Convergex Launches Buy-Write Algo For Equities, Options

Leverages VWAP, Pulse algos for dual-asset strategies.

Oliver Sung, Convergex.

Agency brokerage Convergex is offering a new 'buy-write' algorithm that will combine its existing advanced VWAP equity algorithm and Pulse options algorithms, allowing clients to electronically deploy a buy-write trading strategy.

Users of the new buy-write algo can purchase equities while simultaneously selling call options on the same stock, meaning clients can hedge their equities trades while also generating additional income from options premiums.

“Our diverse client base is always looking for new ways to extract more yield from the marketplace,” says Oliver Sung, Convergex managing director and head of electronic execution. “This buy-write algorithm provides a powerful new way for our clients to employ options in their investment strategy.”

“The algo also leverages the power of a buy-write strategy by simplifying the process for those new to the space,” adds David Cross, Convergex managing director for options trading and technology. “We’re excited to be able to respond to client demand for a tool that combines our equities and options trading capabilities in this new way.”

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