[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Citi
T
among Citi respondents, with Bloomberg, ITG, Fides-
he watchword for Citi in this year’s survey for
sa and FlexTrade all in use.
hedge funds was consistency. The investment
Citi scored highest in the customer support category
bank recorded the same percentage of respondents as
in this year’s survey with a rating of 6.18, consistent
in last year’s survey and although it did receive mostly
with its score last year of 6.14, while the bank also
declining year-on-year scores, these were consistent
performed well in the ease of use (5.89), dark pool
with the larger trends on display. Respondents came
access (5.58), speed, price improvement and execu-
from a range of AuM brackets, with one-third man-
tion consulting (all 5.49) categories. There were some
aging over $50 billion of assets, trading a variety of
product classes via algorithms. There was an even split significant score decreases for Citi this year however,
with respondents rating its crossing capabilities at
among Citi respondents that recorded an increase in
4.51 – a decrease of 1.36 year-on-year – while there
algo usage over the past year and those that saw usage
were also notable decreases in the execution consis-
remain the same. Just under half of respondents said
Citi adopting algos from additional
tency and anonymity categories (rated 5.49 and 5.23
they were considering
respectively), there are clearly areas where the bank’s
providers in future, particularly for FX Improve
portfolios.
Reduce
offering can be Execution
improved.
There was also an even Year
spread of EMS providers
trader used
Cost
Speed
2018
2017
RATINGS FOR ALGORITHM PERFORMANCE
productivity
5.37
market impact
consistency
5.15
5.61
5.28
5.81
4.94
6.11
5.53
5.37
Improve trader productivity
6.11
4.94
Cost
5.53
5.50
Speed
6.24
5.24
Anonymity
2017
5.81
5.28
Execution consistency
2018
5.61
5.15
Reduce market impact
5.50
5.97
5.50
5.70
Price improvement
5.28
Customisation
5.71
5.89
5.79
Ease of use
4.51
Crossing
5.87
6.18
6.14
Customer support
5.50
5.69
Execution consulting
5.58
Dark pool access
5.47
Smart order routing capabilities
0.00
1.0 0
2.00
3.00
4.0 0
5.00
5.83
5.98
6.0 0
7.00
Issue 56 // TheTradeNews.com // 83
6.24
A P
n r
o i