[ A PA C
A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Haitong International Securities
H
to score above 6.00 was in the crossing category, which
scored 5.12, well below the survey average (-0.38).
Respondents from Haitong came from a range of
small, mid-sized, and large AuM brackets, while over
two-thirds said that their usage of Haitong algos has
increased over the past year. Just under two-thirds of
respondents indicated that they use algos for over 60%
of their trading by volume and value, with a variety of
ratios making up the remainder of respondents.
aitong International Securities received very
favourable scores from respondents in this year’s
survey, outperforming the survey average in 11 of the
12 categories under review. The firm almost achieved
perfect scores in the execution consulting and cus-
tomer support categories (6.76), while it also achieved
high scores for anonymity (6.64), customisation (6.56),
reducing market impact (6.56) and improving trade
productivity (6.46). The only area where Haitong failed
Improve
trader
productivity Reduce
market
impact Execution
consistency Cost Speed Anonymity Price
Customisation
improvement Ease of use Crossing Execution
consulting Customer
support
6.48 6.56 6.34 6.21 6.20 6.64 6.34 6.34 5.12 6.76 6.76
6.56
Instinet
I
nstinet provided a decent showing in this year’s
survey, receiving generally positive scores from
respondents and marginally outperforming the survey
average both in terms of overall score and across the 12
functional categories reviewed. The firm scored above
6.00 in 5 of the 12 categories, including in the ease
of use (6.29), execution consistency (6.10) and speed
(6.08) categories. Elsewhere, Instinet scored largely
in-line with the survey averages, while the only areas
where it failed to do so, despite being only marginally
below the average, were in customisation (-0.11) and
execution consulting (-0.03).
The majority of respondents for Instinet came from
the highest end of the AuM bracket, with over two-
thirds of firms managing more than $50 billion, while
there was an even split between the remaining firms
from the small-to-mid end of the AuM scale. Around
20% of respondents said their usage of algos has in-
creased year-on-year.
Improve
trader
productivity Reduce
market
impact Execution
consistency Cost Speed Anonymity Price
Customisation
improvement Ease of use Crossing Execution
consulting Customer
support
6.01 5.85 6.10 6.02 6.08 6.04 5.82 6.29 5.69 5.85 5.93
96 // TheTrade // Winter 2018
5.59