The companies also jointly developed 'The Darkest' algorithm which is scouting for liquidity among more than 20 other Alternative Trading Systems to find the best possible conditions for order execution.
One of the leading providers of broker and trading related services, ConvergEx, has announced a dynamic order routing strategy which allows its clients to transfer a determined percentage of any order to be sent for Execution on the IEX Alternative Trading System.
Alternative Trading Systems (ATS) also known as “dark pools” has been at the core of the high-frequency trading (HFT) scandal which erupted earlier this year after the publication of Michael Lewis’ newest book ‘Flash Boys’.
IEX’s founder, Brad Katsuyama, is one of the lead characters in the book, aiming to defend the interests of investors who have been front run by HFT companies.
After the IEX Group raised $75 million to become an exchange and drop its ‘dark pool’ qualification, this latest collaboration adds an additional effort to bring increased efficiency to a stock market with a damaged reputation.
The Darkest Algorithm
After sending a specified amount to the IEX, the remainder of the order is going to ConvergEx's Darkest algorithm, which is scouting for Liquidity among more than 20 other ‘dark pools’. The analysis conducted by ConvergEx showed that executions at IEX indicated that client orders were being successfully protected from latency arbitrage.
The Darkest algorithm was created in collaboration with the IEX. The combination allows clients to split their orders and route either 25% or 50% of a trade to the IEX ATS, and the rest of the order to ConvergEx's Darkest algorithm.
If either part of the order is filled, the remainder is dynamically reallocated according to the pre-determined percentage. The move by ConvergEx is yet another testament to the optimized market structure which the IEX is offering to clients who route their order flow though the company’s ATS.
ConvergEx Group's Head of US electronic Execution, Oliver Sung, stated, ”ConvergEx began routing orders to IEX in November of last year, and we decided to expand our relationship after our analysis confirmed that our clients were receiving excellent execution quality in their venue.”
"With the addition of Darkest + IEX to our suite of trading strategies, we are able to provide clients with even greater control over their orders,” he added.
IEX’s President and Chief Executive Officer, Brad Katsuyama, stated in the company announcement, "IEX's market is designed to eliminate structural inefficiencies and improve trading performance. ConvergEx's data offers third-party evidence that we've succeeded in effectively eliminating latency arbitrage.”
"The Darkest + IEX strategy provides an exciting new way to access our marketplace, and shows that ConvergEx shares our commitment to helping investors take charge of where their orders are executed,” he concluded.
Electronic clients of ConvergEx can access the IEX ATS through the Darkest and AbraxasSM algorithms, while high-touch clients can contact the company’s sales trading desk to gain access to the IEX market.
One of the leading providers of broker and trading related services, ConvergEx, has announced a dynamic order routing strategy which allows its clients to transfer a determined percentage of any order to be sent for Execution on the IEX Alternative Trading System.
Alternative Trading Systems (ATS) also known as “dark pools” has been at the core of the high-frequency trading (HFT) scandal which erupted earlier this year after the publication of Michael Lewis’ newest book ‘Flash Boys’.
IEX’s founder, Brad Katsuyama, is one of the lead characters in the book, aiming to defend the interests of investors who have been front run by HFT companies.
After the IEX Group raised $75 million to become an exchange and drop its ‘dark pool’ qualification, this latest collaboration adds an additional effort to bring increased efficiency to a stock market with a damaged reputation.
The Darkest Algorithm
After sending a specified amount to the IEX, the remainder of the order is going to ConvergEx's Darkest algorithm, which is scouting for Liquidity among more than 20 other ‘dark pools’. The analysis conducted by ConvergEx showed that executions at IEX indicated that client orders were being successfully protected from latency arbitrage.
The Darkest algorithm was created in collaboration with the IEX. The combination allows clients to split their orders and route either 25% or 50% of a trade to the IEX ATS, and the rest of the order to ConvergEx's Darkest algorithm.
If either part of the order is filled, the remainder is dynamically reallocated according to the pre-determined percentage. The move by ConvergEx is yet another testament to the optimized market structure which the IEX is offering to clients who route their order flow though the company’s ATS.
ConvergEx Group's Head of US electronic Execution, Oliver Sung, stated, ”ConvergEx began routing orders to IEX in November of last year, and we decided to expand our relationship after our analysis confirmed that our clients were receiving excellent execution quality in their venue.”
"With the addition of Darkest + IEX to our suite of trading strategies, we are able to provide clients with even greater control over their orders,” he added.
IEX’s President and Chief Executive Officer, Brad Katsuyama, stated in the company announcement, "IEX's market is designed to eliminate structural inefficiencies and improve trading performance. ConvergEx's data offers third-party evidence that we've succeeded in effectively eliminating latency arbitrage.”
"The Darkest + IEX strategy provides an exciting new way to access our marketplace, and shows that ConvergEx shares our commitment to helping investors take charge of where their orders are executed,” he concluded.
Electronic clients of ConvergEx can access the IEX ATS through the Darkest and AbraxasSM algorithms, while high-touch clients can contact the company’s sales trading desk to gain access to the IEX market.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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