[ S U R V E Y | A L G O R I T H M I C T R A D I N G ]
Bernstein
Bernstein’ s overall average score in this year’ s survey was 5.94, up 0.14 from 2024, yet slightly short of the survey average of 6.00. The agency broker recorded an increase across all categories in 2025 except for just one, with the largest yearover-year increases being speed( 0.30) and routing logic analysis( 0.28). The least improved category was breadth of dark pools which declined by-0.06. Bernstein’ s highest scores were ease of use( 6.20), anonymity( 6.16) and customer support( 6.12). When compared to the category benchmarks, Bernstein outperformed in the area of anonymity( 0.09).
The Alliance Bernstein and Société Générale joint venture of Bernstein independent research and agency trading firm has been live since April 2024. The broker continues to focus on expanding its overall offerings with emphasis on smart aggregation of the fragmented market through its suite of algos. A recent big focus has been aggregation of the close, with previously inaccessible liquidity for clients.
This year, Bernstein received 56 responses,
which ranks the bank seventeenth amongst its peers in terms of submissions.
Around 62 % of long-only managers responding to this year’ s survey that do business with Bernstein indicate they have $ 10 billion or more in AUM( 32 % of respondents with AUM between $ 10 billion and $ 50 billion and 30 % of respondents with AUM of more than $ 50 billion). The UK( 27 %) and Europe( 38 %) collectively represented 65 % of the respondents, with the remainder split across North America( 27 %), Asia-Pacific( 5 %) and ROW( 4 %). The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA.
Sample feedback from respondents included the following:
• Extremely happy with the overall service
• Great fundamental support for trading and algos
• Robust back-office capabilities
• More intraday tools to monitor real-time algo performance
• More customisation of algos in real-time
BERNSTEIN RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
5.91 5.91 6.00 5.89 5.99 6.16 5.79 5.76
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.20 5.91 6.12 5.68 5.96 5.98 5.87 5.94
KEY STATS Overall Outperformer: NO Category Outperformer: X1
6.20 Highest score( Ease of use) |
5.68
Lowest score( Execution consulting)
|
0.30
Most improved( Speed)
|
-0.06
Least improved( Breadth of dark pools)
|
|
|
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Issue 83 // thetradenews. com // 65 |