New York - Convergex has launched Darkest, a new options trading algorithm. Designed to provide both buy and sell-side clients with enhanced flexibility and functionality, Darkest is a low impact, cost effective liquidity seeking algorithm.
The Darkest options trading algorithm can operate passively, systematically probing the market for hidden liquidity while remaining concealed; or it can operate aggressively, taking liquidity if it becomes available.
Convergex said the new algorithm is also cost effective as it will only take liquidity from a user-specified list of exchanges. Darkest complements Convergex's NXP options ATS, which provides increased options market liquidity and potential price improvement opportunities.
Other key features of Darkest include:
- Low market impact - invisible to the marketplace;
- User-specified time intervals discreetly probe exchanges (and NXP) for liquidity;
- Available in Convergex's BLAZE GUI or over API; and
- Customizable to meet client objectives.