ConvergEx Launches IEX Order Routing Strategy

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."
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