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



10.2 1217.8 9477.7 29,7687.0 110,407

Total 7.2 141,243


20

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


21

Europe ex - UK Commission (BPS)


(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



5.1 1147.0 1,1885.2 42,5374.7 339,582

Total 4.8 383,421


22

Emerging Markets (BPS)


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


23

Emerging Markets Commission (BPS)


(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



11.0 3698.6 2,7869.4 44,6399.5 120,298

Total 9.5 168,093


24

Emerging Asia (BPS)


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


25

Emerging Asia Commission (BPS)


(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



10.8 3108.0 2,1738.7 27,0399.1 83,982

Total 9.0 113,505


26

Emerging Europe (BPS)


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


27

Emerging Europe Commission (BPS)


(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



9.5 268.3 2309.3 3,8738.8 4,344

Total 9.0 8,472


28

Latin America (BPS)


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


29

Latin America Commission (BPS)


(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



8.1 189.6 180

10.6 8,92510.1 21,025

Total 10.2 30,148


30

Africa and Middle East (BPS)


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


31

Africa and Middle East Commission (BPS)


(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



21.4 1514.8 20411.2 4,80211.3 10,946

Total 11.3 15,967


32

Appendix


33

Appendix


34

Appendix


35

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.

Broker-dealer products and services are offered by: in the U.S., ITG Inc., member FINRA, SIPC; in Canada, ITG Canada Corp., member Canadian Investor Protection Fund(“CIPF”) and Investment Industry Regulatory Organization of Canada (“IIROC”); in Europe, Investment Technology Group Limited, registered in Ireland No. 283940 (“ITGL”) (theregistered office of ITGL is Block A, 1 Georges Quay, Dublin 2, Ireland). ITGL is authorized and regulated by the Central Bank of Ireland; in Asia, ITG Hong Kong Limited (SFCLicense No. AHD810), ITG Singapore Pte Limited (CMS License No. 100138-1), and ITG Australia Limited (AFS License No. 219582). All of the above entities are subsidiaries ofInvestment Technology Group, Inc. MATCHNow® is a product offering of TriAct Canada Marketplace LP (“TriAct”), member CIPF and IIROC. TriAct is a wholly owned subsidiaryof ITG Canada Corp.

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