[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Citi
Citi’ s overall average score in this year’ s survey is 5.95, achieving a marginal improvement from 2025 with an increase of 0.01, yet lands short of the survey average of 6.03. Year-on-year increases were achieved across seven key categories, including cost and breadth of dark pools( both + 0.32) as well as anonymity(+ 0.29) and customisation features(+ 0.27). The most notable declines were recorded in execution consistency(-0.37) and customer support(-0.29). Citi outperforms the category average in the areas of cost(+ 0.09), ease of use(+ 0.06) and SOR(+ 0.05), however service areas such as reduced market impact and execution consulting both land 20 basis points short of the benchmarks. Overall, the broker’ s highest scores were in cost( 6.25), anonymity( 6.23) and ease of use( 6.10).
In 2026, Citi received 33 responses from hedge fund managers and firms employing hedge fund strategies, down from 43 in 2025, ranking the broker sixth by overall number of submissions. Over 30 % of respondents that rated Citi manage assets in excess of $ 50 billion. Firms with an AUM between $ 10 and $ 50 billion accounted for a further 18 % of respondents, while mid-sized firms managing between $ 1 and $ 10 billion represented 21 %. Client comments were highly positive and include
“ excellent service” and“ best all round”.
The geographic profile of respondents was concentrated in the UK and Europe, which together accounted for 58 % of submissions( 42 % and 15 % respectively). The remainder were distributed across Asia-Pacific( 21 %), North America( 18 %) and the MEA( 3 %). In terms of algorithm performance measurement, VWAP TCA and Implementation Shortfall TCA were the most widely used methodologies among Citi ' s hedge fund clients, cited by 51 % and 48 % of respondents respectively, while usage of the remaining performance measures was relatively evenly distributed.
Sample feedback from respondents included the following:
• Demand for pairs trading functionality that synchronises the execution of buy and sell legs on a percentage-for-percentage basis, with configurable spread limit controls
• Exceptional electronic equity desk, coverage is one of the best on the street
• Calls for broader access to ELPs
• Would like to see smart algos that include the auctions
CITI RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.01 5.80 5.84 6.25 6.02 6.23 5.89 5.79 6.10
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.77 6.00 5.75 6.02 6.02 5.81 5.95
KEY STATS Category Outperformer: X3
6.25 Highest score( Cost) |
5.75
Lowest score( Execution consulting)
|
0.32
Most improved( Dark pool access)
|
-0.37 Least improved( Execution consistency) |
72 // TheTRADE // Q2 2026 |
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