Bloomberg Tradebook has launched its Hide and Sweep Algorithm for the global markets.
The innovative algorithm has become available for global trading in the last few weeks and follows successful launch and usage in the US.
The Hide and Sweep Algorithm works in over 40 global exchanges. The algorithm seeks to minimize information leakage by not posting orders in the market and enabling the user to set a time limit and a fire quantity for the strategy. Specifically, the algorithm works by keeping the order invisible to the market while Tradebook probes various markets to find and extract liquidity. A "Sweep for Size" trigger enables the trader to stipulate how much size needs to be displayed before seeking to execute. Traders can also set a fire quantitiy - a parameter that enables the trader to seek price improvement by either "undersizing" the desired amount slated for trading (i.e. the quantity of the order is less than the total display at the exchange). It also can seek out hidden liquidity by "oversizing" the targeted quantity to trade (i.e. the quantity of the order is greater than the total display at the exchange). Lastly, the algorithm can also be modified to execute only if there a user specificed block quantity at the exchange.