The TRADE 56 | Page 81

[ A L G O R I T H M I C T R A D I N G S U R V E Y ] Barclays B arclays saw a slight decrease in the percentages of responses from hedge fund firms for this year’s survey, with the third-lowest percentage of responses among the algo providers profiled, ahead of only ITG and Bloomberg. Two-thirds of Barclays respondents were small-to-mid sized, managing assets of $1-10 billion, with one firm from the more than $50 billion bracket. Respondents ranged from equities-only firms to those that were also trading foreign exchange, fixed income and listed derivatives via algo. Half of hedge funds respondents indicated that use of Barclays algos had increased over the past year. Barclays Only one respondent said they were looking at adopt- Improve ing algos from providers other than Barclays, with greater depth of commentary and SI routing selection Year trader 2018 2017 RATINGS FOR ALGORITHM PERFORMANCE productivity 4.87 highlighted as desired features. Bloomberg was the EMS provider of choice for Barclays’ respondents, with half of respondents using the EMSX system. Barclays recorded a score of less than 5 in all but three of the categories reviewed by respondents in this year’s survey, with a year-on-year decrease across all categories. The most significant decreases came in the improving trader productivity, reducing market impact, execution consistency and customer support categories, which all dropped by at least 1 score point in this year’s survey. However, of more concern will be significant score drops in areas where Barclays per- formed well last year; dark pool access and speed both dropped below a score of 6 this year, while customisa- Reduce Execution tion fell to below a score of 4. Cost Speed market impact consistency 4.55 5.96 4.52 5.55 4.65 5.76 5.51 4.87 Improve trader productivity Reduce market impact 4.55 Execution consistency 4.52 5.76 5.51 5.30 6.02 4.98 Anonymity 5.82 4.81 3.94 Customisation 5.42 5.07 5.09 Ease of use 4.49 Crossing 5.94 5.40 Customer support 4.70 Execution consulting 4.70 5.79 5.27 5.25 Dark pool access 4.81 Smart order routing capabilities 0.00 1.0 0 2.00 3.00 4.0 0 2017 5.55 Speed Price improvement 2018 5.96 4.65 Cost 5.30 5.00 6.22 5.54 6.0 0 7.00 Issue 56 // TheTradeNews.com // 81 6.02 A P n r o i