Waters Rankings 2020: Best Algorithmic Trading Provider—Dash Financial Technologies

For all the advancement and efficiency algorithmic trading has brought to the capital markets, traders still struggle when it comes to two areas: sourcing liquidity and the rise of exchange fees. By virtue of its efforts to help customers manage both challenges, Dash Financial takes home the title of the best algorithmic trading provider in this year’s Waters Rankings.
Specializing in US-listed options and equities, Dash’s algorithmic execution and routing suite, Sensor, features various trading algorithms that serve both asset classes, including its Sensor Improve algo for single-leg and complex options, which seeks to work orders as a high-touch trader would and maximize price improvement, and which was released earlier this year.
In October 2019, the company also released Sensor Dark, a dark liquidity aggregation algorithm designed to provide traders with optimal levels of transparency, performance and control in their attempts to minimize footprints when seeking dark liquidity in a fragmented market, which preceded the re-launch of its options alternative trading system (ATS) in January this year.
Dash co-COO Stino Milito says trading volumes within the options ATS have risen every month since January. Throughout the Covid-19 shutdown, Dash’s executed listed options market share neared 20%, with the majority of that flow being handled by Sensor, as floor brokers turned to electronic ways to cross orders. “We’re just trying to give our clients another opportunity to either find more liquidity, get cheaper liquidity or get price improvement,” Milito says of the ATS. “And hopefully we can save them some money on exchange fees.”
Now that 16 options exchanges (and counting) are in operation globally, many firms—especially on the sell side, Milito says—don’t have the time or personnel to expend on nuanced microstructure expertise and knowing where to route orders and why, which is where vendors like Dash make their mark. Milito says that while there currently aren’t any plans to expand into new asset classes, the idea is under consideration.
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 print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Awards & Rankings
Women in Technology & Data Awards 2025 winner’s interview: Kaja Zupanc (Duco)
Kaja Zupanc won the Data science professional of the year (vendor) category in the 2025 Witad Awards.
Witad Awards 2025: Risk professional of the year—Anne Leslie, IBM Cloud
Anne Leslie, cloud risk and controls leader for EMEA at IBM, wins risk professional of the year in the 2025 Women in Technology and Data Awards.
Women in Technology & Data Awards 2025 winner’s interview: Maureen Downs (Connamara Technologies)
Interview with Connamara Technologies co-founder, Maureen Downs.
Buy-Side Technology Awards 2024 winner’s interview: FactSet
Video discussion on FactSet’s trio of wins in the 2024 BST Awards
Witad Awards 2025: Vendor professional of the year (business development)—Ripple Bhullar, Kyndryl
Ripple Bhullar, vice president, head of US capital markets and diversified, at Kyndryl, wins vendor professional of the year (business development) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Technology leader of the year (vendor)—Mary Cecola, Broadridge Financial Solutions
Mary Cecola, CTO for asset management at Broadridge Financial Solutions, wins technology leader of the year (vendor) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Trailblazer (Lifetime achievement) award (vendor)—Maureen Downs, Connamara Technologies
Maureen Downs, co-founder and chair of Connamara Technologies, wins the Trailblazer (Lifetime achievement) award (vendor) in the 2025 Women in Technology and Data Awards.
Witad Awards 2025: Legal/compliance professional of the year—Devi Shanmugham, Tradeweb
Devi Shanmugham, global head of compliance at Tradeweb, wins legal/compliance professional of the year in the 2025 Women in Technology and Data Awards.