[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Liquidnet
Liquidnet matches the survey average, with an overall score of 5.94. Upticks were gained across ten key service areas, with the largest year-on-year increases recorded in price improvement( 0.48), customisation features( 0.37) and cost( 0.23). The least improved categories included customer support(-0.19) and breadth dark pools(-0.13). Overall, the agency broker records an increase of 0.09 for year-onyear performance.
When compared against survey benchmarks, Liquidnet outperforms the category average in six aspects of service, led by anonymity(+ 0.17) and price improvement(+ 0.16), which lands within the top three scores of all providers profiled in this year’ s survey. Moderately trailing the benchmarks were areas such as speed(-0.23) and SOR(-0.15). Liquidnet records its highest scores in core capabilities such as breadth dark pools( 6.20), anonymity( 6.16) and customer support( 6.13). The broker’ s lowest scores were in customisation features( 5.68), followed by execution consulting( 5.73).
A spokesperson for Liquidnet states:“ We continue to invest and innovate in our algorithmic trading solutions, helping clients to navigate the fragmented liquidity market as an agency broker. Recent
developments in our liquidity seeking strategies and work to allow access to bilateral continues to resonate with clients.”
Liquidnet currently has over 300 buy-side clients using its algos. As in 2025, 65 responses were received from long-only managers this year, ranking the broker eleventh in terms of their number of submissions. Of these, 23 % of responding traders represent large firms, with over $ 50 billion in AUM, whereas mid-sized firms with $ 10 to $ 50 billion in AUM represented close to 30 % of the total. In terms of regional breakdown, 38 % of traders were based in Europe, followed by North America( 29 %) and the UK( 25 %). Just under 11 % of respondents said they were considering to make use of additional algorithmic trading providers over the coming 12 months.
Sample feedback from respondents included the following:
• Demand for support for Auction Volume Discovery order types
• Calls for Pairs- Cash Neutral / Percentage Neutral Ratio
• Demand for greater intelligence in working hard, small-cap orders
LIQUIDNET RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.97 6.09 5.85 5.85 5.83 6.16 6.01 5.68
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.04 5.83 6.13 5.73 6.20 5.75 5.94 5.94
KEY STATS Overall Outperformer: NO Category Outperformer: X6
6.20 Highest score( Breadth dark pools) |
5.68
Lowest score( Customisation features)
|
0.48
Most improved( Price improvement)
|
-0.19
Least improved( Customer support)
|
|
|
|
Issue 87 // thetradenews. com // 75 |