[ A L G O R I T H M I C
T R A D I N G
S U R V E Y ]
Bernstein
B
trade at least half of their portfolio value algorithmically.
ernstein Trading (Bernstein), a wholly owned subsid-
Bernstein ranks first in three categories versus peers in
iary of AllianceBernstein L.P., provides best-in-class
2020: cost (6.14), anonymity (6.16), and customer support
fundamental research and full-service execution services
(6.52). It also achieves the second-highest ranking in
to institutional clients globally. Bernstein’s algorithmic
five different areas: increased trader productivity (6.18),
offering comprises a suite of trading strategies, developed
reduced market impact (6.08), execution consisten-
in-house, that maximise access to all available
cy (6.15), ease of use (6.30), and average score
sources of liquidity while dynamically reacting
(5.99). Finally, Bernstein has the third-highest
to market conditions. Bernstein’s team of
Average
ranking in customisation (5.87), dark pool
quantitative researchers employ advanced
Score
access (6.20), and flexibility and sophistica-
measures to optimise venue selection.
tion of smart order routing (5.99). Compared
Bernstein receives the second-highest
to last year, Bernstein’s scores have improved
number of responses from long-only funds
in two areas: ease of use (0.17) and execution
(38). Twenty-one percent of Bernstein’s clients
consistency (0.10). Scores are flat to lower in all
that participated in this year’s survey manage over
other categories.
US$50 billion in assets. As a group, 50% say they
5.99
BERNSTEIN RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader
productivity Reduced market
impact Execution
consistency Cost Speed Anonymity Price improvement Customisation
6.18 6.08 6.15 6.14 5.90 6.16 5.58 5.87
Ease of use Data on venue/order routing
logic or analysis Customer
support Execution
consulting Dark pool
access Flexibility and sophistication of
smart order routing Algo monitoring
capabilities
6.30 5.56 6.52 5.63 6.20 5.99 5.57
KEY STATS
6.52 5.56 0.18 -0.42
Highest score
(customer
support) Lowest score
(data on venue/
order routing) Most improved
(ease of use) Least improved
(execution
consulting)
Issue 63 // thetradenews.com // 83