[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Barclays
BARX is British bank Barclay ’ s cross-asset electronic trading platform that covers bonds , equities , ETFs , fixed income , FX and listed derivatives in Europe , North America and the Asia-Pacific . The platform supports a full suit of core algorithms , including VWAP , TWAP , percentage volume ( participation ), peg , market at open , market on close , implementation shortfall , iceberg , alternative liquidity seeking , plus others such as pairs algos and Rapid ( Smart DMA ). BARX increased its European market share by more than 30 % over the course of 2020 thanks to the firm ’ s strong investments in algorithmic trading services to meet clients ’ execution needs . Over 44 % of hedge fund respondents to Barclays are managers with US $ 10 billion or more in AUM . In terms of geographical breakdown , 61 % of respondents were based in the UK , 27 % in Europe and the remainder from the U . S . More than 66 % of the respondents using the British bank trade at least 50 % of their portfolio algorithmically . The firm ’ s overall average score of 5.93 comes in at 11 basis points above this year ’ s survey average of 5.82 . The bank ’ s scores beat the benchmarks in
14 of the 15 categories under review in this year ’ s survey . Barclays garnered too few responses to be included within the provider profiles published in 2020 , however it remains noteworthy that year-on-year increases were observed across all categories . Significant improvements were recorded in increase trader productivity (+ 0.82 ), algo monitoring capabilities (+ 0.72 ), execution consulting (+ 0.69 ) and execution consistency (+ 0.62 ). In terms of this year ’ s results the bank ’ s highest scores were recorded in the ease of use ( 6.19 ), customer support ( 6.17 ) and increase trader productivity ( 6.07 ) categories , which outperformed the survey benchmarks by + 0.13 , + 0.13 and + 0.09 points respectively . Barclays ’ score for algo monitoring capabilities outperformed the category average by 27 basis points , ranking the bank top in the category across all providers profiled from hedge fund managers in this year ’ s survey . A few additional features that the respondents wanted are smart / auto auction engagement , a better automated feedback loop for TCA , more advice regarding habits or approaches to certain types of execution and better MOC trading functionality .
BARCLAYS RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.07 5.75 5.84 5.85 5.98 6.05 5.57 5.99 6.19
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.78 6.17 5.73 6.06 5.96 5.97 5.93
KEY STATS Overall Outperformer : Category Outperformer : X14
6.19 Highest score
( ease of use )
|
5.57
Lowest score ( price improvement )
|
0.82
Most improved ( increase trader productivity )
|
0.11
Least improved ( reduce market impact )
|
|
|
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