ConvergEx Group, a US agency brokerage and trading technology provider, has released a new equities execution algorithm, Abraxas, which is designed to help traders manage challenging market conditions and handle difficult orders.
According to ConvergEx, Abraxas uses a proprietary multi-dimensional sensitivity profile to exploit hidden liquidity, favourable price movements and volatility changes while navigating multiple trading platforms.
“Abraxas dynamically balances orders among the most desirable market venues to take advantage of liquidity in both the dark and light markets. Its proprietary Darkness Rating favours the safest pools that minimise information leakage,” said Scott Daspin, managing director, global electronic sales. “The multi-dimensional trading technology built into Abraxas is designed to know how, when, and especially where to place an order by automatically balancing the importance of a stock’s price, volatility, spread, tick and momentum at any given point in the order’s life cycle.”
ConvergEx clients will be able to access Abraxas via any major order or execution management system, as well as ConvergEx’s electronic trading desk. The algorithm is also used on the firm’s high-touch broking desk.