[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Credit Suisse
C
Respondents were largely consistent with their scor-
redit Suisse saw a slight fall in the percentage of
ing of Credit Suisse algos compared to last year’s results.
its respondents for this year’s hedge fund survey
There were year-on-year decreases in the improving
compared with the previous year. All of the bank’s
trader productivity, reduce market impact, execution
respondents managed at least $10 billion, with half
consistency, price improvement, ease of use, and cross-
counting more than $50 billion in AuM. Respondents
were almost exclusively from the equities market, with ing categories – although the latter did outperform the
survey average. The most significant score decrease was
a few also trading foreign exchange via algos. All but
in the customer support category, down from 5.75 to
one of Credit Suisse respondents saw increased usage
5.12 this year. Credit Suisse saw a marked improvement
of the bank’s algos over the past year, some as much
in its score for anonymity from hedge fund respondents
as 25%, while the same level said that they use Credit
this year, which increased from 4.97 to 5.88 year-on-
Suisse algos exclusively. Half of respondents indicated
year, while its smart order routing capability and cost
that they were considering adopting algos from other
Suisse LIS interaction,
scores ranked the highest of any provider. The bank also
providers however, Credit
with optimised
outperformed the survey average in the speed, customi-
mid-point service and foreign exchange Improve
portfolios
Reduce
Execution
sation and execution
consulting categories.
among the desired functionalities.
Year
trader
Cost
Speed
2018
2017
RATINGS FOR ALGORITHM PERFORMANCE
productivity
5.05
market impact
consistency
4.76
5.35
5.27
5.12
5.86
5.27
5.79
5.05
Improve trader productivity
4.76
Reduce market impact
5.45
2018
2017
5.35
5.12
5.27
5.27
Execution consistency
5.86
5.79
Cost
Speed
5.15
Anonymity
5.45
5.89
4.97
4.94
5.00
Price improvement
Customisation
5.16
5.24
Ease of use
5.56
5.54
5.14
Crossing
5.96
5.12
Customer support
Execution consulting
5.75
5.78
5.24
Dark pool access
5.52
4.96
Smart order routing capabilities
6.00
5.22
0.00
84 // TheTrade // Summer 2018
1.0 0
2.00
3.00
4.0 0
5.00
6.0 0
7.00
5.15