Convergex, an agency-focused global brokerage and trading related services provider, is pleased to announce that it has enhanced the configuration options in Darkest, its liquidity-seeking algorithm, to provide greater flexibility, block-trading functionality and enhanced anti-gaming tools when trading in European dark pools.
Convergex's Darkest algorithm is designed to dynamically source non-displayed liquidity from Regulated Markets, MTFs and broker-crossing networks, while maintaining anonymity. Darkest's proprietary methodology monitors liquidity conditions on an ongoing basis and adjusts its attributes to take advantage of the liquidity opportunities that are available.
"Convergex offers a broad range of sophisticated algorithms with advanced strategies to help buy-side and sell-side traders improve performance," said Philip Gough, CEO of Convergex Limited, Convergex's London-based brokerage. "This latest enhancement to Convergex's Darkest algorithm provides additional optionality to meet the needs of our clients in an evolving international marketplace," said Gough.
Darkest's proprietary methodology allows users to 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. As executions occur, it automatically recalibrates, using heat-seeking routing logic, to target venues based upon liquidity discovery and execution quality. Convergex offers transparency as to where orders are executed with real-time notifications and end-of-day reports.