[ 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
Bernstein achieved an overage average of 6.02 this year, an improvement from 2024 with an impressive increase of 0.35, exceeding the survey average score of 5.90 by 12 basis points and achieving category outperformer status across ten key service areas. The agency broker experienced an increase in 13 of the 15 categories under review, with the two largest year-on-year increases being customisation(+ 0.83) and algo monitoring(+ 0.62). The least improved category was anonymity, which declined by-0.10. Bernstein’ s highest scores were dark pool access( 6.31) and customer support( 6.30).
In April 2024, AllianceBernstein and Société Générale announced the launch of Bernstein, a joint venture expanding their global cash equities and equity research business. Bernstein has comprehensive venue access, allowing for opportunities to maximise size and fill probability and minimising impact and slippage. When compared against the survey benchmarks, the agency broker beats the category average in ten areas and landed within top three for breath of dark pools(+ 0.41) and speed(+ 0.23).
This year, Bernstein received 19 responses from hedge fund managers and firms using hedge fund strategies, slightly up from the 17 responses received for both Bernstein and Société Générale in 2024. Of these, just 5 % stated they were looking to make use of additional algo providers over the next 12 months. Around 64 % of respondents that do business with Bernstein indicate they have $ 10 billion or more in AUM( an equal split of between $ 10 and $ 50 billion and these with $ 50 billion and over). Bernstein saw an equal split of respondents in this year’ s survey across North America( 26 %), Europe( 26 %) and the UK( 26 %), with the remainder split across APAC( 16 %) and ROW( 5 %). The most commonly used performance measurement metrics were VWAP TCA, implementation shortfall TCA and liquidity capture.
Sample feedback from respondents included the following:
• Happy with the overall service
• Looking for more APAC coverage
• More dark pool liquidity requested
• Request for more liquidity seeking closing algos
BERNSTEIN RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
5.96 5.81 5.93 5.89 6.11 6.12 5.75 5.82 6.07
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
5.97 6.30 6.09 6.31 6.04 6.09 6.02
KEY STATS Overall Outperformer: Category Outperformer: X10
6.31 Highest score( Dark pool access) |
5.75
Lowest score( Price improvement)
|
0.83
Most improved( Customisation)
|
-0.10 Least improved( Anonymity) |
68 // TheTRADE // Q2 2025 |
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