[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Virtu Financial
Virtu’ s overall average score in this year’ s survey was 5.89, showing almost no change from 2024 with a modest increase of 0.01 and landing just short of survey average of 5.90. The agency broker saw some inconsistent results across categories in 2025, with significant year-on-year increases recorded in key areas such as customer support(+ 0.88) and customisation(+ 0.33), as well as some notable decreases in categories like order routing logic(-0.41) and dark pool access(-0.36). Virtu’ s highest scores were in customer support( 6.54), anonymity( 6.26) and ease of use( 6.19).
Technology and transparency form the foundation of Virtu’ s algorithmic trading suite. Using advanced technology architecture, Virtu aims to transform trader intentions into deterministic rules-based trading algorithms based on real-time information. The result is a suite of strategies whose logic is easy to understand, simplifying order execution and routing. In terms of category outperformance, Virtu outperforms the survey benchmarks across six key functional service areas and lands in second place in customer support(+ 0.47), speed
(+ 0.23) and anonymity(+ 0.22). In contrast, categories such as algo monitoring, execution consulting and order routing logic fall short of the survey benchmarks by-0.30,-0.24 and-0.22 respectively.
This year, Virtu received 23 responses from hedge fund managers and firms using hedge fund strategies, down from 29 in 2024. Of these, around 22 % stated they were looking to make use of additional providers in the next 12 months. In terms of client size, close to 35 % hold $ 50 billion or more in AUM, followed by those managers with between $ 1 and $ 10 billion in AUM at 26 %. The UK( 29 %) and Europe( 25 %) collectively represented 54 % of the respondents, with the remainder split between North America( 42 %) and APAC( 4 %). The most commonly used performance measurement metrics were VWAP TCA, implementation shortfall TCA and liquidity capture.
Sample feedback from respondents included the following:
• More functionality on dark orders requested
• More API integration requested
VIRTU FINANCIAL RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.01 5.97 5.95 5.68 6.12 6.26 5.74 5.58 6.19
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.47 6.54 5.52 6.06 5.77 5.53 5.89
KEY STATS Category Outperformer: X6
6.54 Highest score( Customer support) |
5.47
Lowest score( Order routing logic / analysis)
|
0.88
Most improved( Customer support)
|
-0.41
Least improved( Order routing logic / analysis)
|
80 // TheTRADE // Q2 2025 |
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