Virtu’s Frontier Execution Algos Take Top Score in The TRADE’s 2020 Algorithmic Trading Survey of Hedge Funds
NEW YORK, July 24, 2020 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT) a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity, execution services and analytics and connectivity products is pleased to announce that Virtu’s Frontier execution algos took the top ranking position amongst 31 other algo providers with an average score of 6.08 (of 7)1 in The TRADE’s 2020 Algorithmic Trading Survey of Hedge Funds.
The survey included approximately 700 ratings and focused on respondents who indicated they were engaged in managing hedge fund firms or using hedge fund strategies. Respondents rated 15 functional criteria spanning 32 algorithm providers ranked on a numerical scale from 1 (very weak) to 7 (excellent). Virtu was one of only two firms to achieve a score above 6.1
“Our improved rankings in this year’s algo survey demonstrates that clients are valuing the performance enhancements, transparency and ease-of-use our algos deliver,” said Rob Boardman, CEO of Virtu Europe.
The survey also revealed that hedge funds are focused on trade performance and price efficiency as the main drivers of quality of execution. Survey participants indicated that their reasons for using algos are primarily associated with the reduction of market impact for which Virtu earned the lead score of 6.64—this being the highest score recorded across all categories and all providers profiled in this year’s survey. Survey participants also awarded Virtu algos high marks in several other categories including increased trader productivity, execution consistency, speed, price improvement and dark pool access.
Virtu continues to invest in trading technology focused on transparency and simplicity. As part of that commitment, Virtu will be launching Prism Frontier as a complement to its Frontier execution algo suite. Prism Frontier is a new intra- and post-trade analytics platform that leverages Virtu's enhanced transparency on order routing and our industry leading TCA Analytics and Data platform to deliver insights that help traders improve execution performance.
“While this year’s results are encouraging, we understand that the market is as competitive and dynamic as ever,” said Steve Cavoli, Global Head of Virtu Execution Services. “To that end, we remain singularly focused on listening to our clients and delivering transparent and easy to understand products.”
Designed with trader intuition in mind, Prism Frontier’s data-driven insights can also be used to demonstrate best-execution which is critical under Europe’s MiFID II implementation and the SEC’s proposed increased order transparency regulations.
About Virtu Financial
Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.
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1 https://www.thetradenews.com/surveys/algorithmic-trading-survey-hedge-fund-2020/
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