[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Kepler Cheuvreux
Kepler Cheuvreux’ s overall average score in this year’ s survey was 6.12, a significant 0.33-point uptick from 2024, exhibiting the largest increase amongst its peers and landing comfortably above the survey average score of 6.00. The agency broker recorded an increase across every single category in 2025, with the largest year-on-year increases being execution consulting( 0.48) and breadth of dark pools( 0.48). The least improved category was reduced market impact, which still grew by 10 basis points. Kepler’ s highest scores were in customer support( 6.37), ease of use( 6.26) and customisation features( 6.24).
According to the broker’ s provider submission, Kepler Cheuvreux wrapped up 2024 with strong growth, securing over 100 new client mandates and delivering outstanding performance across all execution businesses. KCx continues to invest into building out its overall capabilities, including SPARK( new SOR), KCx Omni( new sequencer), Vector TCA to support execution consultancy, and more. When compared across the category benchmarks, Kepler outperforms in all but one category, with a strong showing from customisation features and cost,
which land 39 and 30 basis points above the category average respectively. Other honourable mentions include execution consulting( 0.23) and customer support( 0.20)
This year, Kepler Cheuvreux received 74 responses, ranking the broker tenth amongst its peers in terms of submissions. Around 28 % of long-only managers responding to Kepler indicate they have more than $ 50 billion in AUM, followed by managers with between $ 10 and $ 50 billion in AUM at 24 %. The UK( 34 %) and Europe( 59 %) collectively represented 93 % of the respondents, with the remainder split between North America( 6 %) and rest of the world( 1 %). The most commonly used algo performance measurement metrics were VWAP TCA and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Great execution and a great support staff
• Best sales coverage support and flawless execution
• Access to more ELP liquidity
• TCA and pre-trade analysis
• API and more information / data to support trading
KEPLER CHEUVREUX RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.13 5.92 6.10 6.21 6.10 6.21 5.90 6.24
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.26 5.93 6.37 6.09 6.21 6.06 6.10 6.12
KEY STATS Overall Outperformer: Category Outperformer: X14
6.37 Highest score( Customer support) |
5.90
Lowest score( Price improvement)
|
0.48
Most improved( Breadth of dark pools)
|
0.10
Least improved( Reduced market impact)
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