Source: BNY ConvergEx Group
BNY ConvergEx Group, LLC, a leading provider of global agency brokerage and investment technology solutions, today announced the release of a suite of advanced options algorithms available through its DerivatEx options execution management system.
Combined with the powerful market sweep capabilities already included in the LiquidPoint offering, these algorithms will effectively address the complex nuances within the electronic options trading landscape and enable professional options traders to improve performance, limit market impact and manage a diverse array of options trading strategies.
Powered by LiquidPoint technology, the new ConvergEx options algorithmic suite will help clients manage their trading volumes and find liquidity across all exchanges, with modified release-point sequencing and in line with user-specified risk tolerance.
The ConvergEx options algorithmic suite currently consists of the Piranha, Shark and Angler strategies. Piranha was created for traders who require liquidity beyond the NBBO, so that it locates and targets liquidity across exchanges and aggressively pursues orders to take available liquidity without getting caught in linkage. Shark brings stealth to options trading by concealing orders from the marketplace until the order can be filled and mitigating market impact in the process. Angler breaks large orders into user-defined portions and works them on a single exchange or across all exchanges to lessen the ability of that order to adversely impact the bid-ask spread. Additional algorithmic strategies will be added to the suite over the next several months.
The ConvergEx options algorithmic suite can be accessed both directly through the DerivatEx platform as well as through major third party OMS and EMS platforms. Clients also benefit from the expertise of the ConvergEx trading and technology staff, who continuously evaluate the performance and effectiveness of the algorithmic tools to measure market impact, optimal trade execution and effective order flow management in order to help them navigate through the electronic trading environment as efficiently as possible.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Algoed, "Algorithmic trading of options is an emerging field and our new suite of options algorithms and the DerivatEx platform clearly indicate that ConvergEx is dedicated to providing cutting-edge trading and investment technologies for our clients. We will always look to enhance and expand our global multi-asset class trading capabilities by offering sophisticated trading strategies, such as our high-performance algorithms, that give our clients greater flexibility and more control in executing their trades."
"As the pace of technological innovation in options trading continues to accelerate, LiquidPoint has consistently kept its clients ahead of the curve, and the development of our new suite of options algorithms will ensure that our clients will continue to have the superior options trading tools that they need to maintain their competitive edge," stated Anthony J. Saliba, President and Chief Executive Officer of LiquidPoint.