The results are based on the views of buy-side traders and other investment professionals who rated their top trading and execution teams across four main categories: electronic trading, high-touch sales trading, portfolio/program trading and Delta One/ETF.

Daiwa Securities Group moves up a place to second, while J.P. Morgan moves to third and fourth spot is taken by SMBC Nikko Securities who move up two places from sixth in 2025. There was no change for fifth place, held by Goldman Sachs. 

Nomura were in first place for High-touch sales trading and portfolio/program trading. J.P. Morgan were first for electronic trading and Liquidnet first for Delta One/ETF.

The full data set for Overall Leaders and Category Rankings is provided here.