Dash Financial Upgrades Smoke Options Algo
Institutional agency broker adds configurable auction exposure among other enhancements.
Smoke is designed for institutional traders with a particular trading agenda. Users typically do not wish to post their interest on the exchange order books, and instead only wish to aggress screens when they are in a position to capture liquidity, with a certain amount of volume available and at a particular net price.
The latest functionality enables users to have the ability to configure exchange auction exposure as well as the 'probe' interval. This empowers users to intelligently source additional liquidity beyond what is displayed on the National Best Bid and Offer (NBBO).
Fees Focus
Further enhancements enable users to optimize their exchange fees by allowing them to configure their desired fee profile. Settings include 'Fee Insensitive', 'Free or Credit' and 'Credit only'.
The settings are calibrated within the company's next-generation 'Algo-Wizard' which enables Dash to fully customize the execution experience on a firm, strategy, account, trader and even symbol basis in real time.
"Smoke has been popular because it empowers our clients to capture their desired liquidity at the optimal net-price, without ever posting an order on an exchange," says Peter Maragos, CEO of Dash Financial. "The enhancements we have made enable institutions to intelligently find greater liquidity than they see on the screens on a net price basis without market impact."
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