Broker-dealer Weeden & Co. today announced major improvements to its electronic product offering, including algorithms and infrastructure.
To its CloseIQ Strategy which is designed to take advantage of the increased volume trading into and on the close, it added real-time closing volume prediction and price sensitivity controls to take advantage of trading opportunities, as well as the option to expose orders to Weeden’s Closing Cross.
To its “Ghost” strategy which is designed to patiently work an order utilizing the price action of the security as the primary driver for execution speed, it added a dynamic “fair pricing” calculation that is intended to mitigate adverse selection.
To its VWAPIQ Strategy, it added, among other things, more granular VWAP curves to improve trading around the open and close. Weeden is also utilizing short term signals for more effective routing and has built a new low-latency trading infrastructure.
“There is a perception that algorithms are the same,” said David Margulies, Weeden’s head of electronic products. “We have never believed that our strategies have become commodities. With our ongoing enhancements and our willingness to be completely transparent with our clients, we offer quantifiably differentiated products.”