PHD Algorithms
PHD Algorithms and infrastructure provide buy-side and sell-side traders with greater control over trade execution in today’s complex markets. Leverage the years of market intelligence built into PHD’s Algorithms or customize our highly configurable algorithms to meet your own needs. Contact Us to craft your own customized PHD Algorithm.
Making money just got easier with PHD Trading Technologies!
| STRATEGY | DESCRIPTION | OBJECTIVE |
|---|---|---|
| Liquid | • Sweep and probe dark pools and public markets for liquidity. • Simultaneously rest and intelligently circulate shares throughout dark pools (and back to ATSs and public markets). | • Liquidity sourcing and best execution |
| Secret | • Sweep and probe ATSs. Rest (post) intelligently in darkpools. | • Dark liquidity sourcing and best execution |
| Express | • Time urgent. • Uses real-time and historical liquidity measures to determine speed in completing an order. | • Complete trade quickly • Minimize impact risk |
| Private | • Sweep and probe dark pools and public markets using an adaptive liquidity sourcing and anti-gaming logic that leverages both historical information and intraday feedback to execute orders in small- and mid-cap equities while minimizing impact | • Optimally source in low ADV names such as small/mid-cap securities |
| STRATEGY | DESCRIPTION | OBJECTIVE |
|---|---|---|
| Volume Sniper | • Aggressive volume tracking algorithm driven by FAN. • When in-line with participation parameters, strategy intelligently seeks to match public market volume by participating in displayed and non-displayed markets. • Powered by FAN technology. | • Intelligently trade up to target volume percentage |
| Arrival Price | • Calculates optimal trade horizon to balance market impact with price risk based on specified urgency level. • Performance is measured as follows: if stock has not opened, the previous close is used. • If stock is open, the cross side of the market is used(ask for buy, bid for sell). Powered by FAN technology | • Minimize slippage (from the arrival price) based on |
| VWAP | • Participate proportionally with expected volume profile.(Powered by FAN technology) | • Match VWAP over specified time period |
| TWAP | • Spreads executions evenly over designated time period.(Powered by FAN technology) | • Track TWAP over specified time period |
| Target Close | • Calculates the optimal trade horizon striving to achieve an execution outcome with minimal price dispersion from the closing print. | • Target closing price as benchmark |
| STRATEGY | DESCRIPTION | OBJECTIVE |
|---|---|---|
| OmniCast | • Simultaneously sweep public and dark pools for liquidity | • Liquidity sourcing and best execution without leaving a footprint |
| STRATEGY | DESCRIPTION | OBJECTIVE |
|---|---|---|
| Peg | Follows market movements, pegging orders to bid or offer based on the user input parameters. | Designed for passive execution and low-impact trading, when there is no urgency in executing the order. |
| Peg2 Midpoint | Provides the means to seek a price at the midpoint of the NBBO | The price automatically adjusts to peg the midpoint as the markets move, to remain aggressive. |