ITG, a leading agency research broker and financial technology firm, has released the new ITG Dynamic Open Algorithm, designed to allow traders to tap the liquidity available in the NYSE and NASDAQ opening auctions while minimising price impact from over-participation.
ITG Dynamic Open is the first algorithm specifically tailored to the processes of each exchange, intelligently participating in auctions by employing data from the real-time imbalance feeds.
“The uncertainties and complexity of the opening auctions have made some traders reluctant to use the open,” says Jeff Bacidore (pictured), ITG Managing Director and Head of Algorithmic Trading. “ITG Dynamic Open Algorithm provides a powerful tool to tap the liquidity available in the auctions, reducing tracking errors and minimising implementation shortfall.”
ITG Dynamic Open Algorithm and ITG’s full suite of algorithms are available via ITG’s award-winning Triton execution management system and also via FIX connection to ITG from third-party trading systems.