ConvergEx Group, a leading provider of investment technologies and execution solutions to institutional clients worldwide, today announced the launch of Abraxas, a new tactical trading algorithm designed for orders requiring especially careful execution.
Using a proprietary Multi-Dimensional Sensitivity Profile, Abraxas exploits hidden liquidity, favorable price movements and volatility changes, while nimbly navigating difficult markets.
Abraxas is available to clients through all major OMSs, EMSs and through ConvergEx's electronic trading desk. Additionally, Abraxas has been successfully deployed on ConvergEx's high-touch desk, where ConvergEx leverages high performance technology on behalf of clients.
"Abraxas employs highly adaptable technology and simultaneously uses a mix of different order types to rapidly respond to changing markets," said Craig Lax, executive managing director at ConvergEx Group. "Abraxas performs particularly well in challenging trading environments and when a trade demands urgent execution. We are pleased to report that Abraxas is getting favorable results for clients, whether they utilize it on their desktops or through ConvergEx's high-touch desk."
"In the rapidly evolving dark pool space, it is clear that not all non-displayed venues are created equal and ConvergEx is in a unique position to maximize fills in the venues where the safest liquidity resides.* Abraxas dynamically balances orders among the most desirable market venues to take advantage of liquidity in both the dark and light markets. Its proprietary Darkness Rating favors the safest pools that minimize information leakage," said Scott Daspin, managing director, global electronic sales. "The Multi-Dimensional trading technology built into Abraxas is designed to know how, when, and especially where to place an order by automatically balancing the importance of a stock's price, volatility, spread, tick and momentum at any given point in the order's life cycle."
Developed by the financial engineers of ConvergEx's Financial Engineering & Advanced Trading Solutions group, Abraxas was built using the combined power of the firm's technological expertise, coupled with its vast global marketplacee knowledge.
*According to Rosenblatt Securities' January 2010 "Let There be Light" report, ConvergEx is currently the largest provider of non-displayed agency liquidity. ConvergEx executes an average of 60 million shares a day across the VortEx and Millennium ATSs.