[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Exane BNP Paribas
E
xane BNP Paribas was one of the two standout
performers of this year’s hedge fund survey,
alongside Bernstein. The firm recorded a signifi-
cantly higher percentage of responses to this year’s
survey, with the vast majority of hedge fund respon-
dents from small to mid-cap AuM brackets, with just
12% of firms managing more than $10 billion. The
broker recorded the second-highest average score
of all profiled providers in this year’s survey with
6.06, marginally behind Bernstein (6.08), an increase
of 0.65 year-on-year. Exane BNP Paribas received
several noticeable year-on-year improvements from
respondents, including those for price improvement
(up 1.16), increasing trader productivity (up 1.04),
speed (up 0.94), execution consistency (up 0.84),
cost (up 0.83), dark pool access (up 0.80) and reduc-
ing market impact (up 0.70). The firm also recorded
the highest scores of all profiled providers in six
of the 15 functional performance categories under
review, including one of the two new categories in-
troduced this year, data on venue/order routing logic
or analysis (6.14). The only area in which Exane BNP
Paribas saw a year-on-year decline was for execution
consulting, which dropped 0.15 in this year’s survey,
a relatively modest decline in line with the survey
average.
EXANE RATINGS FOR ALGORITHM PERFORMANCE
Increase trader
productivity Reduce market
impact Execution
consistency Cost Speed Anonymity Price
improvement Customisation
6.07 6.24 6.18 6.09 6.32 6.20 5.98 6.05
Ease of use Customer support Execution
consulting Dark pool access Flexibiltiy and sophistication
of smart order routing Algo monitoring
capabilities Data on venue/order
routing logic or analysis Average
score
6.15 6.24 5.58 5.77 5.96 5.94 6.14 6.06
KEY STATS
6.32 5.58 50%
Highest score
(speed) Lowest score
(execution consulting) Most popular non-equity
asset traded via algo by
respondents: Listed derivatives
+1.16 -0.15 38%
Most improved
year-on-year score
(price improvement) Least improved year-on-year score
(execution consulting) Most used algo
performance measurement
method: Implementation
shortfall TCA
90 // TheTrade // Summer 2019