[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Exane BNP Paribas
E
xane BNP Paribas attracted a significantly higher
percentage of long-only respondents compared
to last year’s survey. Just below one-half of long-only
respondents for the broker manage more than $50
billion of assets, while around one-quarter were in the
$1-10 billion AuM range.
Exane BNP Paribas was one of the stand-out per-
formers in this year’s long-only survey, recording the
joint-highest total average score of profiled providers
with 6.10 (level with Bernstein), representing a 0.49
year-on-year increase. The broker received scores of
over 6.0 in 10 of the 15 categories under review, while
scoring highest of all profiled providers in the reduc-
ing market impact (6.32), execution consistency (6.06),
customisation (6.22), flexibility and sophistication of
smart order routing (6.22), and data on venue/smart
order routing logic or analysis (6.23), one of the two
new categories included in this year’s survey. Exane
BNP Paribas saw significantly higher scores across
almost all algo performance categories year-on-year,
with noticeable improvements in the reducing market
impact (up 0.69), execution consistency (up 0.50),
anonymity (up 0.48), price improvement (up 0.45),
customisation (up 0.67), ease of use (0.50), dark pool
access (up 0.72), and flexibility and sophistication of
smart order routing (up 0.55) categories.
EXANE BNP PARIBAS RATINGS FOR ALGORITHM PERFORMANCE
Increase trader
productivity Reduce market
impact Execution
consistency Cost Speed Anonymity Price
improvement Customisation
6.00 6.32 6.06 5.96 6.18 6.39 5.83 6.22
Ease of use Customer support Execution
consulting Dark pool access Flexibiltiy and sophistication
of smart order routing Algo monitoring
capabilities Data on venue/order
routing logic or analysis Average
score
6.22 6.43 5.58 5.97 6.22 5.91 6.23 6.10
KEY STATS
6.43 5.58 41%
Highest score
(customer support) Lowest score
(execution consulting) Most popular non-equity
asset traded via algo by
respondents: Listed derivatives
+0.72 +0.14 50%
Most improved
year-on-year score:
(dark pool access) Least improved
year-on-year score:
(customer support) Most used algo
performance measurement
method: Implementation
shortfall TCA
82 // TheTrade // Spring 2019