Miletus Readies Closing Price Algorithm
FRONT PAGE: CYBER-TRADING TECHNOLOGIES
NEW YORK—Quantitative broker-dealer Miletus Trading will unveil a closing price algorithm, dubbed Close, over the next few weeks, officials tell DWT.
The new offering, accessed via the FIX protocol, is a proprietary system built in-house, says Richard Johnson, senior managing director at Miletus. It has been in the works for about three months, and the company has been doing simulations for about two weeks, Johnson says. Close is expected to formally roll out by the end of the month.
The closing
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