BNY ConvergEx Group, LLC, has released TactEx, the first DMA order types that allow traders to access both dark and displayed liquidity simultaneously in a seamless fashion.
TactEx orders are designed to increase execution opportunities by reaching multiple liquidity sources while simplifying a trader’s workflow.
Unlike dark algorithms, which are designed to make decisions for traders, TactEx gives a trader full control over execution decisions. In the displayed market, TactEx “reads the tape” and intelligently posts a portion of an order to the appropriate market centre based on activity in that stock. In dark markets, TactEx divides the rest of the order between multiple dark venues, including VortExSM, ConvergEx’s dark pool.
As executions occur, TactEx dynamically rebalances the order, immediately redistributing the remaining shares across displayed and dark venues to maximize exposure to all types of liquidity. TactEx gives traders access to displayed destinations, such as ECN’s and Exchanges, as well as dark liquidity sources, such as dark pools and ATS’s, all through one order type.
“One of our primary goals when we launched ConvergEx was to be a leader in innovation in the trading and investment technology space by creating products that both kept pace with what our clients need right now and anticipated what those needs would be next, and TactEx is a perfect example of the kind of results that this commitment to innovation can achieve for our clients,” says Joseph M. Velli, chairman and CEO, BNY ConvergEx Group.
“As dark pools grow in popularity, executing electronically has become nothing short of a balancing act. TactEx will allow clients to manage orders efficiently in the current, fragmented electronic marketplace and give them full control over their execution decisions while accessing the breadth of available liquidity,” adds Carey S. Pack, president, BNY ConvergEx Execution Solutions.