Convergex, an agency-focused global brokerage and trading related services provider, is pleased to announce that it has won the 2016 Waters Rankings Awards in the category of "Best Algorithmic Trading Provider." Waters Rankings 2016, hosted by Waters magazine andWatersTechnology.com, recognizes excellence across different categories including Trading Services, Trading Tools, Data Management, Compliance and Risk management. Category winners are determined exclusively by readers of Waters magazine and WatersTechnology.com.
"Convergex's diverse suite of algorithms enables traders to access over 100 global markets while optimizing performance and minimizing market impact," said Eric W. Noll, Convergex President and CEO. "It is especially gratifying to be recognized as the Best Algorithmic Trading Provider as Convergex strives to create innovative and useful trading solutions that meet the needs of our clients," said Noll.
Convergex offers a broad suite of algorithms that provide both buy-side and sell-side traders with greater control over trade execution in global markets. They are designed to increase flexibility while addressing cost, timing, performance, transparency and market structure. Below is an overview of three of Convergex's featured algorithms:
Small Cap Algorithm: Launched in June, 2016 – Convergex's new Small Cap algorithm is designed to maximize liquidity in less liquid names while simultaneously minimizing market impact. The Small Cap algo rests completely hidden in over 15 ATSs, yet will exit the market when it senses that it is signaling its presence in the market place. The algorithm will then return to the market when it determines that it is advisable to re-engage. Meanwhile, block executions are continuously analyzed for the potential execution of conditional orders.
Darkest Algorithm: The Darkest algorithm is designed to dynamically source liquidity from over 20 non-displayed ATSs 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.
ABRAXASSM Algorithm: Abraxas dynamically balances orders among the most desirable global market venues, efficiently accessing numerous sources of displayed and non-displayed liquidity while seeking to minimize information leakage.
About Convergex
Convergex is an agency-focused global brokerage and trading related services provider that takes on the industry's toughest challenges, from complicated trades to complex businesses. With clients' interests as the top priority, Convergex delivers comprehensive solutions that span global high-touch and electronic trading, options technologies, prime brokerage, clearing, commission management and beyond. Headquartered in New York with a presence in several other locations including Atlanta, Boston, Chicago, Orlando, San Francisco andLondon, the company serves nearly 3,000 clients accessing over 100 global market centers.
