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Not answered 2.4 2.33 Up to $0.25 billion 1.67 1.84 [ A L G O R I T H M I C T R A D I N G S U R V E Y ] $.02 5- 0.5 billion 1.5 2.2 $0.5 - 1 billion 4.5 1.56 $1 - 10 billion 4.79 3.93 Hedge funds 2018 $10 - 50 number billion of providers 4.8 used by 4.5 Figure 3: Average AUM Hedge funds 2017 More than $50 billion 5.2 3.68 2.4 2.33 Not answered 1.67 Up to $0.25 billion 1.84 1.5 $0.25 - 0.5 billion 2.2 4.5 $0.5 - 1 billion 1.56 4.79 $1 - 10 billion 3.93 4.8 $10 - 50 billion 4.5 5.2 More than $50 billion 3.68 0 1 placing a high emphasis on being able to trade via algos in a simple, flexible manner, particularly for off-exchange trading. Consistent simplicity A desire for reliability and sim- plicity from hedge funds was also evident in Figure 2, which displays respondent’s various collective reasons for using algos. This trend was also evident among long-only firms, where, in a post-MiFID II 2 3 4 5 6 “This year hedge funds seem to have shifted their strategies in favour of algo trading, with a significantly higher proportion of respondents indicating that more value has bee