[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Kepler Cheuvreux
K
epler Cheuvreux saw a significant increase in the
percentage of responses it received from hedge
fund firms, with the vast majority of respondents com-
ing from the small and mid-sized AuM brackets and
just 20% of respondents managing more than $10 bil-
lion in AuM. Kepler Cheuvreux will have every right
to be disappointed with its scores in this year’s survey,
particularly as it was one of the standout performers
in the 2018 edition. The broker recorded an average
score of 5.63, just below the survey average of 5.72.
There were year-on-year decreases in scores across
10 of the 15 categories reviewed, most noticeably in
the reducing market impact (down 0.70), anonymity
(down 0.32), price improvement (down 0.35), ease of
use (down 0.59), customer support (down 0.57) and
flexibility and sophistication of smart order routing
(down 0.30) categories. However, there were marginal
year-on-year improvements in the increasing trader
productivity (up 0.14), cost (up 0.10) and customisa-
tion (up 0.18) categories. Kepler Cheuvreux’s highest
score came in the customer support category (5.97),
although this only ranked sixth-highest among the 12
algo providers profiled this year.
KEPLER CHEUVREUX RATINGS FOR ALGORITHM PERFORMANCE
Increase trader
productivity Reduce market
impact Execution
consistency Cost Speed Anonymity Price
improvement Customisation
5.83 5.58 5.86 5.71 5.61 5.76 5.31 5.75
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
5.63 5.97 5.73 5.24 5.47 5.44 5.54 5.63
KEY STATS
5.97 5.24 40%
Highest score
(customer support) Lowest score:
(dark pool access) Most popular non-equity
asset traded via algo by
respondents: Listed derivatives
+0.18 -0.70 44%
Most improved
year-on-year score
(customisation) Least improved
year-on-year score:
(reduce market impact) Most used algo
performance measurement
method: VWAP TCA
Issue 60 // TheTradeNews.com // 93