OptionsCity launches iTunes-style algo store

Source: OptionsCity

OptionsCity Software, a leading provider of electronic trading solutions, announced today that it has launched Algo Store™, an online algorithm repository and collaborative environment that provides a market for traders and developers to create, purchase, and download trading algorithms.

Through Algo Store, third-party developers are able to write and sell their self-authored algorithms, or components of algorithms, to traders around the world. The communal aspect is bolstered by the inclusion of developer profiles, a ratings system, an interactive social forum, and the prospect to become an OptionsCity Certified Developer™, a title granted to top-rated quantitative analysts and developers.

"Rightly so, traders are protective of their algo trading strategies," remarked Hazem Dawani, CEO of OptionsCity. "Algo Store will change the way algorithmic development is done; in addition to offering full execution and analysis algorithms, it will provide developers with the components for basic functions, allowing for faster creation of complex algorithms and reducing their time-to-market."

Current users of OptionsCity's algorithmic trading platform, Freeway, will gain full access to Algo Store and will be able to search for algorithms by price, category, and popularity on the Algo Store website then upload those algorithms seamlessly to their existing trading infrastructure for immediate testing and deployment. Algo Store also provides Freeway clients - at no cost - with sophisticated algorithm samples, such as delta and gamma hedging, opportunity detection, quoting algorithms, and auto spreaders.

OptionsCity Metro users also have the ability to customize their options trading platform through a variety of widgets available on Algo Store.

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