Convergex Deploys Darkest, a Liquidity Seeking Algorithm

Darkest caters to both buy and sell-side clients, which acts as a low impact, cost effective liquidity seeking algorithm.

Convergex, an agency-focused global brokerage and trading related services provider, has launched a new options trading algorithm, tapped Darkest, which helps facilitate the search for liquidity across a multitude of markets, per a Convergex statement.

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Darkest caters to both buy and sell-side clients, which acts as a low impact, cost effective liquidity seeking algorithm. The impetus behind the algorithm is search for potentially hidden liquidity via the deployment of a passively operating trading algorithm. The new utility can also specify from a list of user-specified exchanges, helping streamline liquidity searches.

Darkest serves as a complement to Convergex’s existing NXP options ATS, which also helps provide options market liquidity and potential price improvement capabilities to market participants. For its part, Darkest includes a wide range of features such as low market impact, user-specified time intervals for liquidity, and a customizable interface to better serve a wide spectrum of clients.

Eric Noll
Eric Noll

According to Eric W. Noll, Convergex’s Chief Executive Officer (CEO) and President, “Convergex’s Darkest options algorithm is geared towards market participants seeking a more effective way to capture market liquidity. By leveraging our sophisticated technology systems, we were able to create a multi-faceted options algorithm with increased flexibility while also taking into consideration cost, timing, performance, transparency, and market structure requirements,” said Noll.

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