[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Jefferies
Jefferies outperformed the survey average by 29 basis points in 2026, achieving an overall score of 6.32 and exceeding the category benchmarks in 13 out of 15 service areas under review. Core capabilities such as execution consulting(+ 0.45), dark pool access(+ 0.43), customisation(+ 0.35) and anonymity(+ 0.25) secure scores within the top three providers featured in the survey, whilst the broker’ s score for cost(+ 0.56) lands best-in-class.
Jefferies secured year-on-year upticks across all categories, reversing the downturn registered in 2025 and achieving a 54 basis point overall increase compared with last year. Key aspects of service such as speed(+ 0.76), reduced market impact(+ 0.63) and increase trader productivity(+ 0.60) recorded notable gains, as did the high performing categories stated previously, including cost which increased by a significant 117 basis points.
This year, Jefferies received 28 responses from hedge fund managers and firms employing hedge fund strategies, slightly down from 33 in 2025. Of these, 43 % were from large firms with over $ 10 billion in AUM, while 36 % were from midsized firms managing assets of between $ 1 and $ 10 billion. Traders based in the UK( 32 %) and Europe( 18 %) collectivity represented 50 % of the respondents, with the remainder split across the US( 32 %) and Asia-Pacific( 18 %).
When it comes to measuring algo performance, VWAP TCA( 54 %) was the most common metric, followed by IS TCA( 39 %), with liquidity capture and mean reversion tied at 29 %. Overall, almost 18 % of clients said they expect to make use of additional providers within the next 12 months.
Sample feedback from respondents included the following:
• Would like to see smart algos that include the auctions
• Demand for electronic liquidity provider access
JEFFERIES RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.55 6.39 6.00 6.72 6.44 6.49 6.19 6.22 6.00
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.97 6.48 6.39 6.48 6.21 6.31 6.32
KEY STATS Overall Outperformer: Category Outperformer: X13
6.72 Highest score( Cost) |
5.97
Lowest score( Order routing logic or analysis)
|
1.17
Most improved( Cost)
|
0.05 Least improved( Ease of use) |
74 // TheTRADE // Q2 2026 |
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