The TRADE 56 - Page 90

[ 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 a desired functionality. epler Cheuvreux recorded the largest year-on- The firm will have a number of reasons to be happy year percentage increase in responses from hedge funds for this year’s survey, as well as the most respon- with the scores awarded by this year’s respondents. Kepler Cheuvreux outperformed the overall survey dents by number. Respondents came from a range of average in every category bar one – its score for its AuM brackets, although primarily from small-to-me- dark pool access capability was both its second-low- dium sizes, with only two respondents managing est from respondents and the highest year-on-year more than $50 billion of assets. Over half of Kepler decrease. There were also year-on-year declines in the Cheuvreux respondents use algos to trade ETFs, while improving trader productivity, execution consistency, around one-quarter trade listed derivatives or fixed speed, anonymity and crossing categories, although income via algo. Half of respondents said their usage these were in line with the wider survey average. of the firm’s algos had increased during the previous year, while the remainder recorded consistent levels of Kepler Cheuvreux was awarded the highest scores of Cheuvreux any provider in the reducing market impact (6.28), ex- usage. Only 12% of Kepler hedge fund respondents said they Improve ecution consistency (5.98) and speed categories (5.85), are looking to adopt algos from providers other than Execution while scoring over 6 for ease of use, Cost customer support Kepler Chevreux, with the ability to easily change algo Reduce Year trader Speed market consistency and impact anonymity. parameters and greater depth of insight highlighted as 2018 2017 RATINGS FOR ALGORITHM PERFORMANCE productivity 5.69 6.28 5.83 5.98 5.80 5.60 6.14 5.06 5.85 2018 2017 5.69 5.83 Improve trader productivity Reduce market impact 6.28 5.80 5.98 Execution consistency Cost 6.14 5.60 5.06 5.85 5.86 Speed 6.08 6.17 Anonymity 5.66 5.47 Price improvement Customisation 5.57 5.42 Ease of use 5.58 6.22 5.21 5.25 Crossing Customer support 6.30 Execution consulting 5.24 6.54 5.78 5.32 5.49 Dark pool access Smart order routing capabilities 5.43 0.00 90 // TheTrade // Summer 2018 1.0 0 2.00 3.00 4.0 0 5.00 5.77 6.0 0 7.00 5.86