The TRADE 88 - Q2 2026 | Page 67

[ A L G O R I T H M I C T R A D I N G S U R V E Y ]

20 basis points this year, achieving an overall score of 6.23, up 0.15 from 2025 and surpassing the category benchmarks in all 15 areas under review. Core capabilities such as access to dark pools(+ 0.33) and customer support(+ 0.32) performed particularly well, while price improvement(+ 0.47) achieved the highest score across all providers featured in this year’ s survey. In terms of year-on-year performance, the broker records upticks across ten categories, including areas such as breadth of dark pools, cost, speed, reduced market impact and anonymity, which all record increases in excess of thirty basis points. Berenberg’ s stellar score for price improvement represents an increase of 51 basis points year-onyear. On the other end of the scale, any decreases were relatively minimal, with increase trader productivity(-0.18) and ease of use(-0.17) being the most noteworthy.

Berenberg garnered 20 submissions from hedge fund respondents this year’ s survey, down from 29 in 2025. When measuring algo performance, respondents lean heavily on VWAP TCA( 70 %) and IS TCA( 60 %), both notably higher than the overall hedge fund averages of 61.7 % and 49.9 % respectively. Large hedge funds managing assets in excess of $ 10 billion represent 50 % of respondents, while 20 % were from mid-sized firms with $ 1 to $ 10 billion in AUM. As you would expect for a German bank, Berenberg has a strong European footprint, with most respondents sat across the major markets of continental Europe( 55 %). UK based traders represent 25 % of the respondent pool, while the US was the single largest non-European market at 20 %.

Berenberg reports significant growth in its electronic trading and program trading revenue over the past 12 months, reflecting continued investment in its electronic trading capabilities and the increasing demand from the buy-side for sophisticated, high-performance execution solutions. As markets continue to evolve, the broker will remain focused on further enhancing its liquidity solutions, particularly through its quant and index platform, Polygon.

Sample feedback from respondents included the following:

• Request for access to private rooms with trajectory crossing functionality

• Calls for closer interaction with high touch trading desks and central risk books

• Demand for more sophisticated closing algos incorporating ELP and SI sources

BERENBERG RATINGS FOR ALGORITHMIC PERFORMANCE

6.24 6.27 6.19 6.28 6.36 6.32 6.38 6.11 6.21

6.03 6.49 6.01 6.38 6.11 6.13 6.23

KEY STATS Overall Outperformer: Category Outperformer: X15