Global agency broker and financial technology provider ITG has added a new algorithm, Raider, to its suite of European trading tools.
Initially launched in the US in April this year, Raider allows orders to remain completely hidden while grabbing liquidity from both lit and dark trading venues simultaneously. Its aim is to capture favourable liquidity opportunities rather than being tied to a specific benchmark.
Raider offers varying degrees of urgency, enabling traders to fine-tune their aggression levels depending on market conditions. The algorithm is designed to capture attractive spreads quickly and pull back when liquidity disappears and spreads widen.
Raider also has access to POSIT, ITG’s dark liquidity pool, and the firm has installed anti-gaming measures to the algorithm to protect against information leakage.
The algorithm can be accessed from ITG’s own Triton execution management system or third-party front-ends.
“Raider is the solution for active traders who are faced with a growing list of challenges such as increased volatility, fragmentation, wider spreads and reduced depth of quote,” said Rob Boardman, head of electronic trading, ITG Europe. “Raider’s speed and stealth, along with exclusive access to POSIT liquidity, help clients improve their execution performance by swiftly capturing quality liquidity.”