Deutsche Bank Autobahn Equity has released a new algo lets buy-siders efficiently and effectively seek liquidity in the closing auction of US markets.
TargetClose, an algo originally launched in Europe in 2008, looks to match closing prices on the date of a trade. It projects each day’s closing volume based on real-time and historical market data, continuously adapting to market conditions in order to minimise deviation from the closing price. To improve performance, the algo sources liquidity from alternative trading venues, including dark pools.
“Deutsche Bank is pleased to provide US clients its highly configurable TargetClose algorithm,” said Jose Marques, global head of electronic equity trading. “This enhancement to our US suite of Autobahn Equity products further demonstrates our commitment to delivering powerful liquidity products to clients.”
Like all Autobahn algos, TargetClose is integrated into with the Deutsche’s smart order router, adapting trade execution to all available dark and displayed venues based on client preference.
The Autobahn offering is one of a number of recent algo launches in the US to work effectively in open or close auctions. In March, agency broker and trading technology provider ITG unveiled ITG Dynamic Open – an algo for trading US market opening auctions.