[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Virtu Financial
Virtu Financial achieved an average score of
5.98 in this year’ s survey, a drop of 0.18 from 2025, yet landing 0.04 above the survey average score of 5.94. The broker saw an impressive yearover-year increase by 0.26 in the key category of cost, however records marginal declines across most other service areas. Specifically, customisation features, SOR and anonymity experienced more significant reductions, landing in at-0.40,-0.33 and-0.33 respectively.
Virtu’ s highest scores were in core capabilities such as access to dark pools( 6.29) and speed( 6.18), as well as reduced market impact and ease of use( 6.15). Technology, transparency and microstructure expertise form the foundation of Virtu’ s algorithmic trading suite. The broker’ s post-trade analytical tools provide granular insight into the reasons behind an algorithm’ s trading decisions.
When compared across the category benchmarks, Virtu outperforms in eleven service areas, scoring particularly well in breadth of dark pools(+ 0.25) and reduced market impact(+ 0.18). In contrast, customisation features performed the least well, landing-0.37 short of the category average.
This year, Virtu received 64 responses from traditional asset managers, declining by just over a quarter compared to 2025 and ranking in twelfth place in terms of number of submissions. Traders from large firms with $ 50 billion in AUM represented 36 %, followed by 28 % representing mid-sized firms with between $ 10 and $ 50 billion in AUM. The UK( 25 %) and Europe( 41 %) collectively represented 66 % of the respondents, with the remainder split across North America( 23 %), Asia-Pacific( 9 %) and the rest of the world( 1 %). The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA. Overall, 22 % of traders stated they were looking to make use of additional algo providers within the next 12 months.
Sample feedback from respondents included the following:
• Excellent hands-on coverage team who are always helpful and excellent algos
• Great access to liquidity
• Calls for more flexibility and ability to evaluate the best use of algos depending on wheels
VIRTU FINANCIAL RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.14 6.15 6.07 6.07 6.18 5.96 5.84 5.40
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.15 5.91 5.91 5.85 6.29 5.94 5.89 5.98
KEY STATS Overall Outperformer: Category Outperformer: X11
6.29 Highest score( Breadth dark pools) |
5.40
Lowest score( Customisation features)
|
0.26
Most improved( Cost)
|
-0.40
Least improved( Customisation features)
|
|
|
|
Issue 87 // thetradenews. com // 79 |