The TRADE 56 - Page 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 ] Credit Suisse C Respondents were largely consistent with their scor- redit Suisse saw a slight fall in the percentage of ing of Credit Suisse algos compared to last year’s results. its respondents for this year’s hedge fund survey There were year-on-year decreases in the improving compared with the previous year. All of the bank’s trader productivity, reduce market impact, execution respondents managed at least $10 billion, with half consistency, price improvement, ease of use, and cross- counting more than $50 billion in AuM. Respondents were almost exclusively from the equities market, with ing categories – although the latter did outperform the survey average. The most significant score decrease was a few also trading foreign exchange via algos. All but in the customer support category, down from 5.75 to one of Credit Suisse respondents saw increased usage 5.12 this year. Credit Suisse saw a marked improvement of the bank’s algos over the past year, some as much in its score for anonymity from hedge fund respondents as 25%, while the same level said that they use Credit this year, which increased from 4.97 to 5.88 year-on- Suisse algos exclusively. Half of respondents indicated year, while its smart order routing capability and cost that they were considering adopting algos from other Suisse LIS interaction, scores ranked the highest of any provider. The bank also providers however, Credit with optimised outperformed the survey average in the speed, customi- mid-point service and foreign exchange Improve portfolios Reduce Execution sation and execution consulting categories. among the desired functionalities. Year trader Cost Speed 2018 2017 RATINGS FOR ALGORITHM PERFORMANCE productivity 5.05 market impact consistency 4.76 5.35 5.27 5.12 5.86 5.27 5.79 5.05 Improve trader productivity 4.76 Reduce market impact 5.45 2018 2017 5.35 5.12 5.27 5.27 Execution consistency 5.86 5.79 Cost Speed 5.15 Anonymity 5.45 5.89 4.97 4.94 5.00 Price improvement Customisation 5.16 5.24 Ease of use 5.56 5.54 5.14 Crossing 5.96 5.12 Customer support Execution consulting 5.75 5.78 5.24 Dark pool access 5.52 4.96 Smart order routing capabilities 6.00 5.22 0.00 84 // TheTrade // Summer 2018 1.0 0 2.00 3.00 4.0 0 5.00 6.0 0 7.00 5.15