The TRADE 63 - Q1 2020 | Page 94

[ A L G O R I T H M I C T R A D I N G S U R V E Y ] Virtu ITG V of their portfolio algorithmically. The company has an irtu Financial (Virtu) is a New York-headquartered average ranking of 5.63, which marks an improvement provider of financial services, trading products, and of 0.05 versus last year and places it in 10th place by peer market-making. Virtu’s recent combination with ITG rankings in this year’s survey. Virtu’s scores have improved creates a complete suite of client solutions, including exe- in nine categories over the past 12 months. The greatest cution services, workflow technology, liquidity sourcing, increases in scores are observed in flexibility and and trading analytics. Virtu provides a global suite sophistication of smart order routing (0.30), of algorithms for single-stock, portfolio, and anonymity (0.29), data on venue/order routing pairs trading as well as an event-driven routing Average logic or analysis (0.26), and customisation model and dark pool aggregation for access to Score (0.20). Increased trader productivity and algo dark liquidity via nondisplayed destinations. monitoring capabilities both show notable Virtu ranks sixth in temrs of responses (35) year-over-year declines of 0.31 and 0.26, by long-only funds choosing algo providers. respectively. Half of these firms manage US$50 billion or more, and 54% trade at least half of the value 5.63 VIRTU RATINGS FOR ALGORITHMIC PERFORMANCE Increased trader productivity Reduced market impact Execution consistency Cost Speed Anonymity Price improvement Customisation 5.70 5.74 5.67 5.62 5.76 5.83 5.55 5.30 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 5.74 5.58 5.66 5.30 5.96 5.67 5.41 KEY STATS 5.96 5.30 0.30 -0.31 Highest score (dark pool access) Lowest score (customisation) Most improved (Flexibility/ sophistication of SOR) Least improved (increase trader productivity) 94 // TheTRADE // Spring 2020