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Lava launches 'Timeslice' algorithm for laying off FX

21 September 2006  |  13084 views  |  0 keyboard

Citigroup's trading technology subsidiary Lava Trading is adding an algorithmic tool called Timeslice to its foreign exchange platform which enables traders to execute large orders over a period of time with minimal market notice or impact.

Lava says the new tool allows "quiet" execution of large orders and is part of its LavaFX foreign exchange product suite.

The vendor says Timeslice orders work invisibly by sending pieces of the master order into the market at specified intervals.

Traders can dictate a time horizon and choose from different execution styles, as well as select required market conditions for order placement.

Dealers can select to randomly vary the amount executed and the time between executions to lessen the market's awareness of the order. Orders can also be designed to execute only if the market is trading at a certain spread to avoid periods of decreased liquidity.

Commenting on the Timeslice algorithmic trading tool, David Ogg, CEO, LavaFX, says: "It will enable traders to move large amounts through the market with minimal disruption, or to maximize profit potential on smaller orders by letting them trade out of positions over time where a human may not have the patience to do so. Timeslice provides a true point-and-click operation."

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