[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Barclays
Barclays registered an overall score of 5.95 in this year’ s survey, its highest recorded score over the past six years, yet lands eight basis points below the survey average of 6.03. Year-on-year increases were achieved across ten categories, including breadth of dark pool access(+ 0.47), cost and price improvement( both + 0.25). Year-on-year decreases were relatively marginal, the most noteworthy being customer support( 5.80) and algo monitoring( 5.71), which both declined by-0.41.
Barclays outperforms the category average in four out of the 15 functional services areas under review, including price improvement(+ 0.21), anonymity(+ 0.12), customisation features(+ 0.10) and cost(+ 0.07). Other categories performed less well, perhaps most key was the broker’ s rating for customer support, which lands 37 basis points below the category average.
Overall, Barclays received 29 responses from hedge fund managers and firms employing hedge fund strategies this year, up from 27 in 2025 and ranking the broker eighth in terms of the number of total submissions. Regarding firm size, 17 % indicated that they hold more than $ 50 billion in AUM, this was followed by firms managing between $ 10 billion and $ 50 billion assets at 34 %. Mid-sized firms with an AUM of between $ 1 to $ 10 billion represented 28 %. Almost 38 % of responding traders were based in North America, a substantial increase from just 7 % in 2025, followed by Europe( 31 %) and the UK( 24 %), with the remainder split between APAC( 3 %) and MEA( 3 %). In terms of measuring algo performance, metrics used by hedge fund respondents included VWAP TCA( 59 %), implementation shortfall TCA( 57 %), liquidity capture( 40 %) and mean reversion( 26 %). Lastly, just 13.8 % indicated they were looking to make use of additional algo providers within the next 12 months.
Sample feedback from respondents included the following:
• Demand for broader access to ELP and SI liquidity
• Smarter execution algorithms with integrated auction functionality
• Calls for closer interaction with high touch trading desks and central risk books
• Demand for more sophisticated close algos
BARCLAYS RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.10 5.95 5.88 6.23 6.01 6.36 6.12 5.97 5.93
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.71 5.80 5.74 6.03 5.76 5.71 5.95
KEY STATS Category Outperformer: X4
6.36 Highest score( Anonymity) |
5.71
Lowest score( Algo monitoring)
|
0.47
Most improved( Dark pool access)
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-0.41 Least improved( Customer support) |
66 // TheTRADE // Q2 2026 |
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