Morgan Stanley is No. 1 in Asia Trading
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Morgan Stanley is No. 1 in Asia Trading

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Illustration by II Research

While change in the region abounds, the firm is once again elevated in II Research’s annual ranking

The trading and execution landscape across Asia is as varied as the countries that comprise it, but one broker appears to be getting it right in the region.

Morgan Stanley has once again been recognized as No. 1 for trading and execution in II Research’s ninth annual Asia (ex-Japan) Trading Team survey.

The firm extends its reign for a fourth year based on the opinions of 1,413 traders of Asian ex-Japan equities. Respondents were asked to rate brokers on various attributes for trading and execution, which were than aggregated to produce the best brokers overall.

In the overall pan-Asia Trading and execution leaderboard, J.P. Morgan repeated its second-place finish. There was more movement further down with BofA Securities rising one spot to third. Goldman Sachs also improved on place to fourth. UBS rounded out the top five.

A slumping China—whose markets have not lived up to post-Covid reopening enthusiasm—have buoyed adjacent markets in the region. The exodus of investors have found their way to India and Japan, especially, in addition to ASEAN and Korea.

This year’s survey also ranked brokers in four sub-categories: Delta One/ETF; electronic trading; high-touch sales trading; and portfolio/program trading.

Morgan Stanley topped three out of four of these, including high-touch sales trading. J.P Morgan placed second and BofA Securities secured third. When ranking their brokers, respondents were asked to consider six attributes that included access to block, small- and mid-cap liquidity; maintaining order anonymity; minimizing market impact; service quality and quality of IoIs.

The firm—which also topped this year’s greater Asia research team and corporate access survey—was also No. 1 for portfolio/program trading based on attributes which included global market access; index and portfolio research, pre- and post-trade, client service quality & support and reliability of settlement/back office. J.P. Morgan and BofA Securities took second and third, respectively.

In electronic trading, Morgan Stanley was followed by J.P. Morgan in second and Goldman Sachs in third. Firms were elevated for their abilities based on five attributes: algorithm customization; algorithm performance; market access and transparency; service quality and support; and transaction cost analysis.

J.P. Morgan was the only other firm to take the top spot in a subcategory with a No. 1 for Delta One/ETF trading where it earned accolades for its access to differential liquidity and price improvement.

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