[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Citi
Citi achieved an overall average score in this year’ s survey of 5.98, outperforming the survey average by four basis points. The broker’ s highest scores were in key aspects of service such as breadth of dark pools( 6.12), customer support( 6.09) and ease of use( 6.06). Category outperformance was achieved across nine areas, including routing logic or analysis(+ 0.18) and execution consulting(+ 0.09).
The broker records year-on-year increases across six categories, with the largest areas of growth being breadth dark pools( 0.29) and customisation features( 0.20). Meanwhile a sharp decline was observed in price improvement(-0.22), whilst other decreases were also recorded in anonymity(-0.17), cost(-0.16) and execution consistency(-0.15). Overall, we see a marginal year-on-year decrease of 0.02 from 2025.
This year, Citi received 72 responses from traditional asset managers, which ranks the bank ninth amongst its peers in terms of number of submissions. Around 57 % of responding traders were from large firms managing over $ 50 billion in AUM and 21 % from mid-sized firms managing
$ 10 to $ 50 billion. In terms of region, 68 % of trading desks were located in EMEA, 26 % in North America and 6 % in APAC.
Citi continues to invest in the platform and service offering for buy-side clients, with one in five traders looking to make use of additional brokers within the next year. The most commonly used performance measurement metrics were VWAP TCA, implementation shortfall TCA and liquidity capture.
Sample feedback from respondents included the following:
• Strong liquidity seeking technology
• The algo product is strong across different momentum environments, with growing capabilities to have more levers of unique liquidity
• Citi have the best execution services and day-today support of any of our algo providers
• Calls for an algo that can pair a buy / sell and keep their progress % for %, ideally with the capability of a spread limit
• Demand for a Cash Neutral / Percentage Neutral Ratio
CITI RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.01 6.01 6.00 5.86 6.06 5.83 5.82 5.96
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.06 6.05 6.09 5.88 6.12 5.97 5.92 5.98
KEY STATS Overall Outperformer: Category Outperformer: X9
6.12 Highest score( Breadth of dark pools) |
5.82 Lowest score( Price improvement) |
0.29
Most improved( Breadth of dark pools)
|
-0.22
Least improved( Price improvement)
|
|
|
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