[ 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
The watchword for Citi in this year ’ s survey for hedge funds was consistency . The investment bank recorded the same percentage of respondents as in last year ’ s survey and although it did receive mostly declining year-on-year scores , these were consistent with the larger trends on display . Respondents came from a range of AuM brackets , with one-third managing over $ 50 billion of assets , trading a variety of product classes via algorithms . There was an even split among Citi respondents that recorded an increase in algo usage over the past year and those that saw usage remain the same . Just under half of respondents said they were considering adopting algos from additional providers in future , particularly for FX portfolios . There was also an even spread of EMS providers used among Citi respondents , with Bloomberg , ITG , Fidessa and FlexTrade all in use .
Citi scored highest in the customer support category in this year ’ s survey with a rating of 6.18 , consistent with its score last year of 6.14 , while the bank also performed well in the ease of use ( 5.89 ), dark pool access ( 5.58 ), speed , price improvement and execution consulting ( all 5.49 ) categories . There were some significant score decreases for Citi this year however , with respondents rating its crossing capabilities at 4.51 – a decrease of 1.36 year-on-year – while there were also notable decreases in the execution consistency and anonymity categories ( rated 5.49 and 5.23 respectively ), there are clearly areas where the bank ’ s offering can be improved .
RATINGS FOR ALGORITHM PERFORMANCE 2018 2017
Improve trader productivity
Reduce market impact
Execution consistency
Cost
Speed
Anonymity
Price improvement
Customisation
Ease of use
Crossing
Customer support
Execution consulting
Dark pool access
Smart order routing capabilities
5.37 5.61
5.15 5.81
5.28 6.11
4.94
5.53 5.50
6.24
5.24 5.97
5.50 5.70
5.28
5.71 5.89 5.79
4.51
5.87 6.18 6.14
5.50 5.69
5.58 5.83
5.47
5.98 0.00 1.0 0 2.00 3.00 4.0 0 5.00 6.0 0 7.00
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