Piper Jaffray Algorithmic and Program Trading (APT) has added a new algorithm, Hornet. It was designed execute orders by taking liquidity and by placing hidden orders while never posting a quote to the market.
The model analyses the real-time volume and price activity to simulate the trading process of an active trader. Based on the real-time analysis, the model decides how quickly to get more aggressive in terms of the price level at which it is trading within the limit price.
“Adding Hornet to our clients’ OMS systems allows us to meet our clients’ expectations and requests for new and differentiated algorithmic models,” says Kevin Morrison, the head of sales in the Piper Jaffray APT team. “Adding this functionality also allows our clients to take complete control over how they choose to interact with all of our algorithms. We continually strive to enhance our products and add valuable services to provide a complete trading solution for clients.”