US-based investment bank Jefferies has launched a suite of algorithms for the US, Canadian and European equity markets designed for the current volatile and fragmented market landscape.
Jefferies will roll out a standard product suite across all three geographies, tailored to suit region-specific market structure, access to multiple pools of liquidity and focused on ease of use.
According to Jefferies, the enhanced functionality of its new algos is most evident in three new strategies – MultiScale, Trader and Panel – which have been designed to help traders take more control over their execution and be more responsive to market changes.
Users will be able to switch easily between algorithms and have more have a degree of control of execution logic. Jefferies said this will appeal to traders looking to supplement an algorithm’s quantitative decision-making with their own ability to add value opportunistically and on a real-time basis.
Jefferies expanded its electronic trading services group last year, which included the hire of Jatin Suryawanshi as managing director and head of global quantitative strategies in June 2009. Suryawanshi joined Jefferies from UBS, where he was head of algorithmic trading, Americas. He had also held the position of head US strategist for Goldman Sachs’ algorithmic trading team.
“This new suite of algorithms offers a more scientific approach to market fragmentation, alternate liquidity sources and other factors impacting today’s market structure,” said Suryawanshi, in a statement.
“Jatin’s expertise in global market structure, as well as his practical experience in trading, has allowed our development team to be truly innovative and differentiated in a space that is generally considered commoditised,” added Daniel Charney, head of global electronic trading services at Jefferies.