[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Jefferies
Jefferies’ overall average in this year’ s survey was 5.79, a downfall from its strong showing in 2024, with a decrease of-0.58, placing the broker 12 basis points below the survey average of 5.90. Jefferies recorded declines across all categories in 2025, in particular in order routing logic analysis at-0.83 and reduced market impact at-0.78. Despite this, high scores were achieved in key areas such as customisation( 6.11), anonymity( 6.04) and customer support( 6.01).
When compared across the category averages, Jefferies performed well in customisation features(+ 0.37) as well as access to dark pools(+ 0.02) yet falls short of the survey benchmarks in all other aspects of service, including cost(-0.30), execution consistency(-0.28) and routing logic analysis(-0.25). In contrast to some low ratings, clients appear to remain loyal to Jefferies, with just 6 % of the respondent pool stating they were looking to make use of additional providers over the next 12 months.
This year, Jefferies received 33 responses from hedge fund managers and firms using hedge fund strategies- up from 30 in 2024- which ranks the broker eighth in terms of submission numbers. The UK( 36 %) and Europe( 21 %) collectively represented 57 % of the respondents, with the remainder split across North America( 30 %), APAC( 9 %) and rest of the world( 3 %). In terms of client size, 33 % indicate they hold more than $ 50 billion in AUM, followed by those managers with between $ 10 and $ 50 billion and between $ 1 and $ 10 billion in AUM each at 24 %. Lastly, the most commonly used performance measurement metrics were implementation shortfall TCA, liquidity capture, and VWAP TCA.
Sample feedback from respondents included the following:
• Good dark seeking strategy and custom IS algo
• More pairs trading features requested
• More dark liquidity analysis requested
JEFFERIES RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
5.95 5.75 5.72 5.55 5.68 6.04 5.73 6.11 5.95
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.44 6.01 5.59 5.92 5.71 5.65 5.79
KEY STATS Category Outperformer: X2
6.11 Highest score( Customisation) |
5.44
Lowest score( Order routing logic / analysis)
|
n / a Most improved |
-0.83
Least improved( Order routing logic / analysis)
|
|
|
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Issue 84 // thetradenews. com // 73 |