Convergex has launched a new Buy-Write Algorithm, which leverages its advanced VWAP equity algorithm and Pulse options algorithm to allow clients to electronically employ a buy-write trading strategy.
Convergex’s Buy-Write Algorithm combines the power and reach of the firm’s equity trading capabilities with the cutting-edge technology of its options business, to purchase equities while simultaneously selling call options on the same stock. Using the Buy-Write Algo, 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 (pictured), 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 Buy-Write Algo leverages the power of a buy-write strategy by simplifying the process for those new to the space,” said 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.”
