[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
ITG
I
TG attracted a marginally decreased percentage of
responses from long-only buy-side firms compared
to last year’s survey, ranking lowest among profiled
providers. The vast majority of responses for ITG in
this year’s survey came from those with at least $10
billion in assets under management, with just 15%
managing less than that figure.
ITG’s scores from long-only respondents this year
were largely in line with those from last year’s survey,
with some fluctuations minor enough to be considered
insignificant. The firm’s overall score across categories
increased slightly to 5.50 (up 0.08), below the long-on-
ly survey average of 5.74. ITG saw increased scores in
the increasing trader performance (up 0.48), reducing
market impact (up 0.34) and execution consistency
(up 0.32) categories. Algo customisation remains a
low-scoring area for ITG, which was rated at 5.10 this
year by long-only respondents, a similar score to that
it received last year. In the increasing trader produc-
tivity category ITG recorded the third-highest score of
providers profiled with 6.01 and recorded a respect-
able score of 5.67 for algo monitoring capabilities, one
of the two new performance categories added to this
year’s survey.
ITG RATINGS FOR ALGORITHM PERFORMANCE
Increase trader
productivity Reduce market
impact Execution
consistency Cost Speed Anonymity Price
improvement Customisation
6.01 5.86 5.69 5.64 5.92 5.54 5.41 5.10
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
5.55 5.61 5.26 5.81 5.37 5.67 5.32 5.58
KEY STATS
6.01 5.10 50%
Highest score
(increase trader
productivity) Lowest score
(customisation) Most popular
non-equity asset traded
via algo by respondents
Exchange-traded funds
+0.48 -0.24 50%
Most improved
year-on-year score
(increase trader
productivity) Least improved
year-on-year score
(flexibility and sophistication
of smart order routing) Most used
algo performance
measurement method:
Implementation shortfall TCA
Issue 59 // TheTradeNews.com // 85