Storm Copestand
Traders Magazine Online News

Conquering Fear in Trading

In this exclusive to Traders Magazine, therapist Storm Copestand examines how traders can manage expectations and conquer their fear during the entire execution process.

Traders Poll

Amid changes in builder, do you think the CAT project will be completed by 2020?

Free Site Registration

October 14, 2009

Bernstein's New Frontiers

By James Ramage

And expect more change to come. Between the past 12 months and the next 12 months, Bernstein has changed more than it has in the previous 30 years, Wright said. At the same time, he added, the firm is careful to maintain its core culture of research excellence as the brand.

Every firm is bound to have its share of fans, as well as detractors. But Bernstein customers have largely applauded the moves.

Traders Magazine talked to one head trader who said his portfolio managers are in love with the research at Bernstein. This desk head doesn't use Bernstein for either capital-intensive trades or for derivatives, but he believes that its trading ability is in the same league as its research. "I really like the program trading desk," he said, adding that he thought that Bernstein is probably on most buyside shops' lists of top 10 brokers.

Another Bernstein customer with a strong research relationship said he thinks that the use of capital for client facilitation can work to the broker's advantage. This trader doesn't look for capital from Bernstein now, but said he would consider it in certain situations down the road.

"They can only do themselves a favor by committing capital to attract additional business," he said. "I think it's a good thing."

One head trader at a firm that specializes in small-cap stocks likened Bernstein's expansion to a "coming of age." To be sure, she said, not all boutiques can take the next step to expand their services into new areas. Then, comparing the evolution of a brokerage firm to the development of a child, she continued: "If the bulge bracket is an adult and the boutiques are children, then firms like Bernstein are teenagers," she said. "They've grown up."



(c) 2009 Traders Magazine and SourceMedia, Inc. All Rights Reserved.