Awards for Excellence in Algorithmic Trading
Thursday 22 March at the Chancery Court Hotel
252 High Holborn, London WC1
Goldman Sachs, UBS and Deutsche Bank took the lion's share of awards at this year's Algorithmic Trading Awards ceremony, hosted by The TRADE in London on Thursday 22 March.
The three banks each won a trio of trophies, with Goldmans taking awards for satisfaction from UK customers, improving trader productivity and reducing market impact. UBS came top for execution consistency, price improvement and leading customers. Deutsche Bank won awards for satisfaction from European customers and for algo customisation, as well as scooping the scale of business award.
Among other winners, Bank of America Merrill Lynch took top marks for speed, Citi won consistency with pre-trade estimates, while Credit Suisse's algos were rated top for ease of use. ITG won top spot for internal crossing and Knight Capital was voted the 'one to watch'.
The awards were based on The TRADE's fifth annual Algorithmic Trading Survey, which polled buy-side traders globally on the performance of broker algorithms. More than 750 evaluations of algo suites were collated for the 2012 survey from 150 buy-side traders, covering every major trading centre around the globe. Awards were presented by Robert Kay, co-founder of The TRADE.
In addition to ranking individual brokers based on the capabilities of their algos, The TRADE's 2012 Algorithmic Trading Survey highlighted broker preferences in the deployment of their execution algorithms. The TRADE's editor, Chris Hall, gave a short speech in which he pointed to the fact that 41% of respondents admitted to using more than five algo providers - a significant increase on the 32.2% who responded the same way last year.
According to the 2012 survey, dark liquidity seeking algorithms remained the weapon of choice for the buy-side in 2012, with 72.1% of respondents claiming to use the algo type. Traditional favourite volume-weighted average price (VWAP) held third place position this year at 58.7%.
"These awards are based on the feedback of our clients - which makes us particularly proud to be honoured in this way," said Owain Self, global head of algorithmic trading and global co-head of direct execution at UBS."Being recognised in so many categories year after year spurs us on to try even harder to keep raising the bar."
Click here to read the full details of the 2012 survey as published in the Q1 edition of The TRADE.