SunGard's Fox River has enhanced its algorithm suite with a U.S. equity "dollar certain" algorithm, which is used when traders want to execute a trade in dollars rather than shares.
This algorithm helps eliminate the manual management of dollar certain trades, helping traders avoid calculation errors and reduce operational risk.
Currently, traders that wish to trade a dollar amount must manually convert the figure into a specific number of shares and then enter that number into their trading system. Fox River's algorithm automates this manual process, helping to reduce errors and risk.
Fox River's dollar certain algorithm is the newest addition to its top ranked suite of algorithms, which mimic the experience, logic and knowledge of a human trader. Instead of focusing on benchmarks, Fox River's "Trader Logic" technology is built to seek and secure the best possible price under current market conditions.
Bob Santella, chief operating officer for SunGard's Fox River and Valdi trading solutions in the U.S., said, "Fox River's dollar certain algo was driven by customer requests and designed to help them become more efficient, which is one of their key challenges. This new algo helps turn a purely manual process into an automated one, helping to save a trader's valuable time, increase efficiency and reduce operational risk."