Maximize execution with exclusive order types and algorithms
As dedicated execution partners to our clients, we spent years building a comprehensive suite of advanced order types and algorithms to optimize any trading or execution strategy. Our sophisticated execution services are customizable and can be used across UIs and APIs. While some may sound familiar, most have been customized or newly created for exclusive use by our clients.
Proprietary Algorithms (7)
|Smart Routing||An order to buy or sell at a specific price or better.||sFOX Smart Routed orders are similar to limit orders, but go after every opportunity to execute. If the router is unable to fill the order completely after one or multiple rounds of IOC orders, it places the remaining quantity as a maker order with the liquidity provider with the best price. If there is an opportunity to take liquidity again, the process will start over.||Buying or selling at a specific price or better, without concern for how quickly the full order gets filled.|
|Time Weighted Average Price|
|An order that is designed to execute evenly over a set amount of time at a price equal to—or better than—the order price.||You set the parameters for how much of a currency you want to buy or sell over what timeframe and the smart router breaks it into smaller, child orders that are executed at set intervals or continuously (within the timeframe) as long as the price is better than or equal to your order price.||When you want to execute a large order at an average price, but you do not want to impact the market and may not have strong opinions on the direction of the market over the timeframe.|
|Sniper (taker only)||An aggressive, but hidden order with a limit.||You set a limit and the router keeps looking for ways to execute child orders at that price or better. If parts are unfulfilled, it rests as a maker order in the dark pool (until and unless the router sees another opportunity to take liquidity).||When you want to build or liquidate a large position within certain price parameters, while hiding the overall intent of your order.|
|Hare (taker only)||An order that keeps you in the most competitive position in the orderbook at the price you want or better.||You set the price at which you want to execute, and the hare puts your entire order in the most competitive position in the orderbook on the liquidity provider with the highest probability of filling your order at a price better than your limit. If another liquidity provider has a better opportunity, hare jumps you to the most competitive spot on that exchange. And if an order is placed in the queue that would bump yours, the hare jumps you over it to maintain your competitive position up to your limit price.||When you don’t want to cross the bid/ask spread and want your order to remain competitive without having to cancel and replace limit orders.|
|Tortoise||An order that places you in the most competitive position in the orderbook at the price you want or better.||You set the price at which you want to execute, and the tortoise puts your entire order on the liquidity provider with the best chance of filling your order at a price better than your limit price (like hare except it only places the order once).||When you don’t want to cross the bid/ask spread and are willing to wait to get a better price.|
|Polar Bear (taker only)||An order that only takes from the best bid or ask until the order is completely filled.||You set a limit and the router takes orders from only the top of the book until the order is filled. Unfulfilled parts stay in the sFOX Dark Pool until the top of the book reaches your price.||When you want to open or close a large position without signaling the market to the size of your order.|
|Gorilla||Like a hare order (see above), but optimized for large orders.||You set a limit and the smart router breaks the order into smaller pieces and places them one at a time on the liquidity provider with a price equal to or better than your price.||When you want to build or liquidate a large position without crossing the bid/ask spread and want to get the best price without signaling the market.|
Unique strategies deserve bespoke solutions
Our experts can work with you to develop a custom solution for your trading strategy.