All BNP Paribas algorithms are deigned to enhance the access to liquidity, especially in markets like Japan, where liquidity is scattered.
Venues and connectivity
Algorithms are connected to the BNP Paribas Smart Order Router (SOR) system bringing significant value to clients by sourcing liquidity from the primary exchanges as well as alternative venues and its dark pool, BIX.
BNP Paribas algorithms access BIX according to users’ pre-set preferences. Users may communicate to BNP Paribas in advance during initial setup regarding their BIX opt in/out decision and algorithms will route accordingly. Changes to the opt in/out preferences can also be made.
All BNP Paribas strategies are available from major trading platforms for professional clients.
Liquidity and routing logic
The algos provide liquidity based on instant changes in market quotes, historial stock behaviour and user preferences.
BNp paribas offers several types of liquidity-seeking algorithms. For example, Ice Peg attempts to maximise the fill rate on the passive side of the market while offering users the option to become more aggressive. Grab providers versatile levels of aggressiveness suitable for quickly absorbing liquidity of different types of stocks. Both Dark Paeg and Dair IOC offer users anonymous yet flexible access to BIX.
Wherever possible, IOC/IOC-like order types are used to minimise footprint in the market. Randomised timing and display size also reduce predictability.
In addition to customising the algorithms themselves, BNP Paribas provides tailored performance reporting to highlight statistics against benchmarks and breakdown of venue choices.
The BEATS (BNP Paribas Electronic and Algorithmic Trading Service)