Study

Trading Teams

Developed Europe
2026
June 23, 2026

BNP Paribas leap four places to claim the top spot in Extel's 2026 Developed Europe Trading & Execution results, mirroring J.P. Morgan's rise to first place last year. Compatriots Kepler Cheuvreux also performed strongly, climbing into second from outside the top five in 2025.

BNP Paribas were the only firm to appear in the top five across all four core execution channels: electronic, high-touch, portfolio/program, and Delta One/ETF. Sub-category scores covering service quality, execution quality, and access to liquidity were rolled up into the overall table.

UBS held steady in third, aided by a first-place finish in portfolio/program trading. J.P. Morgan took first in electronic trading and finished fourth overall. Jefferies round out the top five — a new entry for 2026.

Domestic French Banks Storm Top Trading Places
Domestic French Banks Storm Top Trading Places June 23, 2026
Methodology summary

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. 
 

Survey Information