The TRADE 67 - Q1 2021 | Seite 83

Exane BNP Paribas

Exane BNP Paribas offers a full suite of algorithms , coving equity markets across EMEA . Impressively , Exane ranks first place overall among its profiled peers and rates highest in all categories except for dark pool access and order routing logic . Exane recorded year-on-year increases in nine categories across the survey , with the most significant being its score for anonymity (+ 0.44 ) and reduced market impact (+ 0.38 ). In contrast , the firm recorded year-on-year decreases in six categories , most notably dark pool access ( -0.26), routing logic ( -0.17) and customisation ( -0.16), however Exane still remain top of the leaderboard for these key aspects of service . Despite significant investments into execution consulting to match client ’ s increasing reliance on algo wheels , the firm ’ s score of 5.99 represented a marginal fall ( -0.10) from its high score of 6.09 in last year ’ s survey . In a particularly strong showing the firm received 85 responses from long-only managers in this year ’ s survey . Unsurprisingly , Exane recorded higher-thanaverage scores in all categories to be surveyed this year , including customisation features , reduced market impact and increased trader productivity , which outperform the category averages by 61 , 52 and 46 basis points respectively . With a rapidly changing market structure landscape and the addition of new venues , the firm has focused on the efficiency of its European closing auction and trading for the benefit of clients . In the past year , the firm has seen significant growth in its US customer base and has deepened its relationships with index providers to shape its innovation strategies . Fifty-one percent of the long-only funds captured in the survey results trade at least half of the value of their portfolio algorithmically . Thirty-nine percent of managers doing business with Exane indicate they have US $ 50 billion or more in AUM . In terms of the geographic profile , almost all were from the major markets of continental Europe , with of a small handful of US respondents . A number of respondents to Exane expressed that they did not seek additional features , as they were happy with the level of service .