[ 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
C
Overall, Citi outscored the survey average in 12 of the 14
iti will have every reason to be pleased with the
categories and recorded year-on-year increases in all but
results of this year’s long-only survey, seeing an
one area, as crossing declined although this was in line
increase in both the percentage of respondents and
with the overall trend of the survey.
scoring levels for its algo capabilities. Having poached
Just over half of long-only respondents said they had
Sabrina Wilson from Deutsche Bank to run the bank’s
increased their use of Citi algos this year while two-
electronic and algorithmic trading for derivatives in
thirds use them exclusively. Areas that clients would
July last year, Citi’s efforts to boost its offering seem to
like to see improvements included electronic access to
be going down well with its clients.
large blocks on liquid names (essentially the func-
Despite receiving just over 2.5% of total long-only re-
tionality offered by systematic internalisers for large
sponses for this year’s survey, Citi notched an impressive
orders sizes), deeper market structure commentary
overall score among profiled providers of 5.8 up from
and further insight into where performance has been
5.35 in 2017, with only Kepler Chevreux, RBC Capital
Citi scoring higher. Citi achieved the
missed. Long-only respondents for Citi came from a
Markets and Jeffries
range of AuM size brackets across asset classes, adopt-
highest ratings for cost and speed with 5.86
and 6.05
Improve
ing a variety of Execution
different execution Cost
systems to reflect
respectively, but also logged
6 in the trader Reduce
Year scores of over
Speed
trader
their
diverse consistency
operating strategies.
productivity, ease of use, and customer support brackets.
market
impact
2018
CITI RATINGS FOR ALGORITHM 2017
PERFORMANCE
productivity
6.01
5.64
5.78
5.41
5.84
5.55
5.86
5.31
Improve trader
productivity
2018
6.01
5.64
Reduce market impact
6.04
5.58
2017
5.78
5.41
5.84
5.55
Execution consistency
Cost
5.86
5.31
Speed
6.04
5.58
Anonymity
5.83
5.44
Price improvement 4.99
Customisation 5.02
5.61
5.77
Ease of use
6.05
5.59
5.00
Crossing
Customer support
5.40
6.09
5.31
Execution consulting
5.89
5.11
5.50
5.30
Dark pool access
Smart order routing
capabilities
5.35
0.00
84 // TheTrade // Spring 2018
1.0 0
2.00
3.00
4.0 0
5.00
5.95
6.0 0
7.00