[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Instinet
Instinet’ s overall average score in this year’ s survey was 6.02, a notable uptick from 2024 with an increase of 0.29 and crossing over the other positive side of the survey average of 6.00. Similar to the performance of other top peers, the firm saw an increase in every category in 2025, with the largest year-on-year increases being ease of use( 0.52) and customisation( 0.48). The least improved category was breadth of dark pools, which still grew slightly by 0.04. The agency broker’ s highest scores were recorded in ease of use( 6.35), anonymity( 6.25) and increase trader productivity and customer support tied for third( 6.13).
Instinet is constantly innovating to meet the growing demands of clients. One area of focus has been on addressing the increasing activities around the close. Instinet uses a specialised“ Close Overlay” to opportunistically trade in various ways in and around the close. In addition, Instinet Analytics operates a range of highly configurable analytics ' Capsules ' which provide forward-looking views on possible intraday trends, including price momentum, reversion and discrete volume patterns. When compared across the category benchmarks, Instinet remains strong in many key service areas,
including anonymity and ease of use, clearly outperforming against the category averages by 0.18 and 0.15 points, respectively.
Instinet received 63 responses in 2025, which ranks the bank thirteenth in terms of submissions. Around 33 % of long-only managers responding to the survey that do business with Instinet indicate they have over $ 50 billion in AUM, followed by managers with between $ 10 and $ 50 billion in AUM at 27 %. The UK( 37 %) and Europe( 33 %) collectively represented 70 % of the respondent pool, with the remainder split across North America( 22 %), APAC( 3 %) and ROW( 5 %). The most commonly used performance measurement metrics were VWAP TCA, implementation shortfall TCA and liquidity capture.
Sample feedback from respondents included the following:
• Very easy to work with and quick to respond to any issues
• Application of AI to improve algo selection
• VWAP guarantees for US orders
• A midpoint liquidity offering
• Reduced latency
INSTINET RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.13 5.98 6.07 5.98 6.03 6.25 5.84 5.85
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.35 5.96 6.13 5.80 5.91 6.03 6.01 6.02
KEY STATS Overall Outperformer: Category Outperformer: X8
6.35
Highest score( Ease of use)
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5.80
Lowest score( Execution consulting)
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0.52
Most improved( Ease of use)
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0.04
Least improved( Breadth of dark pools)
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70 // TheTRADE // Q1 2025 |
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