[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
BNP Paribas
BNP Paribas surpassed the survey average by 40 basis points this year, achieving an overall score of 6.43 and outperforming the category benchmarks in all 15 service areas under review. Top marks were recorded across four key categories, as well as overall, with customisation and execution consulting( both + 0.60) scoring particularly high, alongside SOR(+ 0.49) and routing logic(+ 0.47).
In terms of year-on-year performance, BNP Paribas records marginal increases across five categories and decreases in ten, most notably customisation features(-0.18) and customer support(-0.16), yet at 6.56 and 6.47 respectively, these scores remain top of the leaderboard.
This year, BNP Paribas received 51 responses from hedge fund managers and firms employing hedge fund strategies, just two short of the number of responses from 2025, ranking the broker as second amongst its peers in terms of submissions. Regarding AUM, over 27 % of firms manage in excess of $ 50 billion in assets. This was followed by firms with AUM of between $ 10 and $ 50 billion, which accounted for 24 % of respondents, while mid-sized firms managing between $ 1 and $ 10 billion represented a further 24 %.
The UK( 29 %) and Europe( 51 %) collectively represented 80 % of responding traders, with the remainder split between APAC( 18 %) and MEA( 2 %). When it comes to algo performance measurement, responding clients record a heavy reliance on VWAP TCA( 65 %), but markedly lower use of IS TCA( 33 %), liquidity capture( 20 %) and especially mean reversion( 7.8 %).
Sample feedback from respondents included the following:
• Great sales trading expertise and responsiveness
• Calls for broader access to ELPs
• Demand for better block finding in dark venues and higher off market crossing such as SIs
BNP PARIBAS RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.36 6.31 6.46 6.37 6.45 6.54 6.28 6.47 6.41
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
6.34 6.56 6.54 6.37 6.46 6.56 6.43
KEY STATS Overall Outperformer: Category Outperformer: X15
6.56 Highest score( Algo monitoring) |
6.28
Lowest score( Price improvement)
|
0.08
Most improved( Order routing logic or analysis)
|
-0.18 Least improved( Customisation) |
70 // TheTRADE // Q2 2026 |
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