[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Goldman Sachs
Goldman Sachs’ overall average score this year was 5.66, marking a decrease of 0.17 from 2024 and landing short of the survey average of 5.90. The broker saw declines across many categories in 2025, with just two areas seeing an increase on the previous year, namely price improvement(+ 0.19) and algo monitoring(+ 0.07). Year-on-year decreases were recorded in the remaining 13 categories with key aspects of service such as customer support and reduced market impact both experiencing a decline of-0.41. Goldman Sachs’ top three highest scores were ease of use( 5.97), dark pool access( 5.81) and speed( 5.80). When compared across the survey benchmarks, Goldman falls short of the category average across all functional service areas, in particular in customer support and services, which underperformed by 50 basis points. Despite this, all scores remain comfortably in the good range( 5.00 – 5.99), with the vast majority landing in the upper end of the scale.
This year, Goldman Sachs received 61 responses from hedge fund managers and firms using hedge fund strategies- up from 57 in 2024- which ranks the broker first amongst its peers in terms of submission numbers. Of these, 15 % stated they were looking to make use of additional algo providers over the next 12 months. In terms of AUM, 40 % of the respondent pool manage assets of over $ 10 billion. Overall, traders based in the UK( 38 %) and continental Europe( 21 %)- collectively represented 59 %- with the remainder split across North America( 25 %), Asia-Pacific( 15 %) and the rest of the world( 2 %). The most commonly used performance measurement metrics were implementation shortfall TCA, liquidity capture, and VWAP TCA.
Sample feedback from respondents included the following:
• Good and reliable product with good customer service
• More research- suggestions that algos should differ in their execution logic by market and tenor, outright and spread
• Requested access to DMA like a liquidity seeking algo that works well without leaking
GOLDMAN SACHS RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
5.76 5.63 5.91 5.64 5.80 5.61 5.73 5.44 5.97
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.38 5.58 5.48 5.81 5.72 5.45 5.66
KEY STATS
5.97 Highest score( Ease of use) |
5.38
Lowest score( Order routing logic / analysis)
|
0.19
Most improved( Price improvement)
|
-0.41 Least improved( Customer support) |
72 // TheTRADE // Q2 2025 |
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