For the 2026 Developed Europe Trading Team, Extel 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 277 individuals at 228 firms.
Respondents were asked to rank their trading services providers across attributes for Electronic Trading, High-Touch Sales Trading, Portfolio/Program Trading, and Delta One/ETFs.
Attributes for Electronic Trading:
- Algorithm Customization
- Algorithm Performance
- Market Access & Transparency
- Market Structure Guidance
- Service Quality & Support
- Transaction Cost Analysis
Attributes for High-Touch Sales Trading:
- Access to Block Liquidity
- Access to Small / Midcap Liquidity
- Maintaining Order Anonymity
- Minimize Market Impact
- Quality of IOIs
- Service Quality
- Willingness to Commit Capital
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/ETF:
- Access to Differential Liquidity
- Price Improvement
Participants first rated their top firms within each attribute on a scale from 1-5. A numerical score was produced by weighing 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 for each attribute. The final Pan-Europe Trading ranking was a combination of the overall Trading and the Country Trading results.
