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Bank of America Merrill Lynch adds new options algos

27 July 2009  |  1546 views  |  0 Source: Bank of America Merrill Lynch

Bank of America Merrill Lynch announced today the addition of four new electronic options algorithms to the company's award-winning algorithmic trading platform, helping clients achieve their options trading objectives.

These algorithms complement the company's existing options and stock-specific algorithmic strategies designed for institutional equity and options traders, as well as broker dealers.

"We developed these options algorithms in response to client requests for additional flexibility to dynamically interact with available liquidity, as well as to navigate sophisticated exchange market structure," said Jon Werts, head of Broker Dealer Execution Services. "Developing these strategies helps our clients stay ahead in this rapidly evolving market segment."

Bank of America Merrill Lynch's options algorithms are available directly from its proprietary platforms InstaQuote( )and ML X-Trade, its proprietary FIX API, as well as third-parties including Bloomberg, ConvergEx's Eze OMS, Derivix, and RealTick.

Four new options algorithms include:

  • Clean Sweep - Exhausts hidden and displayed liquidity and then posts residual;
  • Hidden Sweep - Unique logic that sweeps the market when the order is marketable. The residual will not post;
  • Iceberg - A synthetic reserve order allowing traders to designate how much of the order should be displayed when posting to the market;
  • NBBO Sweep - An order type that selects exchange based on NBBO. Order will shift to a 'sweep' strategy based on displayed liquidity.

Bank of America Merrill Lynch has seen a substantial growth in market share in electronic trading year after year. "We continuously strive to improve our offering and actively manage our technology. These new option algorithms are based on our new technical infrastructure, creating a fast, efficient resource for our clients," said Werts.

Bank of America Merrill Lynch is a leading global provider of equity and options trading, sales and research services to the mutual funds, hedge funds, broker-dealers, pensions, endowments and other institutions. Its algorithmic trading platform has earned awards for price improvement, anonymity, ease of use and cost.(1) Bank of America Merrill Lynch is a member of more than 80 exchanges worldwide and was named Best Global Equity House by Global Finance.(2)

(1)The Trade (Jan-Mar 2009)

(2)Global Finance, 2008

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