ConvergEx Group
ConvergEx has developed a dedicated dark aggregator, Darkest, and Abraxas, an algorithm that interacts in both dark and lit venues simultaneously. Darkest will interact strictly within dark venues, inclusive of BCNs and exchange run pools. Abraxas can be used in a variety of methods to seek out liquidity, giving the user the ability to set urgencies based on minimum/maximum participation rates, as well as the objective of liquidity seeking in dark pools (passive, neutral, aggressive). |
Venues offered
In Japan, Hong Kong and Australia, ConvergEx’s
algorithms access exchange-run dark and lit venues via ConvergEx’s network of
executing brokers. The firm targets the most liquid broker crossing networks in
the region as well as interacting with available proprietary trading systems.
Routing logic
ConvergEx uses
equal opportunity routing logic to help maximise hit rates. Each route is
allocated the same amount of shares upon initial spray, and when fills start to
come back, algorithms will rebalance to route more shares to the most
productive routes.
User protection
ConvergEx algorithms use real-time market data to
send, via its network of executing brokers, either limit or pegged orders to
the dark pools. Each of the liquidity-seeking algorithms provides the client
with the ability to set minimum dark fills, as well as allowing them to
preference the touch point in the dark, allowing for pegged orders, mid-point
or full spread via a choice of passive, neutral or aggressive execution styles.
Customisation
Clients can select their preferred execution style
and minimum fill parameters or can have ConvergEx pre-set them.
Future plans
ConvergEx aims to provide its clients with a good trading experience, and with the aim of continual improvement, review and expand its network of executing brokers to address needs to add or remove access to venues based on our research and testing.