[ 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