FutureTrade, a leading independent provider of electronic equity and option execution services, announced today that it has expanded its algorithmic trading offering with the implementation of its upgraded electronic trading platform, FutureTrade Version 2.4.
The upgrade includes the addition of four algorithms, bringing the total number of algorithms available on the FutureTrade platform to six. VWAP - Attempts to match the volume weighted average price from the start time to end time. IMPROVE - Works to complete the trade at or better than the price when the order was entered. PEG - Displays only the size a trader wants shown and pegs to the bid, midpoint, or offer until completion. LIQUIDITY - Routes an order immediately to the ECN or exchange with the best price and liquidity. TSLICE - Spreads an order out evenly over a user's selected time period. SLICER - Breaks an order into user defined slices according to the user's price instruction until completion.
"Tower Group recently predicted that algorithmic trading volume will double by the close of 2006. As the rise in algorithmic trading continues, we are excited to expand our offering in this area and provide our clients with access to a collection of proven tactics which will 'work' their orders according to their chosen parameters," said Mr. Jim Kwiatkowski, Executive Vice President of FutureTrade. "By integrating these capabilities and tools through a single, easy to use platform, traders can focus on maximizing the value of their trading decisions."
The six algorithms available on the FutureTrade platform include:
FutureTrade clients will have access to these new algorithms direct from their order management system and can use them to simulate common order handling requests, automate trading tasks, reduce market impact and improve performance vs. benchmarks. In addition, broker-dealers who are part of FutureTrade's recently announced LiquidityPATH(TM) Service Bureau will be able to offer this expanded service to their clients under their own brand.