ConvergEx Group announced it beefed up its liquidity-seeking algorithm Darkest to enable traders to simultaneously access most of the dark liquidity spread throughout Europe and Asia in a single order.
"Liquidity in Europe and Asia continues to be dispersed among an increasing number of market centers, and volumes in dark venues have grown to record levels," said William Capuzzi, the president of ConvergEx's global execution business. "While customers seeking this liquidity have more pools to choose from, efficiently accessing all of them remains difficult."
The firm said the algorithm allows users to tap liquidity sources throughout Europe and Asia with minimal information leakage. It also monitors all the dark venues it has access to in order to determine how aggressively to expose orders. Meanwhile as executions occur, Darkest automatically rebalances between venues based on their execution quality, ConvergEx said.