ROX Algorithms (also known as ROX Strategies) are ideal for traders who must execute large orders while minimizing market impact. Block orders can be split and executed over time to mask trading interest. A variety of algorithms are available, including built-in algorithms such as VWAP, TWAP, and POV, proprietary algorithms, and available third party/broker algorithms.
- ROX supports Staged Orders for institutional trading desks. Staged Orders are a convenient way to record large customer orders which are typically booked at the beginning of the day and executed in smaller lots throughout the trading session.
- Traders may elect to run algorithms on their ROX trading platform or to send orders to ROX Systems for execution on a hosted strategy server.
- Staged Orders allow traders to harness the speed and flexibility of ROX to suit their own trading style by using a blend of manual DMA orders and custom algorithms.
- Robots that are applied to Staged Orders execute the selected trading strategy by automatically placing orders in the market.
- In addition to VWAP, TWAP, and POV pre-defined algorithms, a Staged Order can be defined to be executed based on the percentage of completion of another order or basket of orders, or to utilize a built-in customizable Max Show strategy.
- Traders can create custom strategies that can be saved and reused, specifying their tolerance for aggressiveness, and targeting their preferred destinations based on adding or removing liquidity.
- Strategies may be applied to a single order or to a group of orders with one click.
- Strategies may be dynamically adjusted in real-time with a simple right-click menu, if the trader wants to become more or less aggressive, adjust the end time, update target routes, etc.
- FIX orders may include logic to automatically select an execution algorithm based on order parameters, business rules, historical performance, and expected transaction costs.
- Volume estimates are based on historical figures and are calculated and adjusted continuously throughout the trading day.
- Strategy analysis and commentary are available to chart the progress of the automatically generated orders throughout the trading day.
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