The TRADE 87 - Q1 2026 | Seite 65

[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]

6.34 in this year’ s survey, up 0.13 from 2025 and landing 40 basis points above the survey average( 5.94). On a category level, the three largest year-on-year increases recorded were in cost( 0.40), anonymity( 0.30) and execution consulting and pre-trade cost estimation( 0.26). The least improved aspect of service was customisation features, which shrank by-0.06. As in 2025, the broker’ s highest scores were customer support( 6.68), ease of use( 6.49) and increased trader productivity( 6.45). When compared against the survey benchmarks, Berenberg performs strongly, achieving category outperformer status in all fifteen service areas under review and ranking within the top three providers across every category, including the top score for customer support, which outperformed the category average by an impressive 67 basis points.

This year, Berenberg received 87 responses from long-only managers, which ranks the broker fourth amongst its peers in terms of submissions. Responding traders were based in Europe( 43 %) and the UK( 35 %), with the remainder split

between North America( 20 %) and ROW( 2 %). The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA. In terms of AUM, 34 % indicate they manage more than $ 50 billion in assets.

Jason Rand, global head of electronic / program trading and distribution, comments:“ We are very pleased with our performance in 2025, delivering + 27 % year-on-year growth in electronic trading revenue and + 22 % year-on-year growth in program trading revenue. This momentum underscores the value clients are finding in our innovations, including new dark and bilateral liquidity-seeking strategies, our multi-factor impact model and trade optimiser, and the continued strength of our broader electronic trading ecosystem.”

Sample feedback from respondents included the following:

• High marks for best algo analytics technology and extremely attentive to performance

• Demand for better tag 76 values back to clients

• Calls for access to private rooms

• Demand for more ELP and SI sources

BERENBERG RATINGS FOR ALGORITHMIC PERFORMANCE

6.45 6.27 6.39 6.30 6.34 6.31 6.16 6.25

6.49 6.30 6.68 6.23 6.32 6.24 6.30 6.34

KEY STATS Overall Outperformer: Category Outperformer: X15