[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Exane BNP Paribas
Exane BNP Paribas offers a comprehensive range of core algorithms for market participation and price improvement strategies , across equity markets in Europe , the Middle East and Africa . Recently , the firm ’ s attention has been on market structure innovation and adding additional venues , with particular focus on the European closing action , as well as extensive investment in execution consulting , in order to match clients increasing reliance on algo wheels . Exane received 27 responses from hedge fund managers in this year ’ s survey , with one third managing more than US $ 10 billion AUM . The firm ’ s overall average score of 6.07 , ranks second highest of all providers profiled and lands around 26 basis points ahead of the survey average of 5.82 . Half of the hedge funds captured in the survey results trade more than 60 % of the value of their portfolio algorithmically . As for the additional features wanted by respondents , some of the comments are in favour of more consistent consultation , a better liquidity-seeking algo and innovation .
Exane recorded higher-than-average scores across all categories under review , with the exception of breadth of dark or alternative liquidity sources ( -0.09 ). The firm scored highest among all providers profiled for increase trader productivity (+ 0.42 ), customisation features (+ 0.50 ) and customer support (+ 0.55 ), as well ranking highly in speed and execution consistency , which outperformed the survey benchmarks by 38 and 34 basis points respectively . Year-on-year increases were achieved in nine of the 15 service areas covered by the survey , the most significant being in increase trader productivity (+ 0.37 ) and algo monitoring capabilities (+ 0.25 ). In contrast , the survey recorded year-on-year decreases across six categories , including dark pool access ( -0.19 ), routing logic ( -0.18 ) and flexibility and sophistication of smart order routing ( -0.17 ), with its lowest score of 5.62 in price improvement . Overall Exane ’ s 2021 average of 6.07 is up by over three basis points compared to last year and represented in percentage terms the firm scored an impressive 87 %.
EXANE BNP PARIBAS RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.41 6.21 6.10 5.91 6.32 6.10 5.62 6.17 6.25
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.82 6.59 5.78 5.93 6.07 5.82 6.07
KEY STATS Overall Outperformer : Category Outperformer : X14
6.59 Highest score ( customer support ) |
5.62
Lowest score ( price improvement )
|
0.37
Most improved ( increase trader productivity )
|
-0.19
Least improved ( dark pool access )
|
|
|
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