Lava Trading to Launch Dark Algo

Lava Trading is expected to introduce a new algorithm that searches for liquidity in so-called “dark pools.” The algorithm, called Go-To, will be the second service offered by Lava that looks for liquidity amongst non-public orders. The unit of Citi also makes available to users of its order management system a service called Dark Book, which taps liquidity provided by other Lava customers hidden in reserve orders on exchanges and ECNs. The new Go-To algorithm joins a slew of similar algos (see Traders Magazine, April) offered by broker-dealers. Go-To will be one of only two algorithms offered by vendors. The other comes from FlexTrade.