Tech Notes

Citi has introduced a new algorithm for pairs trading, allowing equity traders to execute market neutral strategies by simultaneously buying and selling highly correlated securities.

Instinet has added a broker vote application to its commission management system, allowing the buyside to track how much it pays research providers for their services.

Nasdaq OMX acquired machine-readable news company RapiData, getting Nasdaq into the business of providing trading firms with the latest government and economic news.

Bank of America Merrill Lynch has revised its algorithmic trading strategy for its institutional equity clients. It lets them to customize how aggressively they want to pursue liquidity.

Chicago-based alternative trading system operator PDQ introduced an ATS that deploys an auction model that offers a pause before orders are filled.

As the drive continues to merge execution and order management systems, TradingScreen has come out with a combined EMS/OMS aimed at alternative asset managers.

Santa Barbara, Calif.-based HCMI has developed a real-time service for the buyside that scans the market for evidence of high-frequency traders and their computerized strategies. HCMI is a customer of data provider Nanex. The underlying technology behind HFT Alert comes from Nanex, and HCMI distributes and supports HFT Alert software.

Lime Brokerage, a wholly owned subsidiary of Wedbush Securities, which caters to the high-frequency crowd, is buying Cactus Trading. Cactus provides a low-latency, multi-asset-class trading engine, designed for implementation, testing and deployment of algorithmic trading strategies geared toward HFTs.

ConvergEx Group recently announced the launch of the first in a new series of portfolio algorithms, this one designed specifically for executing in domestic dark venues. Dubbed Spectrum, the algo allows traders to maintain their required cash and sector balances, something ConvergEx says is not usually available in algos for dark markets.

Redline Trading Solutions, a provider of high-speed trading products for high-frequency traders, was chosen by Goldman Sachs as the national best bid and offer data provider for matching trades in the broker's Sigma X dark pool.

Institutional broker Weeden & Co. and its - partner, technology vendor Pragma, have unveiled an - algorithm that adjusts its rate of speed in response to price changes.

Nasdaq OMX prop traders and high-frequency traders can now get their market data hyper-quickly-in nanoseconds, rather than microseconds.

SS&C Technologies, a Northeast vendor, purchased the thinklink OMS/EMS from TD Ameritrade's thinkorswim division to replace its aging Tradeware MarketCenter application. The acquired hybrid OMS/EMS application was renamed MarketTrader and is targeted at the institutional buyside and hedge funds, as well as the sellside.

Knight Capital Group has revamped technology used by its institutional customers to help them steer clear of high-frequency traders.