[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Goldman Sachs
Goldman Sachs’ overall average score in this year’ s survey was 5.86, an improvement from 2024 with an increase of 0.18 but it did still come up short of the overall survey average score of 6.00. Still, the firm did see increases in many of the categories in 2025, with the largest year-onyear increases being price improvement( 0.43) and customisation features( 0.35). The least improved category was ease of use which declined modestly by 0.05. The broker’ s top three highest scores were cost, speed and breadth of dark pools, all at 6.02.
When compared across the category benchmarks, Goldman Sachs outperforms in two key service areas; cost( 0.11) and price improvement( 0.05). In contrast, customer support appears to be an area of concern as it lands-0.40 points below the category average.
This year, Goldman Sachs received 93 responses, which ranks the broker fourth amongst its peers in terms of submissions. Around 46 % of long-only managers responding to this year’ s survey that
do business with Goldman Sachs indicate they have more than $ 50 billion in AUM, followed by those managers with between $ 10 and $ 50 billion in AUM at 23 %. The UK( 24 %) and Europe( 48 %) collectively represented 72 % of the respondents, with the remainder split across North America( 25 %), Asia-Pacific( 2 %) and ROW( 1 %). The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Reliable and good product
• Good customer service
• Excellent coverage
• More real-time algo monitoring capabilities
• Access to DMA like liquidity seeking algo that works well without leaking
• More dynamic algo strategies that perhaps layer different algorithms within a single strategy
GOLDMAN SACHS RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.96 5.88 5.88 6.02 6.02 5.88 5.90 5.56
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
5.95 5.76 5.77 5.72 6.02 5.87 5.76 5.86
KEY STATS Overall Outperformer: NO Category Outperformer: X2
6.02 Highest score( Breadth of dark pools) |
5.56
Lowest score( Customisation)
|
0.43
Most improved( Price improvement)
|
-0.05
Least improved( Ease of use)
|
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