The TRADE 63 - Q1 2020 | Page 83

[ 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