Asia Awards 2026: Best algo trading product—Tethys Technology

Overview

TethysAlgo is a broker-neutral suite of customizable trade/order execution algorithms supporting global, multi-asset trading across equities, futures, options and FX. Accessible through any order or execution management system, including TethysEMS, it provides consistent algorithm behavior and parameters across 28 global equity markets and more than 280 futures products. It also supports pairs trading, program trading and options hedging. Machine learning techniques and market microstructure research drive execution performance while helping firms minimize slippage and improve trading outcomes.

The solution  

Capital markets firms often rely on different algorithm providers across regions and asset classes, leading to inconsistent execution behavior and fragmented analytics. TethysAlgo addresses this challenge through a unified execution framework delivering consistent algorithms across global markets and products. Integrated tools, including Algo Wheels, A/B testing and return-focused TCA help traders and portfolio managers refine their execution strategies. A real-time user-acceptance testing environment with live exchange simulation allows clients to test strategies before deployment.

Secret sauce  

A distinguishing feature of TethysAlgo is its research-driven execution framework. The algorithms are built on modular execution models that allow market impact models, routing logic and trading signals to be updated independently as new research becomes available. This architecture enables continuous improvement of algorithm behavior without disrupting production workflows. Combined with a parameterized framework and actionable transaction cost analysis (TCA), the platform allows traders to systematically refine execution strategies and improve performance across markets.

Recent milestones

Tethys recently:

• Integrated latency-sensitive electronic liquidity provider feeds, including XTX Markets, directly into the algorithm execution logic.
• Redesigned options pricing models to improve calculation speed and pricing accuracy for volatility-based trading strategies.
• Added algorithm support for domestic Indian markets covering both cash equities and derivatives.
• Expanded global co-location infrastructure including upgrades in JPX Tokyo, CME Aurora and a new India-based data center.

Future objectives

Tethys is planning to:

• Launch a new analytics service enabling real-time publishing of data into and out of the algorithm engine, including custom volume curves and TCA outputs.
• Expand algorithm deployment and co-location infrastructure to support additional domestic Indian markets.
• Upgrade its global infrastructure supporting algorithm execution, including enhancements to its UK datacenter.
• Develop a framework to integrate emerging liquidity venues such as Trajectory Cross, PureStream and continuous auction ATS models into Tethys Global Equity Algorithms.

Why they won

Tethys Technology continues to rack up the wins in these and other WatersTechnology awards, most notably in the best algo trading category, thanks to its impressive TethysAlgo offering, a broker-neutral suite of customizable order execution algorithms supporting global, multi-asset trading across equities, futures, options and FX. For many capital markets firms, managing large numbers of different algo providers across regions and products/instruments is laborious but necessary, creating fragmented analytics and inconsistent execution behavior/outcomes. TethysAlgo addresses these challenges through its unified execution framework spanning 28 global equity markets and more than 280 futures products, while supporting equities, futures, options and FX trading through any order or execution management system. What distinguishes TethysAlgo from other algo trading platforms is its modular and continuously evolving architecture that allows market impact models, routing logic and trading signals to be refined by users on the fly. Combined with integrated TCA, A/B testing and live exchange simulations, TethysAlgo furnishes clients with the tools they require to refine trading strategies and minimize slippage across increasingly fragmented markets, factors that are fundamental to any fit-for-purpose algo trading business.