NEW YORK, June 16, 2016 /PRNewswire/ -- Convergex, an agency-focused global brokerage and trading related services provider, is pleased to announce that it has recently launched a new Small Cap algorithm designed to maximize liquidity in less liquid names while simultaneously minimizing market impact. Small Cap rests completely hidden in over 15 ATSs, yet will exit the market when it senses that it is signaling its presence in the market place. The algorithm will then return to the market when it determines that it is advisable to re-engage. Meanwhile, block executions are continuously analyzed for the potential execution of conditional orders.
"Convergex has a broad offering of algorithms that are designed to increase flexibility while addressing cost, timing, performance, transparency, and market structure requirements," said Eric W. Noll, Convergex CEO and President. "Our new Small Cap algorithm was developed to complement our existing suite of algos and to fill a void in the small cap algo space," said Noll.
Convergex's Small Cap algo includes unique features including the "Shot Clock" and Convergex's proprietary fair price model. Shot Clock strategically takes liquidity from lit and dark markets in an intelligent and impact minimizing manner. Traders can set the Shot Clock to take liquidity for each desired name at time intervals tailored to their specific preference. In essence, the Shot Clock feature allows traders to have full control to replicate the manual workflow they are currently using to trade small cap stocks. In addition, executions are regulated by Convergex's proprietary fair price model that enables traders to source as much liquidity as possible in less liquid names while minimizing impact in the market place. Finally, the Small Cap algo supports min-dark fill and can customize venues on a client-by-client preference.
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.
Convergex is an agency-focused global brokerage and trading related services provider. In the U.S., Convergex offers products and services through Convergex Execution Solutions LLC (member NYSE/FINRA/NFA/SIPC), of which Convergex Prime Service and Options Trading and Technology are divisions; Westminster Research Associates LLC (member FINRA/SIPC); and Convergex Solutions LLC, of which Connex, Jaywalk and LDB are divisions. In London, Convergex operates through Convergex Limited, which is incorporated in England and Wales (registered with company number 06262150). Convergex Limited is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom. Westminster Research Associates LLC is regulated in the United States by the U.S. Securities and Exchange Commission. Westminster provides services in Australia pursuant to an exemption from the requirement to hold an Australian financial services license under the Corporations Act 2001 (ASIC Class Order [CO 03/1100]).
Convergex provides brokerage services primarily on an agency basis, but may operate in a riskless principal and/or net trading capacity and in connection with certain ETF or ADR transactions, may act as principal or engage in hedging strategies. Convergex does not engage in market making or investment banking activities.
The material, data and information (collectively "Convergex Information") that is available from Convergex is intended for institutional investor use only; is for informational purposes only; is subject to change at any time; is not intended to provide tax, legal or investment advice; and does not constitute a solicitation or offer to purchase or sell securities. Convergex Information is believed to be reliable, but Convergex does not warrant its completeness or accuracy and Convergex assumes no duty to update such information. Clients should read their account agreement(s) and documentation with Convergex carefully as those documents contain important information and disclosures about the products or services covered thereby. Convergex is not responsible for third-party information or services, including market data from the exchanges. (Rev. 03/30/2016)
© 2016 Convergex Group, LLC. All Rights Reserved.
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