The TRADE 63 - Q1 2020 | Page 82

[ A L G O R I T H M I C T R A D I N G S U R V E Y ] Bank of America B About one-third (34%) of participants manage over US$50 ank of America (BofA) is a Charlotte, North Caroli- billion in assets. BofA has improved year-over-year in four na-headquartered investment bank operating in 35 categories: execution consistency (0.11), customisation countries. BofA offers a wide range of execution capabili- (0.33), ease of use (0.34), and algo monitoring capabilities ties to help traders improve performance versus bench- (0.07). The firm’s average score of 5.43 is 12th among peers marks, reduce market impact, and maximise efficiency and represents a 0.10 decline versus 12 months ago. on the desk. These include algorithmic trading Year-over-year decreases are also observed in a strategies, smart order routing, and direct mar- number of other categories, including increased ket access (DMA). Average trader productivity, reduced market impact, BofA ranks 10th by number of long-on- Score cost, speed, anonymity, price improvement, ly fund responses received (29), moving data on venue/order routing logic or analysis, up two notches from 2019’s survey. Sixty customer support, dark pool access, and flexi- percent of the funds that rely on BofA for bility and sophistication of smart order routing. algo execution indicate they trade at least half of their portfolio value by algorithmic means. 5.43 BANK OF AMERICA RATINGS FOR ALGORITHMIC PERFORMANCE Increased trader productivity Reduced market impact Execution consistency Cost Speed Anonymity Price improvement Customisation 5.42 5.16 5.62 5.36 5.50 5.55 5.26 5.06 Ease of use Data on venue/order routing logic or analysis Customer support Execution consulting Dark pool access Flexibility and sophistication of smart order routing Algo monitoring capabilities 5.73 5.41 5.71 5.37 5.51 5.44 5.38 KEY STATS 5.73 5.06 0.34 -0.45 Highest score (ease of use) Lowest score (customisation) Most improved (ease of use) Least improved (anonymity) 82 // TheTRADE // Spring 2020