More than half of long-only equity traders in Europe switched their top algorithmic provider this year, as persistent volatility in global equities trading forces the buyside to relentlessly scrutinise execution costs, according to a poll by US securities research firm Tabb Group in its annual market survey.

Fifty four percent of buyers surveyed cited execution performance as a key factor in selecting a broker, Tabb found. The firm's annual report on the equity market, called Looking for allies in the face of adversity, authored by senior analyst Rebecca Healey, polled 60 buyside firms with a combined €12.3 trillion in assets under management.