ITG (NYSE: ITG), a leading agency research broker and financial technology firm, today announced the release of the new ITG Dynamic Open Algorithm.
ITG Dynamic Open empowers traders to tap the liquidity available in the NYSE and NASDAQ opening auctions while minimizing price impact from overparticipation. ITG Dynamic Open is the first algorithm specifically tailored to the processes of each exchange, intelligently participating in auctions by employing data from the real-time imbalance feeds.
"The uncertainties and complexity of the opening auctions have made some traders reluctant to use the open," said Jeff Bacidore, ITG Managing Director and Head of Algorithmic Trading. "ITG Dynamic Open Algorithm provides a powerful tool to tap the liquidity available in the auctions, reducing tracking errors and minimizing implementation shortfall."
ITG Dynamic Open Algorithm and ITG's full suite of algorithms are available via ITG's award-winning Triton execution management system and also via FIX connection to ITG from third-party trading systems.