[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
JP Morgan
JP Morgan records an overall average score of
5.78 in this year’ s survey, representing a 22 basis point increase compared to 2025, yet falls 25 basis points below the survey average of 6.03. On a category level, the broker outperforms the benchmark in its analysis of routing logic(+ 0.02), however performed comparatively less strongly in all other service areas under review. Core capabilities such as increase trader productivity and execution consulting( both-0.46) failed to attain benchmark levels, while cost(-0.03) and price improvement(-0.15) were more in line with category averages.
JP Morgan achieved year-on-year increases across 12 out of 15 areas under review, most notably in cost(+ 0.46), anonymity(+ 0.38) and execution consulting(+ 0.36). At the other end of the scale, ease of use(-0.22) was the only category to register any meaningful decrease.
JP Morgan garnered 46 hedge fund responses in this year’ s survey, down from 53 in 2025, registering the third highest response rate of all providers featured in this report.
Around 33 % of traders represented mid-sized firms, with between $ 1 and $ 10 billion in AUM, followed by larger firms with between $ 10 and $ 50 billion in AUM at 24 % and $ 50 billion or over at 20 %. The UK( 39 %) and Europe( 11 %) collectivity represented 50 % of the respondents’ location, followed by North America( 28 %), Asia- Pacific( 20 %) and the Middle East( 2 %). The most commonly used algo performance measurement metrics were VWAP TCA( 61 %), implementation shortfall TCA( 50 %), liquidity capture( 35 %) and mean reversion( 30 %). Finally, 17 % of clients said they expect to make use of additional providers within the next 12 months.
Sample feedback from respondents included the following:
• Consistent and easy to use products
• 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
• Calls for broader access to ELPs
• Better block finding in dark venues and higher off market crossing such as SIs
JP MORGAN RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
5.67 5.76 5.53 6.13 5.89 6.01 5.76 5.59 5.69
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.88 5.84 5.72 5.72 5.77 5.76 5.78
KEY STATS Category Outperformer: X1
6.13 Highest score( Cost) |
5.53
Lowest score( Execution consistency)
|
0.46
Most improved( Cost)
|
-0.22 Least improved( Ease of use) |
|
|
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Issue 88 // thetradenews. com // 75 |