[ 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
With an overall score of 5.99, Bernstein outperforms the survey average by five basis points in this year’ s survey, marking an increase of 0.05 from 2025. Year-on-year upticks were recorded across eight functional service areas, with the largest increases being trader productivity( 0.29), customisation features( 0.18) and cost( 0.15). The least improved category was ease of use(-0.15), followed by customer support(-0.14).
The agency broker recorded its highest scores in increasing trader productivity( 6.19), speed( 6.12) and ease of use( 6.06). When compared against the survey benchmarks, Bernstein outperforms the category average in nine key areas, led by customisation features(+ 0.18) and algo monitoring(+ 0.14). Other aspects of service landed close to or just marginally short, the most significant being reduced market impact at-0.11. Bernstein’ s lowest score was recorded in execution consulting( 5.82).
This year, Bernstein received 51 responses from traditional asset managers – down from 56 in
2025 – which ranks fifteen in terms of the number of submissions. Of these, 27 % indicate they hold more than $ 50 billion in AUM. In terms of regional breakdown 47 % of traders were based in North America, followed by the UK( 27 %) and Europe( 24 %). The most commonly used performance measurement metrics were VWAP TCA and implementation shortfall TCA. Lastly, one in five traders using Bernstein said they expect to make use of additional algorithmic trading providers in the next 12 months.
Sample feedback from respondents included the following:
• High marks for focus on client-led innovation and workflow tools
• Excellent sales coverage
• Demand for Pairs- Cash Neutral / Percentage Neutral Ratio
• Demand for easy support for Auction Volume Discovery order types
BERNSTEIN RATINGS FOR ALGORITHMIC PERFORMANCE
Increased trader productivity |
Reduced market impact |
Execution consistency |
Cost Speed Anonymity Price improvement Customisation |
6.19 5.86 5.98 6.03 6.12 6.08 5.84 5.94
Ease of use |
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility and sophistication of SOR |
Algo monitoring |
Average score |
6.06 5.86 5.99 5.82 6.04 5.97 6.01 5.99
KEY STATS Overall Outperformer: Category Outperformer: X9
6.19 Highest score( Increased trader productivity) |
5.82 Lowest score( Execution consulting) |
0.29
Most improved( Increased trader productivity)
|
-0.15
Least improved( Ease of use)
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66 // TheTRADE // Q1 2026 |
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