[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
RBC Capital Markets
RBC Capital Markets’ overall average score in this year’ s survey was 5.92, an uptick of 15 basis points from 2024 and just marginally short of the survey average of 6.00. The broker achieves increases across most categories in 2025, with some significant gains in key areas such as customisation features( 0.39), ease of use( 0.36) and flexibility and sophistication of smart order routing( 0.34). The least improved category was price improvement, which declined by-0.08. RBC’ s highest scores were in ease of use( 6.28), customer support( 6.20) and anonymity( 6.10).
RBC Capital Markets offers multi-asset class algo offerings, including equities, ETFs, FX and listed derivatives. When compared across the survey benchmarks, RBC outperforms the category average in four service areas: ease of use( 0.07), algo monitoring( 0.04), anonymity( 0.03) and customer support( 0.03). Reduced market impact was the lowest performing area, scoring 0.27 below the category average.
This year, RBC Capital Markets received 61 responses, which ranks the broker fourteenth
amongst its peers in terms of submissions. Around 33 % of long-only managers responding to this year’ s survey that do business with RBC indicate they hold more than $ 50 billion in AUM, followed by those managers with between $ 10 and $ 50 billion in AUM at 31 %. The UK( 36 %) and Europe( 35 %) collectively represented 71 % of the respondent pool, with the remainder split between North America( 26 %) and rest of the world( 3 %). The most commonly used algo performance measurement metrics were VWAP TCA, implementation shortfall TCA, and liquidity capture.
Sample feedback from respondents included the following:
• Perfect combination of high and low touch service
• Great team-based approach, best in the market bar none
• Looking for more pre-trade analytics and execution consulting
• Better interlisted MOC facilities
• Access to better real-time algo monitoring capabilities
RBC CAPITAL MARKETS RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.09 5.74 6.03 5.74 5.92 6.10 5.64 5.77
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.28 5.85 6.20 5.68 6.07 5.76 5.99 5.92
KEY STATS Overall Outperformer: NO Category Outperformer: X4
6.28
Highest score( Ease of use)
|
5.64
Lowest score( Price improvement)
|
0.39
Most improved( Customisation features)
|
-0.08
Least improved( Price improvement)
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76 // TheTRADE // Q1 2025 |
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