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Berenberg
It has been a great year for Berenberg , with continued investment into BEAT ( Berenberg Algorithmic Trading ) and leveraging of the TIA ( Trading Intelligence Analytics platform ). This work over the last 12 months has clearly paid off , with one head of trading , based in Europe , specifically highlighting the TIA , praising Berenberg on its building of the platform .
Last year , Berenberg partnered with BMLL , leveraging Level 3 data to layer market event datasets with client trade data by linking unique order IDs via matching engine timestamps – allowing Berenberg ’ s TIA to deliver a robust A | B testing environment across five years of market and trade data to efficiently optimise algorithmic performance .
Berenberg ’ s overall score has improved since last year , sitting at 6.15 or “ very good ” and the category scores from buy-side traders across the board are equally as strong . This year , it is once again an overall outperformer , and a category outperformer in all 15 categories .
Taking the top spot is customer support – with a solid score of 6.52 . Long-only managers are quick to heap on the praise for the Berenberg customer support team . However , Berenberg as a whole
receives plenty of praise too , with one trader commenting that the provider is “ hands down [ the ] most supportive and proactive algo desk I work with ”.
It is worth noting here that , in fact , when it comes to algo monitoring , Berenberg scores the top score of all providers covered , with 6.21 .
In yet more positive news , Berenberg has seen some significant yearly shifts , with both customisation features and anonymity jumping 0.28 pushing its scores from “ good ” to “ very good ”.
Whilst across the board , Berenberg ’ s scores are firmly in the “ good ” to “ very good ” range , there has been a very slight decline from 2023 in two of the categories . Reduced market impact has moved from 6.05 down to 6.03 while breadth of dark pools has shifted from 6.21 down to 6.16 . However , given that both of these scores remain in the “ very good ” category this should be of little concern to the firm .
Overall , Berenberg received 76 responses , up from the 72 they received last year . The majority of respondents are based in the UK ( 41 %) and Europe ( 37 %) with a few more from the US , with just under a third of respondents reporting an AUM of over $ 50bn .
BERENBERG RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.24 6.03 6.20 5.96 6.17 6.14 6.07 6.12
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.18 6.04 6.52 6.13 6.16 6.07 6.21 6.15
KEY STATS Overall Outperformer : Category Outperformer : X15
6.52 Highest score
( Customer support )
|
5.96 Lowest score ( Cost ) |
0.28
Most improved ( Customisation features )
|
-0.5
Least improved ( Breadth dark pools )
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78 // TheTRADE // Q1 2024 |
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