Electronic trading solutions provider Townsend Analytics has integrated two new algorithmic trading strategies from UBS Investment Bank into RealTick, Townsend’s execution management system (EMS).
The liquidity-seeking algorithms, including Tap and TapNow, are the most recent addition to the UBS global Direct Execution services available through RealTick since 2005. RealTick, developed by Townsend Analytics, is a multi-asset, multi-broker, and multi-route direct-access trading platform for the electronic trading industry.
Both of UBS’s new algorithms are customisable and seek liquidity from every available source, including UBS’ internal pool of liquidity, other alternative trading systems and dark pools, traditional exchanges, and displayed markets. Tap offers the trader a number of urgency options which control how fast an order fills and how much of the order may interact with displayed markets.
It is also designed to minimise exposure to ‘gaming’ and ‘negative selection’, which are commonly cited drawbacks of dark pool interaction. TapNow is an aggressive variant of Tap; it seeks liquidity with high urgency for situations where speed of execution is critical.
The new connectivity with RealTick allows UBS to accept order flow from Townsend Analytics’ institutional client base in 94 countries and territories around the world.