[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Kepler Cheuvreux
Kepler Cheuvreux’ s overall average score in this year’ s survey was 5.71, down 45 basis points from last year’ s strong showing of 6.16. The broker registered year-on-year declines across all categories. Hardest hit was execution consistency(-0.74), breadth of dark pools and cost( both-0.64). Kepler marginally outperforms the category average in execution consulting and pre-trade cost estimates(+ 0.01), whilst registering scores largely in line with benchmarks for customer support and customisation features, yet overall, lands 32 basis points short of the survey average of 6.03.
This year, Kepler Cheuvreux received 18 responses from hedge fund managers and firms using hedge fund strategies, down from 25 in 2025. Half of these were large firms with over $ 10 billion in AUM, while mid-sized firms with $ 1 to $ 10 billion in AUM represented 17 %. Responding traders were sat mainly in the UK( 33 %) and Europe( 61 %), which collectivity represented 94 %, in addition to Canada( 6 %). When it comes to measuring algo performance, VWAP TCA( 89 %) was the most common metric, followed by IS TCA( 72 %), liquidity capture( 44 %) and mean reversion( 17 %).
Kepler Cheuvreux continues to invest in building out its overall capabilities. The firm has overhauled its European equities execution platform with KCx Omni, a new event-driven architecture that integrates routing, execution, analytics and workflow optimisation into a single low-latency platform. New capabilities include KCx Spark, an advanced smart order router, alongside specialised algorithms such as BeaconX, ELP OpX and HuntNow, all designed to enhance liquidity access and execution outcomes. Kepler has also broadened its global reach through expanded APAC and MENA market access.
Sample feedback from respondents included the following:
• Great broker, great service- good team
• Demand for broader access to ELP and SI liquidity
• More sophisticated close algos more interaction with HT desk and CRB
• Better block finding in dark venues and higher off market crossing such as SIs
KEPLER CHEUVREUX RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
5.63 5.51 5.57 5.52 5.67 5.92 5.60 5.77 5.88
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.58 6.06 5.95 5.58 5.65 5.74 5.71
KEY STATS Category Outperformer: X1
6.06 Highest score( Customer support) |
5.51
Lowest score( Reduce market impact)
|
-0.20
Most improved( Customer support)
|
-0.74
Least improved( Execution consistency)
|
76 // TheTRADE // Q2 2026 |
|
|
|