[ A L G O R I T H M I C T R A D I N G S U R V E Y ]
UBS
UBS registered an average score in this year’ s survey of 5.86, down 18 basis points from 2025, though its performance remains significantly stronger than in earlier years. On a category level, upticks were achieved in anonymity(+ 0.11) and cost(+ 0.03), while scores declined across the remaining service areas under review. The most notable decreases were seen in price improvement(-0.44) and smart order routing(-0.40), with declines elsewhere proving more moderate.
UBS outperforms the benchmark in reduced market impact(+ 0.06), while delivering results broadly in line with category averages across most other functional capabilities. Relative weaknesses are concentrated in routing logic analysis(-0.37) and execution consulting(-0.36). Overall, the broker ' s score sits 17 basis points below the survey average of 6.03.
This year, UBS received 38 responses from hedge fund managers and firms using hedge fund strategies – down from 48 in 2025- which ranks fifth in terms of submission numbers, same as in 2025. Close to 40 % of these were from large firms, managing upward of $ 10 billion in assets, while 29 % indicated they were from mid-sized firms with $ 1 to $ 10 billion in AUM. The UK( 32 %) and Europe( 29 %) collectivity represented 61 % of the respondents, with the remainder split across North America( 24 %) and Asia-Pacific( 16 %). In terms of measuring algo performance, metrics used by hedge fund respondents included VWAP TCA( 63 %), implementation shortfall TCA( 60 %), liquidity capture( 42 %) and mean reversion( 32 %). Overall, just 10 % of clients said they expect to make use of additional algo providers in the next 12 months.
Sample feedback from respondents included the following:
• Calls for closer interaction with high touch trading desks and central risk books
• Demand for better block finding in dark venues and higher off market crossing such as SIs
• Request for access to private rooms and trajectory crossing functionality
• Calls for broader access to ELPs
UBS RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.00 6.06 5.85 6.05 6.01 6.21 5.69 5.85 5.95
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.49 5.85 5.58 5.80 5.71 5.78 5.86
KEY STATS Category Outperformer: X1
6.21 Highest score( Anonymity) |
5.49
Lowest score( Routing logic analysis)
|
0.11
Most improved( Anonymity)
|
-0.44
Least improved( Price improvement)
|
|
|
|
Issue 88 // thetradenews. com // 79 |