The TRADE 56 - Page 93

[ 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 // // 93 5.89 A P n r o i