[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Kepler Cheuvreux
K
epler Chevreux saw its percentage of responses
from long-only buy-side firms dip compared to
last year’s survey, but the broker still attracted the
highest percentage of responses than any other pro-
vider this year. Around half of respondents for Kepler
Cheuvreux manage more than $10 billion in assets.
Kepler Cheuvreux was unable to maintain its
impressive scores from last year’s survey, with 10 of
the 15 categories under review showing decreased
year-on-year scores and an average score of 5.69, just
below the long-only survey average this year and a
drop of 0.15 year-on-year. Although there were minor
decreases in some categories, there were more notice-
able drops in the reducing market impact (down 0.41),
execution consistency (down 0.34), speed (down 0.37),
anonymity (down 0.30) and customer support (down
0.41). It’s score of 5.40 in the dark pool access category
was the lowest of any provider profiled. While the
broker did not receive a score of at least 6.0 in any of
the performance categories this year, it did record
year-on-year increases in the cost (up 0.23), custom-
isation (up 0.04) and execution consulting (up 0.11)
categories.
KEPLER CHEUVREUX RATINGS FOR ALGORITHM PERFORMANCE
Increase trader
productivity Reduce market
impact Execution
consistency Cost Speed Anonymity Price
improvement Customisation
5.80 5.73 5.77 5.78 5.67 5.68 5.48 5.55
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
5.85 5.91 5.94 5.40 5.53 5.54 5.75 5.69
KEY STATS
5.94 5.40 41%
Highest score
(execution consulting) Lowest score
(dark pool access) Most popular non-equity asset
traded via algo by respondents:
Exchange-traded funds
+0.23 -0.41 47%
Most improved
year-on-year score
(cost) Least improved year-on-year score
(reduce market impact,
customer support) Most used algo
performance measurement
method: VWAP TCA
88 // TheTrade // Spring 2019