[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
UBS
U
BS saw a marked decrease in the percentage of
response it garnered for this year’s hedge fund
survey. There was an even split of respondents from
different AuM brackets for UBS, with one-third of firms
managing either $10-50 billion or more than $50 billion
of assets. Over two-thirds of hedge fund respondents
recorded increased usage of UBS algos over the past
year, as high as 15% in some cases, with the rest saying
usage had remained at a consistent level. Only two re-
spondents indicated that they were considering adopt-
ing algos from other providers, however optimised
LIS interaction, greater depth of insight into fills and
UBS
strategies, and a mid-touch service were all highlighted
by respondents as desired functionalities. Improve
Year
2018
2017
RATINGS FOR ALGORITHM PERFORMANCE
UBS recorded decreasing year-on-year scores in 10
of the 14 categories, with the anonymity, ease of use,
execution consulting and smart order routing capa-
bilities the only categories to show improvement on
last year’s hedge fund algo survey results. UBS’ highest
score was awarded in the anonymity category, where
it scored 6.02. The bank’s most significant year-on-
year decreases in scoring were in the improving trader
productivity and price improvement categories, which
declined 0.83 and 0.84 respectively compared to last
year’s results. Most of the bank’s scores which were
down on last year’s results were in line with the wider
survey trends, while UBS outperformed the overall
survey average Execution
in half of the categories under review.
Reduce
trader
market impact
productivity
4.94
5.22
5.78
Cost
consistency
5.42
5.55
5.49
5.80
5.87
4.94
Improve trader productivity
Execution consistency
5.87
5.21
5.89
Anonymity
5.81
4.51
2017
5.80
5.49
Cost
Price improvement
2018
5.55
5.42
Speed
5.21
5.78
5.22
Reduce market impact
Speed
6.02
5.35
5.37
Customisation
5.78
5.93
5.88
Ease of use
5.66
5.74
Crossing
5.36
5.56
Customer support
Execution consulting
5.26
5.58
5.68
5.88
Dark pool access
Smart order routing capabilities
5.54
0.00
1.0 0
2.00
3.00
4.0 0
5.00
5.96
6.0 0
7.00
Issue 56 // TheTradeNews.com // 93
5.89
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