[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Citi
Citi’ s overall average score in this year’ s survey was 5.94, up 15 basis points from 2024 and landing four basis points above the survey average score of 5.90. Citi recorded upticks across 11 key service areas, most notably in price improvement(+ 0.41), algo monitoring(+ 0.35), execution consulting(+ 0.34) and increase trader productivity(+ 0.33). Some marginal declines were recorded in four categories, the highest of which was the area of customisation, which decreased by-0.24. The broker’ s highest scores were recorded in customer support( 6.29) and execution consistency( 6.20). In 2025, Citi has outperformed the category average across ten key areas of service including customer support and execution consulting which score 22 and 18 basis points above the survey benchmarks respectively. In contrast, the broker fell short of the category average in five areas, including customisation(-0.22) and access to dark pools(-0.20).
This year, Citi received 43 responses from hedge fund managers and firms using hedge fund strategies – up slightly from 40 in 2024- which ranks the broker sixth in terms of submission numbers. Of these, 37 % indicate they manage more than $ 50 billion in assets. The UK( 56 %) and Europe( 9 %) collectively represented 65 % of the respondents, with the remainder split across North America( 19 %), APAC( 12 %) and rest of the world( 5 %). The most commonly used performance measurement metrics were VWAP TCA, implementation shortfall TCA and liquidity capture. Just 9 % of Citi’ s clients stated they were looking to make use of additional providers within the next 12 months.
Sample feedback from respondents included the following:
• Great support and algo sales coverage
• Feels like receiving high touch service from a low touch desk
• Demand for more liquidity
• Would like to see more market making
CITI RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.16 5.86 6.20 5.93 5.89 5.93 5.99 5.52 5.97
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.81 6.29 5.94 5.70 5.91 6.00 5.94
KEY STATS Overall Outperformer: Category Outperformer: X10
6.29 Highest score( Customer support) |
5.52 Lowest score( Customisation) |
0.41
Most improved( Price improvement)
|
-0.24 Least improved( Customisation) |
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