ConvergEx Group expands Asia Pacific execution capabilities
04 January 2013
By Asia Asset Management
Tech firm ConvergEx Group has made several significant enhancements to its execution capabilities in the Asia-Pacific markets. In order to keep customers connected to new liquidity centres as they become available, ConvergEx’s Darkest, Grey and Abraxas algorithms now route to four new dark and two new lit venues in Hong Kong, Australia and Japan. In addition, the company has given its customers access to new algorithmic trading strategies in Malaysia, Indonesia and Korea, including reserve, scaling and pegging. Finally, ConvergEx has also optimised its Asia-specific benchmark algorithms.
“Market volumes in Asia have declined significantly over the past few years. Complicating the picture, despite the growth in alternative trading systems, the majority of dark Asian liquidity does not interact with one other. This means that traders face the challenge of finding liquidity across numerous locations, while minimising the number of tools they have to deploy for cost and efficiency purposes,” said William Capuzzi, president of ConvergEx’s global execution business. “As the Asia-Pacific trading landscape continues its evolution, we will continue to adapt technologies and methodologies to maximise opportunities in these fragmented markets.”
This most recent round of enhancements addresses the complexities of big spreads, high volatility and low volume and is key to delivering consistent execution performance, especially for stocks that are illiquid or do not follow regular VWAP curves.
“We constantly keep track of new venues in both the dark and lit landscape in Asia to ensure broad coverage of routing technology. We systematically evaluate fill rate and quality of each dark pool we connect to in order to help ensure best execution for clients,” said Jason Rand, head of electronic and portfolio trading for Europe and Asia. “We are proud of the sophisticated suite of technologies that we have built that give traders the tools to streamline their efforts in Asia-Pacific markets. Our pipeline of new products continues to be strong and we are looking forward to launching several new technologies and markets in the coming quarter.”
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