Convergex, an agency-focused global brokerage and trading related services provider, has recently announced the launch of a new Small Cap algorithm which was designed to maximize liquidity in less liquid equities and simultaneously minimize market impact.
According to the firm, the Small Cap algorithm resides totally hidden in over 15 ATSs, yet will exit the market when it detects that it is signaling its presence in the market place. It will then return to the market when it ascertains that it is advisable to re-enter. Simultaneously, block executions will be continuously analyzed for the potential execution of conditional orders.
“Convergex has a broad offering of algorithms that are designed to increase flexibility while addressing cost, timing, performance, transparency, and market structure requirements,” said Eric W. Noll, Convergex CEO and President. “Our new Small Cap algorithm was developed to complement our existing suite of algos and to fill a void in the small cap algo space,” said Noll.