[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
JP Morgan
JP Morgan’ s overall average score in this year’ s survey was 5.56, representing a decrease of-0.20 since 2024 and landing-0.34 short of the survey average of 5.90. The broker experienced some year-on-year upticks in areas such algo monitoring(+ 0.35), cost(+ 0.10) and order routing logic / analysis(+ 0.06), however recorded declines across all other categories. Access to dark pools and reduced market impact recorded the most significant drops, decreasing by-0.63 and-0.46 respectively.
When compared across the survey benchmarks, JP Morgan experienced below average scores across all categories with lower client ratings in areas such as customer support(-0.52), dark pool access(-0.49) and customisation features(-0.48). Despite this, all scores remain comfortably in the good range( 5.00 – 5.99), with the majority landing in the upper end of the scale. JP Morgan’ s highest scores were in ease of use( 5.91), cost( 5.67) and increase trader productivity( 5.67).
This year, JP Morgan received 53 responses from hedge fund managers and firms using hedge fund strategies- down from 59 in 2024- which ranks the broker joint second in terms of submissions. In terms of client size, over half of these represent firms with more than $ 10 billion in AUM. The UK( 36 %) and Europe( 28 %) collectively represented 64 % of the respondents, with the remainder split between North America( 21 %) and APAC( 15 %). The most commonly used performance measurement metrics were VWAP TCA liquidity capture, and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Overall good product across the board and supportive
• Smarter pairs trading algo requested
• Requsted more dark functionality and analysis
JP MORGAN RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
5.67 5.49 5.59 5.67 5.58 5.64 5.53 5.26 5.91
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.52 5.55 5.36 5.41 5.55 5.63 5.56
KEY STATS
5.91 Highest score( Ease of use) |
5.26
Lowest score( Customisation)
|
0.35
Most improved( Algo monitoring)
|
-0.63 Least improved( Dark pool access) |
74 // TheTRADE // Q2 2025 |
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