[ S U R V E Y | E X E C U T I O N M A N A G E M E N T S Y S T E M S ]
Virtu Triton
Virtu ’ s Triton Valor is a global EMS platform with over 300 clients who use the system to trade equities , ETFs , fixed income , FX and listed derivatives across more than 50 countries and hundreds of venues . Virtu has continued to focus on expanding Triton ’ s fixed income capabilities , including rolling out native RFQ trading to multiple venues via trading APIs , additional direct dealer streams and is working on increasing its workflow functionality in the FX space . In addition , the company notes it plans to utilise machine learning this year with the planned rollout of its ASTRO model for data driven strategy selection , stock clustering for understanding trading difficulty , and block probability scores , all of which will be integrated into the Triton workspace . Over the past year , Sumitomo Mitsui Trust Asset Management joined a growing list of buy-side institutions choosing to onboard Virtu Financial solutions across its execution business . Elsewhere , Groupama Asset Management expanded its use of Virtu ’ s Triton Valor EMS to encompass fixed income trading . Of Virtu ’ s over 300 buy-side clients , 145 responded to this year ’ s survey , ranking the vendor first once again among its peers in terms of number of responses received . Virtu Triton once again increased its score this
year , receiving an average score of 6.40 , which is six basis points above its 2023 score and an impressive 49 basis points above the survey average of 5.91 . Virtu outperformed the category average in all thirteen areas under review , with the most significant being client service personnel (+ 0.69 ), which was also Virtu ’ s highest score this year , while its lowest score was breadth of asset class coverage ( 5.92 ) - Virtu ’ s only score that came in below a 6.00 ( very good ).
Despite overall outperformance , Virtu did experience marginal year-over-year declines in the areas of ease-ofuse ( -0.11 ) and latency ( -0.04 ). These declines however , were overshadowed by the provider ’ s year-over-year improvements . Although Virtu ’ s clients gave the provider top marks in many of the functional categories under review , they still had a few requests when asked what additional features they wanted from the company . Respondents cited broader access to asset classes , in particular crypto and expansion with FX , mobile trading capabilities , speed trading capabilities , additional order types , improved usability of pre , post-trade and real time trading tools , additional connections to third-party RFQ platforms for FX and fixed income and enhancements in interoperability .
VIRTU TRITON RATINGS FOR EMS PERFORMANCE
Reliability and availability |
Latency |
Client service personnel |
Ease-ofuse |
Handling of new versions / releases |
Breadth of broker algorithms |
Timeliness of updates for broker changes |
FIX capabilities |
6.61 6.41 6.69 6.37 6.27 6.57 6.41 6.58
Breadth of asset class coverage |
Breadth of direct connections to venues |
Product development |
Ease of integration to internal systems |
Overall cost of operation |
Average score |
5.92 6.52 6.20 6.37 6.28 6.40
KEY STATS Overall Outperformer : Category Outperformer : X13
6.69
Highest score ( client Service Personnel )
5.92
Lowest score ( breadth of asset class coverage )
+ 0.24
Most improved ( ease of integration to internal systems )
-0.11
Least improved ( ease-of-use )
94 // TheTRADE // Q3 2024