[ 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