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Figure 6 : Asset Classes Traded 2023 (% of respondents )

Figure 7 : Regional Distribution 2023

ROW

Asia Pacific

Europe

In keeping with prior year trends , the data ( Figure 5 ) shows that , in general , as firms get larger and have more complex strategies , they tend to use a greater number of EMS providers compared to their smaller counterparts . Those differences are not significant , however . This year ’ s survey reveals that firms with more than US $ 50 billion in AUM used an average of 1.62 providers , whereas those with less than US $ 0.5 billion in AUM used 1.32 providers .

Once again respondents continued to predominantly trade equities ( 80 %) through execution management systems ( Figure 6 ). Outside of equities , over half of respondents to this year ’ s survey noted use of an EMS to trade ETFs ( 51 %). Staying with the continued trend towards electronic trading of nonequity asset classes respondents also indicated they use an EMS to trade listed derivatives ( 39 %), fixed income ( 22 %), and foreign exchange ( 21 %). In addition , 2 % of respondents also noted their use of an EMS to trade crypto , which as an asset class that has not previously been part of the survey .

The geographic distribution of respondents in this year ’ s survey is shown below in Figure 7 . Over half of all respondents were located North America ( 51 %), while the remainder was split primarily among Asia Pacific ( 20 %), Europe ( 14 %) and the UK ( 12 %). One in three ( 34 %) respondents to this year ’ s EMS survey came from firms with over US $ 50 billion in AUM , while only 17 % were with small firms that manage less than US $ 1 billion .

Without a doubt , the gains recorded in this year ’ s survey virtually erased the declines experienced last year , but it ’ s safe

74 // TheTRADE // Q3 2023