The Tradetech Daily

ConvergEx Group

ConvergEx Group


VWAP, TWAP, initiation price, IQx, closing price,
POV, inline, value, Momentum, Abraxas, Darkest, Grey, peg, reserve, Spectrum,
ADR Plus, Apex.


Key functionality

Real-time order routing transparency and route
optimisation are differentiating functionalities of ConvergEx algorithms.
ConvergEx algorithms give traders the ability to speed up executions to act
more aggressively, slow down to hide intentions, and/or pick an aggression
level and deploy anti-gaming logic while trading in the dark. Clients have
access to PerformEx, the firm’s global, real-time transaction cost analysis
tool that provides performance monitoring and reporting.



ConvergEx can customise algorithms to help meet
customer need and provides consulting through its staff. ConvergEx routinely
meets with clients, gaining significant insight into trading issues and
requirements. The firm’s trade support desk interfaces with clients to assist
with executions and leverages relationships with order and execution management
system clients to discuss workflow. ConvergEx post-trade data is provided
through PerformEx.



Clients access ConvergEx algorithms through order
management and execution management systems and ConvergEx’s execution desks.



Liquidity-seeking algorithms seek liquidity in dark
pools before searching lit venues. If dark liquidity is not available, or if
lit liquidity is deemed favourable, they source from lit venues.


Benchmark algorithms route based upon stock volatility,
stock quote behaviour and current spread. It determines the best venue to post
an order to while attempting to capture the spread and the best venue to take
liquidity from without impacting the quote.

ConvergEx algorithms access a large number of venues and
the firm seeks to enhance the number of destinations available to customers.

Future plans

ConvergEx works constantly to upgrade and enhance
its algorithms.