Oppenheimer & Co., a New York-based brokerage, added SunGard’s algorithm suite to its electronic offerings.
In doing so, Oppenheimer deepened its ties with the agency brokerage and sellside OMS vendor. The 12 Brass Liquidity Services algos join other SunGard products Oppenheimer is using, including its OMS, EMS and dark pool aggregator.
SunGard customized the algo suite for Oppenheimer, according to Raj Mahajan, president of SunGard Trading.
They include such single-stock algos as VWAP, TWAP, implementation shortfall and inline. Oppenheimer can also use a non-displayed strategy called Flashlight, Mahajan said. Three portfolio algorithms-called Setup Pair, Dollar Neutral and Port- Close-round out the package.
“Our customers were looking for ways to reduce their execution costs,” Mahajan said, “and many were looking for a provider that would customize algos to fit their strategy.”
Oppenheimer would not comment on its new tools. The firm said in a press release that the algos would help it offer its trading services more efficiently and better manage the transaction life cycle.
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