Question of the Week - Dec 15th 2015

How does commission change over time across regions?


Chart 1:  Commission spending trend across regions for ITG Peer Group Database in 2015 


Chart 2:  Commission spending trend across regions for ITG Peer Group Database between 2009 and 2015 

  • The US commission wallet has declined over the past few years, so we wanted to see whether this was a global trend, or whether the commission dollars are being reallocated to other regions. These charts are a response to a comment on our previous post in Question of the Week: How has the commission wallet changed for large institutions over the past 5 years?”
  • Regional quarterly trends for 2015 are noisy, although total commissions in Europe have declined quarter over quarter.
  • Examining a longer horizon confirmed that the North American commission wallet has declined year over year since the highly volatile period of 2009-2011. Additionally, commission spending in Asia has decreased since 2011, while the total commission spend has remained steady in Europe.


Commission wallet is based on a select list of 50 clients from ITG Peer Group Database. The same list of clients are used to calculate the numbers across all periods analyzed. Year 2015 commission wallet is annualized based on first three quarters.  


Refer to ITG Peer Analytics for information on available ITG Peer Group database based analytics.

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