[ 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 outperforms the survey average by 13 basis points this year, achieving an overall score of 6.16. On a category level, the broker outperforms the benchmarks in eleven service areas under review, including algo monitoring(+ 0.35) and customisation features(+ 0.35), as well as cost and price improvement( both + 0.33). In fact, Bernstein’ s score for cost landed within the top three across all providers profiled in this report.
Year-on-year increases were achieved in eleven categories, again cost(+ 0.60), price improvement(+ 0.48) and customisation(+ 0.39) performed well, as did increase trader productivity(+ 0.38). However, declines were recorded in execution consulting(-0.26) and dark pool access(-0.11), followed by a dip in customer support(-0.09) and execution consistency(-0.07). Overall, Bernstein records an uptick of 14 basis points compared to 2025.
This year, Bernstein received 18 responses from hedge fund managers and firms using hedge fund strategies – down from 19 in 2025- which ranks the broker thirteenth amongst its peers in terms of submissions. Around 39 % indicated they were large firms with $ 10 billion or more in AUM, while 28 % were from mid-sized firms managing $ 1 to $ 10 billion in assets. Responding traders were primarily based in North America( 56 %), up from 26 % in 2025, followed by UK( 11 %) and Europe( 11 %), which collectively represented 22 %. Lastly the remainder were split across APAC( 17 %) and MEA( 6 %). The most commonly used algo performance measurement metrics were VWAP TCA( 78 %), implementation shortfall TCA( 67 %), liquidity capture( 50 %) and lastly mean reversion( 28 %).
Sample feedback from respondents included the following:
• Demand for greater interaction with the HT desk and CRB
• Request for access to private rooms with trajectory crossing functionality
• Calls for smarter algorithms that seamlessly integrate auction participation
• Demand for more sophisticated closing algos incorporating ELP and SI sources
BERNSTEIN RATINGS FOR ALGORITHMIC PERFORMANCE
Increase trader productivity |
Reduce market impact |
Execution consistency |
Cost Speed Anonymity |
Price improvement |
Customisation |
Ease of use |
6.35 5.82 5.86 6.49 6.31 6.23 6.23 6.21 6.14
Order routing logic / analysis |
Customer support |
Execution consulting |
Dark pool access |
Flexibility / sophistication of SOR |
Algo monitoring |
Average score |
6.04 6.20 5.83 6.20 6.19 6.33 6.16
KEY STATS Overall Outperformer: Category Outperformer: X11
6.49 Highest score( Cost) |
5.82
Lowest score( Reduce market impact)
|
0.60
Most improved( Cost)
|
-0.26
Least improved( Execution consulting)
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68 // TheTRADE // Q2 2026 |
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