BNY ConvergEx Group, the global agency brokerage and technology provider, has released a new order type that actively sweeps available displayed sources of liquidity before posting the remaining balance across multiple dark pools.
The new order type, Grey, is the latest in BNY ConvergEx’s TactEx suite of ‘advanced direct market access’ order types that are designed to facilitate trading in both displayed and non-displayed order books. According to the agency broker, Grey was developed to capture liquidity as it becomes available while minimising a trader’s footprint in the market. BNY Convergex said order types in the TactEx suite gave traders more control over their execution strategies than dark algorithms that are built to make decisions for traders.
Joseph M. Velli, Chairman and Chief Executive Officer, BNY ConvergEx, said: “We will continue to develop sophisticated products and technologies to help clients efficiently aggregate and access the breadth of available liquidity in the evolving electronic marketplace.”