[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Kepler Cheuvreux
Kepler Cheuvreux’ s overall average score in this year’ s survey landed at 5.84, a drop of 0.28 from last year’ s stellar performance. The agency broker recorded a decrease across all categories in 2026, compared to an increase observed across all aspects of service in 2025 over 2024. Customisation features(-0.70) and breath of dark pools(-0.51) saw the largest drops, whilst reduced market impact(-0.09) and speed(-0.1) decreased only marginally.
When compared against the category benchmarks, Kepler remains competitive, outperforming in key areas such as customer support(+ 0.18) and execution consulting(+ 0.1). Other service areas under review are mainly in line with the category averages, with the exception of breadth of dark pools(-0.34) and customisation features(-0.22). Overall, the broker lands 10 basis points below the survey average of 5.94.
In 2025, KCx released HuntNow, the latest aggressive liquidity-seeking algorithm, designed to help clients execute quickly and efficiently in dynamic market environments. Chris McConville, global head of execution and trading, said:“ In 2026, KCx is embarking on a fundamental re-architecture of its European equities execution platform,
moving beyond incremental enhancement toward fully product-driven innovation across routing, infrastructure, and auction strategy.”
This year, Kepler Cheuvreux received 74 responses, the same as in 2025, which ranks the broker eighth in terms of submissions from long-only managers. Around 30 % were from large firms managing over $ 50 billion in assets and 24 % were from mid-sized firms with $ 10 to $ 50 billion in AUM. Traders responding to Kepler were sat mainly in Europe( 65 %) and the UK( 27 %), which collectively represented 92 % of the respondents. The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA. Lastly, just over 13 % of traders stated they were looking to use additional algo providers over the next year.
Sample feedback from respondents included the following:
• Great team and great service
• The new SOR is showing to be extremely fruitful
• The team at Kepler produces great market structure thought pieces that are built into the algorithms
KEPLER CHEUVREUX RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.87 5.83 5.90 5.80 6.00 5.95 5.65 5.55
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.03 5.69 6.19 5.89 5.71 5.76 5.83 5.84
KEY STATS Overall Outperformer: NO Category Outperformer: X2
6.19 Highest score( Customer support) |
5.55
Lowest score( Customisation features)
|
-0.09
Most improved( Reduced market Impact)
|
-0.70
Least improved( Customisation features)
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74 // TheTRADE // Q1 2026 |
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