ConvergEx Launches IEX Order Routing Strategy

Brad Katsuyama, IEX president and chief executive officer.

New York-based broker ConvergEx Group has launched a dynamic order routing strategy developed in collaboration with IEX that will allow its clients to split their orders between IEX’s Alternative Trading System (ATS) and ConvergEx's Darkest algorithm.

The ConvergEx and IEX routing strategy allows for clients to route 25 or 50 percent of a trade towards the IEX trading venue while the remaining is being redirected to over 20 other non-displayed venues through the Darkest algorithm. If either part of the order is filled, the remainder is reallocated according to the pre-determined percentage.

"ConvergEx began routing orders to IEX in November of last year and we decided to expand our relationship after our analysis confirmed that our clients were receiving excellent execution quality in their venue," says Oliver Sung, the head of US electronic execution at ConvergEx. "With the addition of Darkest and IEX to our suite of trading strategies, we are able to provide clients with even greater control over their orders."

ConvergEx officials say that they analyzed IEX executions and found that client orders were being successfully protected from latency arbitrage.

"IEX's market is designed to eliminate structural inefficiencies and improve trading performance," says Brad Katsuyama, IEX president and chief executive officer. "ConvergEx's data offers third-party evidence that we've succeeded in effectively eliminating latency arbitrage."

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: