Institutional Sales and Trading recently picked up laurels in two industry polls, taking top spots in the Executing the Most Difficult Trades, U.S. Cash Equities Trading and Counterparty For Direct Market Access categories.

Investment Technology Group Inc.'s 2007 Broker Edge Universe survey gave the Firm the nod for best execution of large orders; the Firm ranked as first among the full-service brokerage firms for "most difficult" large orders.

The editors noted that institutional investors always worry about the market for large orders, "a challenge that becomes even more daunting when dealing with illiquid names."

The quality of execution was also the main criteria for the selection of execution brokers in Financial News Fourth Annual Buyside Trading poll, in which Morgan Stanley claimed first place in U.S. Cash Equities Trading and Counterparty For Direct Market Access categories. The results appeared in the July 21 issue.

The poll also highlighted the impact of last year's implementation of the Markets in Financial Instruments Directive* which obliges investment companies to execute client trades at the best rate possible rates — noting it is has resulted in an increased focus on liquidity and execution.

Clients are looking for help navigating a market that is increasingly fragmented, explained the editors.

Continuing concentration first seen in the 2007 survey, three quarters of the 2008 respondents said they still directed half of all flow to their top three counterparties.

Morgan Stanley ranked among that select group, taking third place in Counterparts for Portfolio and Trading in the domestic and Asia Pacific markets.