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Other providers
When it comes to the providers on this page , while they may not have received enough responses for an individual write up , there is still plenty to say . Taking the top spot is Redburn Atlantic , which is both an overall outperformer as well as a 15X category outperformer . They are followed in second place by Liberum T-Rex , who is also both an overall outperformer as well as a 15X category outperformer . It is worth noting that when it comes to execution consulting and pre-trade cost they scored in the top three highest scores across all 21 providers . Thirdly is Stifel Europe . While they are an overall outperformer , they did not quite beat the average in every category . However , when it comes to ease of use and breadth of dark pools , they are in the top three ! BMO comes in fourth place , also beating the overall average .
Only two providers on this page failed to beat the average , with Bernstein and Cowen coming in just below the average at 5.80 and 5.79 respectively . ( Note that the average is 5.81 , so it was only just !) Liberum T-Rex , having noticed the growth in outsourced dealers and the increasing competition among boutique houses , is striving to offer something a little different . It will come as little surprise then that when it comes to cost , they have the highest score on the page ( 6.04 ). They also have the top score of our six providers listed here when it comes to reduced market impact , anonymity , execution consulting and pre-trade cost , and flexibility and sophistication of SOR .
Stifel have also scored considerably well across the board , taking the top spot in six of the fifteen
BERNSTEIN RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.82 5.71 5.73 5.72 5.68 6.06 5.78 5.67
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
5.96 5.63 6.02 5.65 6.02 5.82 5.78 5.80
BMO CAPITAL MARKETS RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.84 5.93 5.71 5.88 5.91 6.04 5.89 5.99
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.01 5.57 6.26 5.71 5.80 5.94 5.93 5.89
TD COWEN RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.71 5.77 5.77 5.69 5.79 6.02 5.65 5.49
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
5.93 5.84 6.01 5.71 5.81 5.77 5.83 5.79
92 // TheTRADE // Q1 2024