Trades are expensive. Just ask any institutional fund that manages retirement savings, either here in the U.S. or anywhere in the world, as it goes about the business of managing retirees' money. 

When so much money and so many trades are involved, the efficiency with which trades are executed can make a difference in how well a fund performs — and that, in turn, can translate to the overall health of a pension fund. 

With that in mind, a new study from Abel Noser Solutions looks at the performance of brokers globally, evaluating "which brokers provide the best execution for institutional investors."