ConvergEx Group, a leading technology company, today announced the European launch of AbraxasSM, the firmâs tactical trading algorithm that uses several technologies to source liquidity in both displayed and dark venues. Using this algorithm, clients can now better exploit hidden liquidity, favorable price movements and volatility changes, while simultaneously accessing nearly two dozen of the most liquid European primary exchanges, multilateral trading facilities (MTFs) and broker-sponsored pools.
To consistently capture maximum liquidity while minimizing market impact, Abraxas Europe balances orders among the most advantageous market venues based on changing market conditions. Abraxas Europe is highly customizable to suit clientsâ preferred destinations and level of aggressiveness.
âEuropeâs fragmented markets can make it very challenging for clients to find liquidity without leaving a footprint, especially with orders that deal with illiquid or hard-to-trade names or when a trade demands urgent execution,â said William Capuzzi, president of ConvergEx Group's G-Trade Services. âThe highly flexible technology in Abraxas uses a mix of different order types all at once to help ensure clients do not miss liquidity opportunities. This becomes especially valuable in lower volume environments.â
âWe have seen a tremendous demand for Abraxas in the United States and early users of Abraxas Europe have been very pleased with its performance,â said Craig Lax, executive managing director at ConvergEx Group. âWe are committed to delivering innovative technology-based investment solutions and will continue to roll out new products to give our clients a trading edge.â