[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
UBS
T
functionality desired by long-only firms included mid-
he percentage of long-only reviews for UBS stayed
touch service, deeper market structure commentary
consistent for this year’s algo survey, with 4.42% of
and insight, optimised large-in-scale interaction, and
total responses. Just under 70% of respondents for UBS
custom-made links to specific liquidity venues.
came from the $10-50 billion in AuM bracket, while the
In terms of scoring, UBS saw decreasing scores
rest hold between $1-10 billion and around one-third of
firms are active in electronically-traded funds or foreign across the majority of categories reviewed, with an
average score of 5.37 down from 5.66 last year; how-
exchange in addition to equities. Bloomberg was the
ever, these ratings were largely in line with the overall
EMS provider of choice for UBS’ long-only clients, with
long-only survey trends. UBS’ highest scores came in
ITG, Charles River an d Fidessa also mentioned.
the anonymity, dark pool access and smart order rout-
Half of long-only respondents for UBS recorded
ing capabilities categories, while its most significant
increased usage of its algos compared to the previous
year-on-year decreases were for speed, which dropped
year while the other half saw usage stay at similar
UBS
0.67 year-on-year, and improving trader productivity,
levels. Respondents
almost exclusively use UBS algos
which fell by 0.74 on the previous year. The lowest
with only a few outliers adopting those Improve
from other
Reduce
Ex to ecution
score attributed
UBS in this year’s
survey was for Speed
providers, while only five
said they were considering
Year
Cost
trader
price
improvement
at 4.88.
adding further providers in future. Additional algo market
impact
consistency
2018
2017
UBS RATINGS FOR ALGORITHM PERFORMANCE
productivity
5.14
5.88
5.21
5.64
5.37
5.90
5.44
5.55
Improve trader
productivity
5.14
5.64
5.37
Execution consistency
5.90
5.44
5.55
Cost
5.18
Speed
5.85
5.85
6.03
Anonymity
4.88
Price improvement
5.28
5.21
5.37
Customisation
5.62
Ease of use
5.26
Crossing
5.93
5.50
Customer support 5.34
Execution consulting 5.36
5.35
5.75
5.71
5.57
Dark pool access
Smart order routing
capabilities
5.85
2017
5.88
5.21
Reduce market impact
5.18
2018
5.65
5.63
0.00
1.0 0
2.00
3.00
4.0 0
5.00
6.0 0
7.00
Issue 55 // TheTradeNews.com // 93