ConvergEx Enhances Open-Close Algorithms

The enhancements aim to determine an appropriate number of shares for fills, and to extend trading capability up to the market close.

New York-headquartered brokerage ConvergEx has upgraded its opening and closing auction algorithms for the NYSE, NYSE Arca and Nasdaq exchanges.

Closing Price, POV and Abraxas have all received enhancements, in order to boost client participation rates. Discretionary quotes can now be sent directly to floor traders on the NYSE, while historical data aims to calculate the proper number of shares to commit while minimizing market impact.

"Our research shows the opening and closing auctions collectively account for approximately five percent of total trading volume," says Gregory Voetsch, CEO at ConvergEx Execution Solutions, and head of the firm's brokerage services. "It's essential that investors have the same sophisticated tools for participating in the auctions as they do in the continuous market, and our enhanced algorithms provide powerful new ways for our clients to interact with this unique liquidity and maximize their trading performance."

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