Convergex Launches New Options Algorithm
NEW YORK, October 11, 2016
Convergex, an agency-focused global brokerage and trading related services provider, is pleased to announce that it has recently launched Darkest, a new options trading algorithm. Designed to offer both buy and sell-side clients with enhanced flexibility and functionality, Darkest is a low impact, cost effective liquidity seeking algorithm.
The Darkest options trading algorithm can operate passively, systematically probing the market for hidden liquidity while remaining concealed; or it can operate aggressively, taking liquidity if it becomes available. In addition, the new algorithm is also cost effective as it will only take liquidity from a user-specified list of exchanges. Furthermore, Darkest complements Convergex’s NXP options ATS, which provides increased options market liquidity and potential price improvement opportunities. Other key features of Darkest include:
– Low market impact – invisible to the marketplace;
– User-specified time intervals discreetly probe exchanges (and NXP) for liquidity;
– Available in Convergex’s BLAZE GUI or over API; and
– Highly customizable to meet client objectives.
“Convergex’s Darkest options algorithm is geared towards market participants seeking a more effective way to capture market liquidity,” said Eric W. Noll, Convergex CEO and President. “By leveraging our sophisticated technology systems, we were able to create a multi-faceted options algorithm with increased flexibility while also taking into consideration cost, timing, performance, transparency, and market structure requirements,” said Noll.
Convergex is an agency-focused global brokerage and trading related services provider that takes on the industry’s toughest challenges, from complicated trades to complex businesses. With clients’ interests as the top priority, Convergex delivers comprehensive solutions that span global high-touch and electronic trading, options technologies, prime brokerage, clearing, commission management and beyond. Headquartered in New York with a presence in several other locations including Atlanta, Boston, Chicago, Orlando, San Francisco and London, the company serves nearly 3,000 clients accessing over 100 global market centers.