US technology provider and agency broker ConvergEx Group has upgraded its global liquidity-seeking algorithm, Darkest, to enable users to simultaneously access European and Asian dark liquidity through a single order.
Designed to help traders deal with the fragmentation of liquidity across multiple venues across Europe and Asia, Darkest monitors dark venues to determine how aggressively to expose orders. As execution occurs, the algorithm automatically rebalances the remaining order between venues based upon execution quality. The system is intended to provide transparency as to where orders are executed, with real-time notifications and end-of-day reports.
“Being able to access such a swathe of global liquidity in one ticket means our customers no longer have to break out orders themselves or pay multiple ticket charges,” said Kish Desai, head of EMEA sales for ConvergEx's global execution business. “This makes access to liquidity easier, saving them time and money.”
ConvergEx serves customers access some 100 global markets. Formed in 2006, the firm has 1,200 employees in 22 locations across the US, Europe, Asia, Australia and Africa.