[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
Morgan Stanley
Morgan Stanley’ s overall average score in this year’ s survey was 5.85, an uptick from 2025 with a gain of five basis points. Continuing the progress made last year, Morgan Stanley achieves increases in nine out of 15 categories under review, including key areas such as customer support(+ 0.52) and cost(+ 0.32). Year-on-year decreases were on the whole marginal, with price improvement(-0.35) and ease of use(-0.26) being the most noteworthy.
Morgan Stanley achieves outperformer status in the category of speed, which surpasses the benchmark by nine basis points, whilst customer support equals the category average of 6.16. However, other functional services areas performed less well, including customisation features(-0.38) and reduced market impact(-0.37). Overall, the broker lands 18 basis points short of the survey average. MSET’ s highest scores were speed( 6.23), customer support( 6.16) and cost( 6.06).
This year, Morgan Stanley received 39 responses from hedge fund managers and firms using hedge fund strategies – down by 14 in 2025- which ranks the broker fourth in terms of submission numbers. Of these, 26 % represent large firms managing upward of $ 10 billion in assets, whilst mid-sized firms of between $ 1 to $ 10 billion were the larger cohort at just over 46 %. Responding traders were located in the UK( 39 %), North America( 28 %), continental Europe( 10 %), APAC( 18 %) and MEA( 5 %). The most commonly used algo performance measurement metrics were VWAP TCA( 51 %), implementation shortfall TCA( 44 %), liquidity capture( 41 %) and mean reversion( 31 %). In total, just under 18 % of clients said they expect to make use of additional providers within the next 12 months.
Sample feedback from respondents included the following:
• Outstanding algo provider and best support
• Best pairs / FX currency settlement
• Calls for broader access to ELPs
• Request for access to private rooms with trajectory crossing functionality
MORGAN STANLEY RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
5.91 5.63 5.75 6.06 6.23 6.05 5.59 5.49 5.84
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.61 6.16 5.89 5.96 5.80 5.80 5.85
KEY STATS Category Outperformer: X1
6.23 Highest score( Speed) |
5.49
Lowest score( Customisation features)
|
0.52
Most improved( Customer support)
|
-0.35
Least improved( Price improvement)
|
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