Dash Financial, a leading institutional agency broker devoted to bringing unfettered transparency to the U.S. options and equities markets, today announced the launch of several enhancements to its popular, highly configurable non-posting Smoke options algorithm.
SMOKE is designed for institutional traders who do not wish to post their interest on the exchange order books and only wish to aggress the screens when they are in a position to capture liquidity when a certain amount of volume is available at a particular net price.
The latest functionality enables users to have the ability to configure exchange auction exposure as well as the 'probe' interval. This empowers users to intelligently source additional liquidity beyond what is displayed on the National Best Bid and Offer (NBBO).
Further enhancements enable users to optimize their exchange fees by allowing them to configure their desired fee profile. Settings include: 'Fee Insensitive', 'Free or Credit' and 'Credit only'. The settings are calibrated within the next generation 'Algo-Wizard' which enables DASH in real time to fully customize the execution experience on a firm, strategy, account, trader and even symbol basis.
"SMOKE has been popular because it empowers our clients to capture their desired liquidity at the optimal net-price, without ever posting an order on an exchange," commented Peter Maragos, CEO of Dash Financial. "The enhancements we have made enable institutions to intelligently find greater liquidity than they see on the screens on a net price basis without market impact."