Instinet Uncoils 'Cobra' Algorithm
FRONT PAGE: CYBER-TRADING TECHNOLOGIES
NEW YORK-Agency broker Instinet is debuting this week a "stealth, order-management algorithm," dubbed Cobra, that marries expert systems technology to algorithmic-based trade execution, officials tell DWT.
Cobra will help Instinet's buy-side clients automate their go-to-market strategies for "difficult" trades, and do so without alerting the market, says Thorsten Schmidt, CFA, first vice president, algorithmic trading at Instinet. Such trades are in the 20,000 to 30,000 share per day range, and
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