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Traders Magazine, December 2003

Editorial Staff

Algorithms * An industry vet is launching an agency brokerage to tap into demand for algorithmic trading. Fred Graboyes, a quant formerly with money manager Intech and Bank of New York Securities, has established Paravane Partners. The six-man operation is seeking to benefit from the current passion on the buyside for algorithmic, or rules-based trading. The process involves the use of complex formulas, which feed programs and large orders into the market in bits and pieces over extended periods of time. The strategy is designed to avoid market impact and match pre-determined benchmarks.

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