[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Bank of America Merrill Lynch
B
BAML may have received more responses to this
ank of America Merrill Lynch (BAML) saw a slight
year’s survey but the bank’s areas of performance
increase in the percentage of responses it received
almost exclusively declined year-on-year across the
within this year’s survey from long-only firms, putting
board according to respondents, scoring an average of
it behind only Kepler Chevreux and ITG with 5.52% of
5.42 across all categories, down from 5.61 last year and
the total of long-only respondents. Nearly two-thirds
below the overall average in this year’s survey.
of those were from large clients with over $10 billion in
The only category in which BAML saw an increase
AuM, and all long-only respondents said that their usage
was in its customisation capabilities, which rose to
of BAML algos had either stayed consistent or increased
5.67 this year and was the only space in which the
year-on-year. Just over half of its long-only respondents
provider outscored the survey average. Alongside cus-
exclusively use BAML as an algo provider, marginally
tomisation, it scored well among long-only firms for its
higher than the survey average, although over one-third
levels of ease of use, execution consulting and trader
are considering adopting additional algo providers in
America
Merrill Lynch
productivity, however these scores were all below the
the future. BAML Bank
clients of
still
favour Bloomberg’s
EMSX
Improve
overall survey averages. Anonymity was a particularly
although there is a fair distribution between
several
Reduce
Execution
successful space for BAML, with long-only
respon- Speed
other EMS providers from
respondents,
Year other long-only
Cost
trader
market
impact
consistency
dents rating the provider with a score of 5.59.
including FlexTrade, ITG and Portware.
productivity
2018
5.45
5.33
2017
5.74
5.64
BANK OF AMERICA MERRILL LYNCH RATINGS FOR ALGORITHM PERFORMANCE
5.42
5.60
5.42
5.64
Improve trader
productivity
5.45
5.33
Reduce market impact
5.42
Cost
5.74
5.64
5.42
Execution consistency
5.60
5.64
5.26
Speed
2018
5.26
5.79
2017
5.79
5.59
5.77
Anonymity
Price improvement 5.24
5.36
Customisation 5.38
5.67
5.66
5.81
Ease of use
5.08
Crossing
5.45
5.28
Customer support
5.87
5.49
5.51
Execution consulting
5.39
5.41
Dark pool access
5.58
5.61
Smart order routing
capabilities
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