Methodology

For the All-Europe (Developed Europe) Equity Trading Team, Institutional Investor polled buy-side traders and other investment professionals at asset management firms with investments in European equities, asking them to rate brokers on various attributes for trading and execution. We received responses from 141 individual traders and portfolio managers at 114 firms.

Respondents were asked to rank their trading services providers on attributes for Electronic Trading, High-Touch Trading, Portfolio Trading, and Delta One/ETFs.

Attributes for Electronic Trading:

  • Algorithm Customization
  • Algorithm Performance
  • Market Access & Transparency
  • Service Quality & Support
  • Transaction Cost Analysis

Attributes for High-Touch Trading:

  • Access to Block Liquidity
  • Access to Small / Mid-cap Liquidity
  • Maintaining Order Anonymity
  • Minimize Market Impact
  • Quality of IoIs
  • Service Quality

Attributes for Portfolio Trading:

  • Client Service Quality & Support
  • Global Market Access
  • Index & Portfolio Research
  • Pre and Post Trade
  • Reliability of Settlement/Back Office

Attributes for Delta One/ETFs Trading:

  • Access to Differential Liquidity
  • Price Improvement
  • Derivatives Research
  • Derivatives Sales

Participants first rated their top firms within each attribute on a scale from 1-5. A numerical score was produced by weighting each vote based on both the responding firm’s European equity commissions and their rating. Scores for each attribute were aggregated together to create the top Trading Leaders.