Industry Report Card: Independent U.S. Brokers Performed Adequately As The Market Recovered In First-Quarter 2011 Jun 11

Standard & Poors, June 2011

Abstract
Independent U.S. brokers' performance was satisfactory in first-quarter 2011 in a generally favorable operating environment. U.S. equity markets performed well in the quarter, with the S&P 500 index up by approximately 5% and U.S. equity trade volumes also significantly up from the previous quarter. Fixed-income market conditions were also favorable, with higher volumes. Since the November 2010 election, there have been increasing signs that both retail and institutional investors have started to shake their lack of conviction and are going out on the risk-reward curve (re-risking). This has manifested itself in an increased investor appetite for equities. Interest rates remained low, which continued to result in lower asset-based revenues for many of the brokers. With markets continuing to function well,...

Companies mentioned in this report are:
- Jefferies Group Inc.
- Charles Schwab Corp.
- TD AMERITRADE Holding Corp.
- E*TRADE Financial Corp.
- IBG LLC
- Raymond James Financial Inc.
- LPL Holdings Inc.
- ConvergEx Group LLC
- MF Global Holdings Ltd.
- Cantor Fitzgerald L.P.
- Penson Worldwide Inc.
- Oppenheimer Holdings Inc.
- GFI Group Inc.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Jefferies Group Inc.
- Charles Schwab Corp.
- TD AMERITRADE Holding Corp.
- E*TRADE Financial Corp.
- IBG LLC
- Raymond James Financial Inc.
- LPL Holdings Inc.
- ConvergEx Group LLC
- MF Global Holdings Ltd.
- Cantor Fitzgerald L.P.
- Penson Worldwide Inc.
- Oppenheimer Holdings Inc.
- GFI Group Inc.

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