[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Morgan Stanley
Morgan Stanley ' s overall average score in this year’ s survey was 5.78, a decrease of 0.03 from 2025 and falls just 0.16 short to cross the survey average of 5.94. Higher scores were recorded across five service areas in 2026, with the largest year-on-year increases observed in algo monitoring( 0.19), cost( 0.17) and breadth dark pools( 0.16). Meanwhile marginal decreases were observed in other functional service areas, with ease of use(-0.28) and execution consistency(-0.21) being the most notable.
Morgan Stanley recorded its highest scores in speed( 6.08), breadth dark pools( 6.05) and reduced market impact( 5.94). The broker’ s lowest scores were in customisation features( 5.30), followed by execution consulting and pre-trade cost estimates( 5.54). When compared against category averages, Morgan Stanley outperformed in the area of speed(+ 0.03) and reached the benchmarks in breadth of dark pools and algo monitoring.
This year, Morgan Stanley received 75 responses from traditional asset managers – down from 89
in 2025- ranking seventh in terms of number of submissions. Around 47 % of responding traders work for large firms with over $ 50 billion in AUM and 21 % were from mid-sized firms managing $ 10 to $ 50 billion in assets. The UK( 15 %) and Europe( 51 %) collectively represented 65 % of the respondents, with the remainder split across North America( 24 %), Asia-Pacific( 5 %) and the rest of the world( 5 %). The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA. Lastly, around 16 % of traders stated they were looking to use additional algo providers within the next year.
Sample feedback from respondents included the following:
• Morgan Stanley ' s MSET team is among the most knowledgeable
• Good follow-up from sales
• Calls for more coverage and support
• Demand for Cash Neutral / Percentage Neutral Ratio and consistent coverage
MORGAN STANLEY RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.90 5.94 5.69 5.90 6.08 5.85 5.83 5.30
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
5.66 5.66 5.70 5.54 6.05 5.74 5.87 5.78
KEY STATS Overall Outperformer: NO Category Outperformer: X1
6.08 Highest score( Speed) |
5.30
Lowest score( Customisation features)
|
0.19
Most improved( Algo monitoring)
|
-0.28
Least improved( Ease of use)
|
76 // TheTRADE // Q1 2026 |
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