ConvergEx algo seeks dark liquidity in Europe and Asia

Source: ConvergEx

ConvergEx Group, a leading technology company, today announced that it has enhanced Darkest, its global liquidity-seeking algorithm, so that users can now simultaneously access the vast majority of the dark liquidity spread throughout Europe and Asia -- all with a single order.

"Liquidity in Europe and Asia continues to be dispersed among an increasing number of market centers and volumes in dark venues have grown to record levels. While customers seeking this liquidity have more pools to choose from, efficiently accessing all of them remains difficult," said William Capuzzi, president of ConvergEx's global execution business. "Darkest is the solution to this challenge."

Darkest's proprietary methodology allows users to quickly source almost all of Europe and Asia's dark liquidity with minimal information leakage. Its Multi-Dimensional Sensitivity Profile continuously monitors all dark venues accessed to determine how aggressively to expose orders. And as executions occur, it automatically rebalances between venues based upon execution quality. ConvergEx offers transparency as to where orders are executed with real-time notifications and end-of-day reports.

"Being able to access such a vast swath of global liquidity in one ticket means our customers no longer have to break out orders themselves or pay multiple ticket charges," said Kish Desai, head of EMEA Sales for ConvergEx's global execution business. "Darkest gives our customers unprecedented ease of access to liquidity and saves them time and money."

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