[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Jefferies
Jefferies achieved an overall average score of
6.03 in this year’ s survey, a modest improvement from 2024 with an increase of 0.08, helping the broker surpass the survey average of 6.00. Higher scores were recorded across most service areas under review in 2025, with the largest year-onyear increases being customisation features( 0.38), price improvement( 0.20) and routing logic analysis( 0.17). Only three categories recorded declines, with the least improved area being breadth of dark or alternative liquidity sources, which decreased by-0.11. The broker’ s highest scores were customer support( 6.34), ease of use( 6.23) and customisation features( 6.19).
This year, Jefferies outperformed the category benchmarks across nine key categories, most notably for customisation features and customer support, which beat the category average by 34 and 16 basis points, respectively. The lowest score in terms of underperformance was cost, which landed-0.07 when compared to the category average.
Jefferies received 75 responses this year, up
from 68 in 2024, which in terms of number of submissions, ranks ninth amongst all brokers. Around 49 % of long-only managers responding to this year’ s survey that do business with Jefferies 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( 29 %) and Europe( 35 %) collectively represented 64 % of the respondents, with the remainder split between North America( 32 %) and Asia-Pacific( 4 %). The most commonly used algo performance measurement metrics were VWAP TCA and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Good dark seeking strategy and custom IS algo
• Customisation features and speed of changes are second to none- best on the street
• First class service
• More dark liquidity analysis
• Improved price quality
JEFFERIES RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.15 6.04 6.04 5.84 6.07 6.08 5.82 6.19
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.23 5.81 6.34 5.84 6.05 6.02 5.97 6.03
KEY STATS Overall Outperformer: Category Outperformer: X9
6.34 Highest score( Customer support) |
5.81
Lowest score( Routing logic analysis)
|
0.38
Most improved( Customisation features)
|
-0.11
Least improved( Breadth of dark pools)
|
|
|
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Issue 83 // thetradenews. com // 71 |