Agency broker and technology firm Investment Technology Group (ITG) has launched Raider, an execution algorithm for the US market that is designed to quickly seize opportunities in fast-moving markets.
Raider simultaneously accesses both lit and dark venues, including ITG’s own POSIT Marketplace, which combines flow from the firm’s POSIT Now and POSIT Match crossing engines, the ITG Dark Algorithm and external pools. As the algorithm does not post orders on the lit venues, they remain completely hidden.
Instead of using a benchmark, Raider identifies attractive spreads, executes quickly to capture them and then pulls back as the liquidity dries up and the spread widens again. The algorithm also allows users to specify the urgency of the trade, so its behaviour ranges from stealthy to aggressive.
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