FX

Adaptive features within our trading strategies allow users to react to changing market conditions with real-time adjustments
A proprietary market impact model custom built for FX, calibrated by currency pair
High performance, easily customizable strategies built using modern software development techniques

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A strategy with access to a broad range of liquidity venues (including ECNs and banks)
Volume profiles for all trading days leveraging our extensive library of historical data
A proprietary passive order placement model which streamlines child order execution
Comprehensive and customizable post-trade Transaction Cost Analysis (TCA)

Strategy	Description	Trading behavior
iSEEK	Executes based on specified urgency levels to manage the trade-off between market impact and price risk	iSEEK efficiently seeks liquidity across different venues. It builds a trading schedule based on size of order, market liquidity, expected participation rate, volatility and spread in the currency pair, seeking to minimize slippage relative to the bid/offer mid at order entry time with completion as close to the benchmark time as possible.
SMART SWEEP	Aggressively seeks liquidity across different venues up to a specified limit price	SMART SWEEP seeks to maximize liquidity capture by fully committing orders across different venues. As liquidity is sourced, it is rebalanced between different venues while maintaining the specified displayed quantity. Can be customized to prioritize price improvement, costs or speed of execution.
FIXING	Executes according to a schedule around the WM/Reuters fix window with the ability to adjust based on market impact	FIXING is designed to mitigate impact on the WM / Reuters closing period while targeting the WM / Reuters fix price. The strategy uses a proprietary quantitative model that considers market impact and builds an adaptive schedule to trade during the WM / Reuters closing period.
TWAP	Executes evenly to get an average price over a specified interval to minimize slippage	TWAP is a time weighted algorithm that trades over a specified time period. It is designed to evenly distribute time intervals with some randomization to reduce predictability.
VWAP	Executes an order over a specified interval following the historical volume curve	VWAP is a volume weighted algorithm that leverages historical volume curves and trades over a specified time period. Benchmarked to the VWAP, it is designed to adhere to the curve with some discretion based on profile and trader intent.
POV	Participates in-line with the accessible market volume	POV targets the desired percentage of the accessible market volume specified in the order. It is designed to dynamically tracks volume in real-time by continuously calibrating its participation.
ICEBERG	Stealthily executes a limit order by working a small portion of the order for each fill	ICEBERG seeks to conceal the orders total quantity from the market and drip-feeds smaller order quantities (specified by MaxFloor), one-by-one, so as to minimize market visibility and impact. Once the active child order is filled, another slice is allocated from the total order size until the client order quantity is met. If the client doesn’t specify a limit price, a limit price calculated as a percentage of the far touch is used.