NEW YORK, May 3, 2006 – NYFIX Transaction Services is pleased to announce the introduction of NYFIX EXecution & Algorithmic Solutions, or NEXAS, to brand, package and expand the firm’s algorithmic trading offerings.
NYFIX algorithms are in use today at more than 60 broker dealers and institutional investment firms. Through NEXAS, NYFIX Transaction Services will continue to develop and deliver off-the-shelf and customized algorithmic trading strategies to this established client base.
NEXAS provides an unprecedented combination of performance, neutrality, and anonymity to Broker/Dealers and Institutional Investors, bolstered by the fact that NYFIX Transaction Services does not employ traders or execute principally for its own account. In addition, NEXAS takes full advantage, when appropriate, of the hidden liquidity present in NYFIX’s alternative trading system, NYFIX Millennium.
NEXAS Packaged Algorithms include:
•Millennium Optimizer - Capitalizes on NYFIX Millennium to execute orders to a deadline or the market close based on client preference. Execution tactics are based on historical price and volume plus predictions of market impact.
•VWAP - Algorithmic tactic that attempts to match the VWAP in a given timeframe based on a deadline or the market close in accordance with client preference.
•TWAP - Algorithmic tactic that attempts to match the time weighted value average price.
•INLINE - Algorithmic tactic that attempts to capture a certain percent of the market based on a deadline or the market close in accordance with client preference.
•Corporate Buyback - Algorithm that seeks to buy stock in order to minimize market impact and help satisfy SEC rule 10b-18.
Access to NEXAS offerings is available via NYFIX order management products including FIXTrader ®, Renaissance Market Maker™, and NYFIX Fusion™. Access is also available through a direct FIX connection as well as many third-party trading and order management systems. With seamless integration to many of the most popular trading front-ends on the street, NEXAS is now well positioned to offer NYFIX’s extensive infrastructure and trading engine to a more diverse pool of Broker Dealers and Institutions.
“Over the past two years NYFIX Transaction Services has steadily built its algorithmic execution capabilities while broadening its penetration of the Buy and Sell Side marketplace. Our clients recognize that NYFIX provides an unsurpassed level of technological expertise and discretion,” said Bob Gasser, CEO of NYFIX, Inc. and President of NYFIX Transaction Services. “Building out the NEXAS product suite is integral to the continued expansion of our Transaction, FIX Network, and OMS businesses, and we are confident that NEXAS can compete with the strongest offerings in this space.”