EU LIQUIDITY

ALGO

DESCRIPTIONTIPSSHADOW

Non-displayed liquidity seeking. Will only

Reducing aggression will target lower impact

PASSIVEWork with minimal impact.

Ideal for small orders <1% ADV with no short-term

NINJA

Active liquidity aggregation with minimal

Aggression controls venue selection and part rate.

footprint.

Ninja does not post lit, minimising signalling.

ICE NINJA

Dynamic liquidity capture.

Ninja functionality with dynamic posting of icebergs.

IN LINE

Work within a volume range and attempt to A wider participation range should improve
beat the strike price.

performance.

PARTParticipate at specific percentage ofScaling functionality available. Tracks consolidated

volume.

lit volume.

VWAP

Spread order to match the forecast volume The default is that VWAP will include open and close

TMX

Time slice is designed to trade an order at a Amount placed in auctions is proportional to thelinear rate.

auction duration.

WOW

Would or Work is aggressive around theA suitable alternative to SDMA for automated flow.

INTRADAYMinimise deviation from an intraday strike

Custom set up required. Can also target intraday

STRIKE

price.

primary auction.

PEGMaximise spread capture, by remaining on Adding a minimum participation rate may force thethe passive touch.

algo to cross the spread.

SDMADirect access to the Smart Order Router

Supports Iceberg, Stop-loss and Stop-limit

trade lit with a minimum participation rate. liquidity.

profile.

momentum. This strategy may be opportunistic.

Better for wide spread and emerging market names.

auctions.

strike, POV if the stock moves away.

SMART MOC Target the close, will start early ifnecessary.

functionality.
Send after the close, with limit of the close price totarget Trade-at-Last.

MULTI SECURITY STRATEGIES
CASH/Portfolio level cash and residual

PORTFALL

management.

PAIRS

Ratio, Spread and Merger Arb pair trading

Aggression controls spread capture and rate ofstrategies.

participation.

Sector and beta neutrality can be controlled.

Custom 1 / 2 Can be mapped to any alternative Bernstein
strategy.

PARAMETERS
Bernstein’s advanced parameter set includes Would-lit and Would-dark controls, cash balancing across single security
strategies, relative pricing, auction controls. Please see the full algo guide for strategy specific parameters.

Bernstein Algo Summary December 2022

COUNTRY COVERAGEPT ALGO T+?1 ID2 Drk3 Cond4 TAL5AMERICAS
BrazilCanada
Chile
Colombia
MexicoPeru
United States

MIDDLE EAST



2223222Y
Y

YY
Y
Y

8Y

Y

EUROPE
Austria
Belgium
Czech Rep.
Denmark
FinlandFranceGermany
GreeceHungary
Ireland
Italy
Netherlands
NorwayPolandPortugal
Romania
Slovenia
Spain
SwedenSwitzerland
United Kingdom

PT ALGO T+?1 ID2 Drk3 Cond4 TAL5

222222222222222222222

Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

Y
Y
Y
Y

YY
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

Y
Y
Y
Y

10510105101010107555510105

BahrainIsrael
KuwaitMoroccoOman
Qatar
Saudi Arabia
TurkeyUAE


223223222

23

20222222232222

Y
YY
YYYY

5510YYY

5AFRICA
Egypt
South Africa

Y5FAR EAST
Australia
China Connect
Hong Kong
India
Indonesia
JapanMalaysia
New ZealandPakistan
Philippines
Singapore
South Korea
TaiwanThailand






Y

Y

Y

Y

10Y
Y
Y
YY
Y

30
1510Y
Y
Y
Y
Y

1Settlement cycle, days, red indicates it is difficult to amend settlement dates

3

Non-lit liquidity available

2ID required, algo set up requires custom work to submit IDs.

4Conditional liquidity available

5Trade-At-Last trading, number of minutes post auction completion

1510103060Y© Copyright 2022, Sanford C. Bernstein & Co., LLC, Bernstein Autonomous LLP, and Sanford C. Bernstein (Hong Kong) Limited 盛博香港有限公司. All rights reserved.
Contact: Bernstein Autonomous LLP, 60 London Wall, EC2M 5SH,, United Kingdom.
This document is a product of the Trading Desk and is provided to institutional and professional clients by Sanford C. Bernstein & Co., LLC, Bernstein Autonomous LLP and Sanford C.
Bernstein (Hong Kong) Limited 盛博香港有限公司. (Collectively “Bernstein”). It is for information purposes only and is not intended for public circulation. Prior to making an investment
decision, you should conduct such investigation and analysis and obtain such independent advice as you deem appropriate. Bernstein does not represent or warrant that this informationis accurate or complete and it should not be relied upon as such. To our readers in the United Kingdom this document is issued, approved for issue or distributed in the United Kingdom
by Bernstein Autonomous LLP, which is authorised and regulated by the Financial Conduct Authority (FRN: 500498). To our readers in the EEA and Ireland, this document is issued ordistributed in the EEA by Sanford C. Bernstein Ireland Limited which is authorised and regulated by the Central Bank of Ireland (reference no. C182385) and holds a passport under theMarkets in Financial Instruments Directive. To our readers in the United States: This document is issued, approved for issue or distributed in the United States by Sanford C. Bernstein &Co., LLC, a broker-dealer registered with the Securities and Exchange Commission. Member New York Stock Exchange, FINRA, SIPC. Please also refer to the Program Trading Risk
Disclosures on our website: www.bernsteintrading.com for full risk disclosure statement.

Bernstein Algo Summary December 2022