Investment technology provider and agency broker ConvergEx Group plans to introduce a new tactical trading algorithm in Europe before the end of the year. The offering, called Abraxas, has been available in the US since February and is designed for orders requiring especially careful execution.
Abraxas is intended to exploit hidden liquidity, favourable price movements and volatility changes across both lit and non-lit trading venues.
“Fragmentation in Europe makes it very difficult for brokers to reach liquidity in a timely and efficient manner,” said Scott Daspin, managing director and head of global sales at ConvergEx Group.
“The technology built into Abraxas simultaneously monitors spread, liquidity, momentum and risk to enable traders to seek liquidity across multilateral trading facilities, exchanges and dark pools with the least market impact.”