[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
JP Morgan
JP Morgan’ s overall average score in this year’ s survey was 5.67, which lands 33 basis points below the survey average of 6.00 yet represents an uptick of 0.06 compared to 2024. On a positive note, the broker achieved improvements across most categories in 2025, with the largest year-on-year increases being routing logic analysis( 0.25) and algo monitoring( 0.19). The least improved category was increased trader productivity, which declined substantially by 0.14. The broker’ s highest scores were in ease of use( 5.94), breadth of dark pools( 5.80) and customer support( 5.79).
When compared against category benchmarks, JP Morgan experienced below average scores across all categories, most notably around anonymity(-0.46) and increase trader productivity(-0.38), however this is in line with scores received by other bulge bracket banks.
This year, JP Morgan received 107 responses, which ranks second amongst its peers in terms of the number of submissions. Around 53 % of long-only managers responding to JP Morgan in this year’ s survey indicate they have more than $ 50 billion in AUM, followed by those managers with between $ 10 and $ 50 billion in AUM at 26 %. The UK( 27 %) and Europe( 47 %) collectively represented 74 % of the respondent pool, followed by North America( 21 %). The remainder were split across Asia-Pacific( 3 %) and rest of the world( 2 %). The most commonly used algo performance measurement metrics were VWAP TCA and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Overall good product across the board and supportive
• Getting above average liquidity at below average market footprint
• Improved algo logics, price protection, block capture and specifically post reversion integrations
• Increased algo monitoring abilities
• Block trading in FX
JP MORGAN RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.72 5.70 5.73 5.78 5.71 5.61 5.50 5.46
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
5.94 5.67 5.79 5.61 5.80 5.55 5.55 5.67
KEY STATS Overall Outperformer: NO Category Outperformer: NO
5.94
Highest score( Ease of use)
|
5.46
Lowest score( Customisation)
|
0.25
Most improved( Routing logic analysis)
|
-0.14
Least improved( Increase trader productivity)
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72 // TheTRADE // Q1 2025 |
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