[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Jefferies
In 2026, Jefferies achieves an overall average score of 5.96, representing a 0.07 decrease from 2025, yet outperforms the survey average by 0.02. Year-on-year scores were marginally down across a number of categories, most notably customisation features(-0.26) and customer support(-0.23). However, increases were recorded in cost( 0.27), increase in trader productivity( 0.09) and order routing logic( 0.02).
Jefferies recorded its highest scores in increasing trader productivity( 6.23), cost( 6.11) and customer support( 6.10). The broker’ s lowest scores were execution consulting and price improvement( both 5.82). When compared against category benchmarks, Jefferies experienced above-average scores across nine key categories, most notably increase in trader productivity and customisation features( both + 0.17) and cost(+ 0.15).
This year, Jefferies received 78 responses from long-only managers, landing sixth amongst its peers in terms of the number of submissions.
Traders were based mainly in Europe( 37 %), North America( 37 %) and the UK( 17 %), with 7 % located in APAC. In terms of AUM, 47 % of longonly managers responding to Jefferies indicate they manage more than $ 50 billion in assets, whilst 20 % stated to managing between $ 10 and $ 50 billion. Some traders( 17 %) stated they were considering adding additional algo providers within the next 12 months. The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Easy-to-use product
• Demand for standardisation of code words on the user interface screens
• Calls for smart algorithms that include the auctions
• Demand for improved value in Tag 76 in the message sent to the clients
JEFFERIES RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.23 5.99 5.85 6.11 6.05 5.92 5.82 5.93
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 5.83 6.10 5.82 5.90 5.85 5.88 5.96
KEY STATS Overall Outperformer: Category Outperformer: X7
6.23 Highest score( Increase trader productivity) |
5.82 Lowest score( Execution consulting) |
0.27
Most improved( Cost)
|
-0.26
Least improved( Customisation features)
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72 // TheTRADE // Q1 2026 |
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