[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
RBC Capital Markets
RBC covers all the core algorithms , as well as
AI-powered VWAP and Arrival Price Algo , covering equities , ETFs , foreign exchange and listed derivatives . Up from 2023 , this year RBC received 67 responses , with the majority in the UK ( 45 %), Europe ( 30 %) and the US ( 18 %), with 31 % reporting to have an AUM of $ 50bn or more .
Although RBC did not beat the overall average , it did in six of the thirteen categories . Customer support ( 6.14 ) and anonymity ( 5.98 ) take the top spots , having moved up 0.25 and 0.18 points respectively since last year . They have also seen the largest annual shift . Ease of use takes third place , just below the average sitting at 5.92 , up 10 decimal places since last year . This is reflected in client ’ s comments , with the helpfulness of the team and the care and execution with which trades are carried out .
At the other end is customisation features ( 5.38 ) are down 0.22 . However , it is flexibility and
sophistication of smart order routing that has seen the greatest downturn this year , dropping 0.32 since 2023 and sitting firmly below the average . The firm , in fact , scored in the bottom three for this category when compared to the other providers in this report .
Interestingly when it comes to speed , RBC ’ s clients rated them 5.91 for two years in a row , just under the “ very good ” category , yet it is something which has been mentioned a handful of times in the client comments , particularly when linked to the firm ’ s speed and aggression . It would seem that RBC ’ s clients are happy with plenty of what it is doing .
Of course , this doesn ’ t mean they aren ’ t looking to other places , with 31 % of respondents reporting that they will be considering using additional algorithmic trading providers in the coming 12 months , in particular Cowen and Jefferies getting several mentions each as a consideration .
RBC CAPITAL MARKETS RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.94 5.78 5.91 5.71 5.91 5.98 5.72 5.38
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
5.92 5.68 6.14 5.65 5.86 5.42 5.66 5.78
KEY STATS Overall Outperformer : NO Category Outperformer : X6
6.14 Highest score
( Customer support )
|
5.38 Lowest score ( Customisation features ) |
0.25
Most improved ( Customer support )
|
-0.32
Least improved ( Flex and soph SOR )
|
|
|
|
Issue 79 // thetradenews . com // 89 |