Methodology

To determine the members of the 2018 All-Europe Equity Trading Team, Institutional Investor surveyed buy-side traders and other investment professionals at asset management firms with investments in European equities and invited them to rank their top execution and trading services providers.

Respondents were asked to rank their trading services providers on attributes for Electronic Trading, High Touch and Portfolio Trading. For Electronic and High Touch, results were broken out for the following regions: United Kingdom, Germany, France, Switzerland, Nordics, Rest of Developed Europe and Emerging Europe.*

Attributes for Electronic Trading:
  • Access to large electronic block liquidity
  • Minimizing market impact
  • Trading performance of algorithms
  • Client service and technical support
  • Pre & post trade cost analytics
  • Customizing trading algorithms/solutions
Attributes for High Touch:
  • Quality of sales traders, customer service, and advice
  • Access to large block liquidity
  • Minimizing market impact
  • Maintains anonymity of my order, intentions and profile
  • Transparency and accuracy of broker generated Indications of Interest (IoIs)
  • Cross product knowledge (i.e. FX, commodities, fixed income derivatives)
Attributes for Portfolio Trading:
  • Minimizing market impact
  • Global portfolio trading capabilities
  • Transparent trade execution
  • Easy trade reporting & settlement
  • ETF trading capabilities and knowledge

Votes were weighted based on the participating institution's estimated gross secondary market commissions paid for European cash equities for the 12 months through September 30th 2017 and the place awarded to the service provider (first, second, third or fourth). These weighted votes were used to create scores for each firm, which determined the rankings. An overall leaders table is included tallying the total number of top 5 positions received across all categories in each region for each firm.

Participants were also asked to name up to four trading service providers on Unique Market Color (company coverage offered on market news, flow insights, and market structure).

We received responses from over 232 investment professionals at 203 firms. Voters are subject to eligibility requirements, and winners must achieve a minimum vote count. No responses will be individually identifiable in our results. All ballots are subject to review by our Research Operations Group, and final results may be inspected by an independent auditor.

*Emerging Europe is defined by MSCI EM Europe Index. Nordics are defined by MSCI Nordic Countries Index. Rest of Developed Europe is defined by MSCI Europe Index ex. United Kingdom, Germany, France, Switzerland, Denmark, Finland, Norway, and Sweden.