The TRADE 79 - Q1 2024 | Page 81

[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]

In fact , outside of this survey Citi have also reported a very good year , with a particularly strong third quarter . The TRADE reported that Citi ’ s “ institutional clients group division , which covers markets , services and banking , saw net income rise 12 % year-on-year ”.

Taking the top spot this year is customer support , receiving a score of 6.23 from long-only managers , firmly in the “ very good " category - improving significantly from last year ’ s 5.66 ( good ). In fact , traders are commenting on how “ support has seen [ a ] dramatic improvement ” over the last 12 months , and that Citi ’ s “ spectacular services and assistance ” are something worth taking note of .

However , this isn ’ t even in the top three of

score improvements . Execution consistency has seen an increase in 0.68 , with a score of 5.98 . Traders are also becoming more impressed with Citi ’ s algo monitoring , with an increase of 0.67 , giving this category a score of 5.86 . While both categories remain in the “ good ” category , these improvements are still noteworthy .

However , when it comes to speed ( 5.77 ) and reduced market impact ( 5.76 ), despite having seen an uptick in their score , these categories are still the lowest scoring , as well as coming in below the overall average .

Citi received 96 responses this year , with the majority of them coming in from Europe ( 43 %) and the UK ( 32 %). An impressive 50 % of their respondents reported holding an AUM of $ 50bn or more . Only 12.5 % of buy-side traders reported considering using additional algorithmic providers over the next year , although there was little consensus on who might be a top contender for this .

CITI RATINGS FOR ALGORITHMIC PERFORMANCE

5.89 5.76 5.98 5.87 5.77 5.89 5.83 5.80

6.10 5.78 6.23 5.93 5.78 5.94 5.86 5.89

KEY STATS Overall Outperformer : Category Outperformer : X10