[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Citi
Citi’ s overall average score in this year’ s survey was 6.00, showing encouraging improvement from 2024 with an increase of 0.11, landing them right at the overall survey average of 6.00. The broker saw an increase in many of the categories in 2025, with the largest year-on-year growth being increase trader productivity( 0.26) and reduced market impact( 0.25). The least improved category was a sharp decline in customer support by-0.17. The company’ s highest scores were in increased trader productivity( 6.15), execution consistency( 6.15) and ease of use( 6.10).
Citi continues to invest in the platform and service offering for buy-side clients, offering an array of algos not only for equities, but also for FX, listed derivatives and ETFs. When compared across the survey benchmarks, Citi outperformers the category average across seven key service areas, including price improvement( 0.19), cost( 0.11) and execution consistency( 0.10).
This year, Citi received 81 responses, which ranks the broker eighth amongst its peers in
terms of submissions. Around 49 % of long-only managers responding to this year’ s survey that do business with Citi indicate they have more than US $ 50 billion in AUM, followed by those managers with between $ 10 and $ 50 billion in AUM at 23 %. The UK( 26 %) and Europe( 42 %) collectively represented 68 % of the respondents, with the remainder split across North America( 22 %), Asia- Pacific( 6 %) and ROW( 4 %). The most commonly used performance measurement metrics were VWAP TCA, implementation shortfall TCA, and liquidity capture.
Sample feedback from respondents included the following:
• Great algos, especially close algo
• Always excellent service provision from both the electronic and portfolio trading desks
• SOR is very good and receive immediate fills when marketable
• More dark liquidity analysis
• Enhancements to customisation capabilities
CITI RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.15 6.01 6.15 6.02 5.99 6.00 6.04 5.75
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.10 5.97 6.06 5.94 5.83 5.96 6.03 6.00
KEY STATS Overall Outperformer: NO Category Outperformer: X7
6.15 Highest score( Execution consistency) |
5.75
Lowest score( Customisation)
|
0.26
Most improved( Increase trader productivity)
|
-0.17
Least improved( Customer support)
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68 // TheTRADE // Q1 2025 |
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