ConvergEx Enhances Open-Close Algorithms

nyse
The enhancements aim to determine an appropriate number of shares for fills, and to extend trading capability up to the market close.

Closing Price, POV and Abraxas have all received enhancements, in order to boost client participation rates. Discretionary quotes can now be sent directly to floor traders on the NYSE, while historical data aims to calculate the proper number of shares to commit while minimizing market impact.

"Our research shows the opening and closing auctions collectively account for approximately five percent of total trading volume," says Gregory Voetsch, CEO at ConvergEx Execution Solutions, and head of the firm's brokerage services. "It's essential that investors have the same sophisticated tools for participating in the auctions as they do in the continuous market, and our enhanced algorithms provide powerful new ways for our clients to interact with this unique liquidity and maximize their trading performance."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe

You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.

Most read articles loading...

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here