The new Grey passively pegs the displayed market while simultaneously layering orders into carefully selected dark pools as volume increases
ConvergEx, a provider of investment technology solutions and global agency brokerage services, has launched redesigned TactEx ‘Grey’ order type. Reportedly, the new Grey passively pegs the displayed market while simultaneously layering orders into selected dark pools as volume increases. As executions occur, Grey recalibrates between displayed and dark venues, capturing liquidity as it becomes available while, at the same time, ensuring measured participation and minimizing information leakage.
Initially launched in June 2008, TactEx was a suite of DMA order types that allowed traders to access both dark and displayed liquidity simultaneously. The company has added that the TactEx orders are designed to increase execution opportunities by reaching multiple liquidity sources while simplifying a trader’s workflow. Moreover, TactEx divides the rest of the order between multiple dark venues, including VortEx, ConvergEx’s dark pool.
Craig Viani, managing director and head of ConvergEx’s electronic trading product management, said: “Implementing a measured participation style, Grey seeks favorably priced liquidity between both the displayed markets and dark pools while maximizing anonymity.”