[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
BNP Paribas
BNP Paribas achieved an overall average of 6.48 in this year’ s survey, an impressive improvement from 2024 with an increase of 28 basis points, representing the best score amongst its peers by a significant margin. The broker saw an increase across every category in 2025 except for one, with the two largest year-on-year increases being execution consulting(+ 0.59) and customer support(+ 0.44). The least improved category was speed, which declined slightly by-0.06. Stella scores were recorded in customer support( 6.72) and customisation features( 6.65). BNP Paribas outperformed the category average across all 15 aspects of service, achieving the highest score in every category. Significant areas of outperformance include customisation(+ 0.90), execution consulting(+ 0.80) and smart order routing(+ 0.69).
The integration of Exane into BNP Paribas was completed at the end of 2023, with Exane’ s algo suite and clients migrated over to BNP Paribas systems. This year, BNP Paribas received 53 responses from hedge fund managers and firms using hedge fund strategies- up from 45 in 2024- which ranks the broker joint second in terms of submission numbers. Of these, 11 % stated they were looking to make use of additional algo providers within the next 12 months.
Around 40 % of hedge fund managers and firms using hedge fund strategies responding to this year’ s survey that do business with BNP Paribas indicate they hold more than $ 50 billion in AUM. The UK( 26 %) and Europe( 49 %) collectively represented three quarters of the respondent pool, with the remainder split between North America( 6 %) and APAC( 19 %). The most commonly used performance measurement metrics were VWAP TCA, implementation shortfall TCA and liquidity capture.
Sample feedback from respondents included the following:
• Great service and performance
• Demand for more liquidity seeking closing algos
• Greater innovation requested
BNP PARIBAS RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.44 6.41 6.56 6.46 6.37 6.47 6.40 6.65 6.48
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
6.25 6.72 6.56 6.34 6.59 6.48 6.48
KEY STATS Overall Outperformer: Category Outperformer: X15
6.72 Highest score( Customer support) |
6.25
Lowest score( Order routing logic / analysis)
|
0.59
Most improved( Execution consulting)
|
-0.06 Least improved( Speed) |
70 // TheTRADE // Q2 2025 |
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