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The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

DASH Adds Dark Liquidity Aggregation Algo

DASH Financial Technologies continues to innovate with SENSOR Dark, a next-generation dark liquidity aggregation algorithm designed to provide traders with optimal levels of transparency, performance and control as they attempt to minimise footprints when seeking dark liquidity in a fragmented market. The algo sources dark liquidity from significant venues across the US equity market, including independent venues, broker-operated pools, exchange hidden liquidity and conditional pools.

In line with all DASH execution solutions, users can customise their own SENSOR Dark execution strategies to meet specific performance and workflow goals. They can also view, measure, refine and visualise their activity using DASH’s web-delivered transparency solution, DASH360, which provides real-time analytics and visualisation to bring an order to life.

Stino Milito, head of electronic trading sales and co-chief operating officer at DASH, says: “While simple dark aggregation tools have been available in the market for some time, most were developed at a time when the liquidity landscape looked much different than it does today. SENSOR Dark has been designed with the functionality and real-time analytics necessary to effectively source dark liquidity today.”

With SENSOR Dark, traders can use a data-driven approach to customise routing selection by liquidity, block execution, price reversion/stability or any custom measurement; benefit from ‘block react’, a workflow solution that enables reaction to block execution with immediate and dynamic reallocation functionality; add ‘alpha seek’, performance enhancing workflow that dynamically changes venue selections available to take advantage when a symbol is outperforming versus the arrival price; define minimum fill size on a per-order and venue-by-venue basis, as well as set a minimum first fill to ensure a minimum-size dark print at the outset of the order; and have price flexibility by sourcing liquidity anywhere within the National Best Bid and Offer, including the midpoint or far touch, the offer when buying or the bid when selling.

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