[ 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
K
consistency, speed, and customer support catego-
epler Cheuvreux was one of the standout
ries, while its lowest scores were for cost (5.55) and
performers in this year’s long-only algo survey,
crossing (5.33).
drawing the highest percentage of responses by
Respondents came from a range of AuM brackets,
some distance. The firm attracted 10.9% of the total
with just over one-third managing over $10 billion in
responses for the survey, almost double its near-
assets and nearly one-quarter in the $1-10 billion of
est competitor and nearly double its tally from the
AuM bracket. Over one-third of long-only respondents
previous year. Despite the more critical nature of
recorded increased usage of Kepler Cheuvreux algos
this year’s respondents, Kepler Cheuvreux was rated
over the past year, some by as much as 50%, while the
highly across all 14 categories in this year’s long-only
rest saw usage stay the same over the same period.
algo survey, consistently scoring above the survey
Around 10% of respondents said they use additional
average in all areas. While the firm’s scores did fall
algos alongside those from Kepler Cheuvreux, while
slightly compared to last year’s results, these were
just under 20% said they are considering adopting
mostly marginal Kepler
decreases
in
line
with
the
wider
Cheuvreux
algos from other providers looking for more detailed
trends of the survey in 2018 and were more in line
Improve
Reduce
Ex analysis,
ecution increased performance, lower
transaction cost
with last year’s results. Kepler Cheuvreux scored
Year
Cost functionalities.
Speed
trader
commissions
and
further customisation
above 6 in the reducing
market impact,
execution market
impact consistency
productivity
2018
5.91
KEPLER CHEUVREUX RATINGS 2017
FOR ALGORITHM PERFORMANCE
6.11
6.14
6.19
6.11
6.40
5.55
5.55
Improve trader
productivity
2018
5.91
6.04
2017
6.13
6.11
Reduce market impact 6.14
6.19
Execution consistency 6.11
6.40
5.55
5.55
Cost
6.04
6.13
Speed
5.98
Anonymity
Price improvement 5.65
Customisation 5.51
5.67
6.19
6.09
5.94
5.97
Ease of use
5.33
5.48
Crossing
6.32
6.49
Customer support
5.83
5.86
Execution consulting
5.67
5.59
Dark pool access
5.77
5.89
Smart order routing
capabilities
0.00
90 // TheTrade // Spring 2018
1.0 0
2.00
3.00
4.0 0
5.00
6.0 0
7.00