With unprecedented levels of volatility in todayâs marketplace, orders that once stood out in the crowd are now hidden. Liquidity today is quickly being dispersed between transparent market centers and dark pools. To capture non-displayed flow, current smart order routing technology needs to shift between light and dark seamlessly. TactEx is the first suite of DMA order types that allows traders to access both dark and displayed liquidity simultaneously. Designed to increase execution opportunities by reaching multiple liquidity sources and simplifying workflow, TactEx helps to maximize execution rates and improve performance. Unlike dark algorithms, which are built to make decisions for traders, TactEx gives traders more control over execution strategies.
Joseph M. Velli, Chairman and Chief Executive Officer, BNY ConvergEx Group, stated, âWith liquidity fragmented between displayed markets and dark pools, traditional execution tools are quickly becoming obsolete. Grey, our latest TactEx order type, is another example of ConvergExâs ongoing commitment to innovation. We will continue to develop sophisticated products and technologies to help clients efficiently aggregate and access the breadth of available liquidity in the evolving electronic marketplace.â