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Algo Providers

360T partners with a number of Banks in order to provide its clients with a broad spectrum of strategies depending on their preferred trading style.

Bank of America provides the following sophisticated tools depending on the speed of execution to help you realise your trading objectives:

  • Whisper: Discreetly feeds your order into the internal brokering engine and liquidity to minimize market impact.
  • TWAP: Executes at a time-weighted average price over your specified period. And seeks to improve execution by minimizing spread crossing.
  • Iceberg: Exposes only part of your order at your specified price. Select a market or let the algorithm distribute your order intelligently across a broad range of markets.
  • Tracker: Automatically places Iceberg orders that move with the market. Join, improve or sit behind the top of book.
  • Access: DMA algorithm allows you to select the markets your order is executed in.
  • GetDone: Accesses market liquidity when it appears at predetermined levels. Quickly executes your order, while keeping your interest hidden.
  • Critical Mass: Aggregates and sweeps liquidity across markets. Provides fast execution with an option to quietly execute residual order amounts.

For more information, click here.

Barclays offers the following algorithmic strategies, covering different trading styles and preferences:

  • BARX® GatorTM Orders: Brings together external liquidity from multiple venues and combines it with the BARX PowerFill orderbook and Barclays’ own liquidity.
  • LWAP – Liquidity Weighted Average Price: allows clients to control the maximum amount of spread paid by adjusting the Max Spread Ratio and the Clip Size.

For more information on BARX® GatorTM Orders, click here.
For more information on LWAP, click here.

BNP Paribas’ FX algorithm execution service is designed to provide clients with access to bespoke strategies whose primary goals are to capture price improvement, minimize market impact and achieve optimal execution:

  • Chameleon: a third generation adaptive algorithm designed to work large size orders directly into the interbank markets.
  • Viper: Aggressive, adaptive algorithm designed to work mid to large orders into the market.
  • Iguana: an adaptive time-based algorithm that looks to dynamically work an order based on a user-defined schedule.

For more information, click here.

The following algorithmic strategies provided by Commerzbank have been designed to provide users with access to bespoke risk management solutions:

  • TWAP Advanced: Enhanced user-definable order parameters that utilize both making and taking in internal and
    external liquidity sources.
  • Tracer: Passively keeps the order in the market at a constant pegged distance.
  • Hunter: limits the amount of the order that is resting on external liquidity sources to reduce information leakage and market impact.

For more information, click here.

The following highly customizable algorithmic strategies offered by CACIB, cover different trading styles and objectives depending on the expected execution time as well as spread capture:

  • EAGLE: Aggressive liquidity taking algorithm
  • FALCON: Volume opportunistic algorithm intended for urgent execution
  • TWAP – Time Weighted Average Price: helps minimize the slippage against the TWAP benchmark.
  • OWL: targets a percentage of historical volume.
  • SWAN: Peg to the Bid/Offer without changing the limit price

For more information, click here.

Credit Suisse’s suite of algorithmic trading strategies can help reduce market impact, improve performance versus benchmarks and let clients focus on the big picture:

  • Time / Volume based: Strategies that will intelligently work bids / offers and spread trades out over time based on a schedule, aiming to track a time-weighted or volume-weighted benchmark.
    • TWAP
    • VWAP
  • Passive / Iceberg: Strategies designed to maximise spread capture and/or simulate iceberg trading.
    • Float
    • Reserve
  • Opportunistic: Adaptive strategies which seek to maximise liquidity and minimise signalling risk / market impact.
    • Guerrilla
    • Sniper
  • Hybrid: Strategies that combine the best aspects of AES FX core strategies into a single compound strategy.
    • Float Guerrilla
    • Float Sniper
    • Price Inline

Deutsche Bank offers more than 10 customizable algorithmic strategies to accommodate various trading styles and objectives. The following are our most popular offerings:

  • Stealth: Intelligently and dynamically access liquidity to reduce transaction costs accessing our unique liquidity pool
  • TWAP/VWAP: An advanced algo that balances spread capture against execution horizon
  • Pi (Principal Interest): Show your interest to Deutsche Bank’s franchise by gradually becoming more aggressive relative to Deutsche Bank’s smart mid

For more information please contact your Deutsche Bank representative.

Goldman Sachs provides the following algorithmic strategies, offering various trading styles and preferences:

  • Dynamic Hybrid
  • Dynamic Aggressive
  • Dynamic Iceberg
  • Pegged
  • TWAP
  • VWAP

HSBC’s following FX algorithmic solutions are customizable, adaptable and transparent to suit your execution:

  • GetDone: aims to execute an order aggressively by optimally consuming liquidity across multiple venues, while taking into account current liquidity distribution and fill probability by different venues.
  • HTWAP: aims to execute an order at an even pace by slicing the total quantity through time, managing the trade-off between passive and aggressive placement, with a view to maximize the fill probability while minimizing the cost.
  • Implementation Short Fall: aims to minimize slippage relative to the market price at the order start time, while managing the trade-off between market volatility risk and market impact and optimizing between passive and aggressive placement on different venues.
  • Liquidity Seeking: This algorithm aims to execute an order by placing slices passively across HSBC’s network of liquidity matching the pace of the market, with the aim to minimize price impact and information leakage during execution.

J.P. Morgan’s next generation FX Algos help you manage costs and efficiently access liquidity. Our flexible and tailored algo suite does the heavy lifting, allowing you to focus on the bigger picture.

For more information about our offering and to discover our latest machine learning algo tool, DNA, click here.

  • Limit Based
    • Sliceberg: Displays a user defined slice quantity at specified limit price and replenishes slices until full order is executed. Will attempt to fill remaining notional of order accordingly when liquidity is available at or better than specified limit price.
    • Panther: Takes liquidity at the specified limit price or better until order is complete by placing resting interest on Internal liquidity sources and not exposing resting interest externally.
  • Time Based
    • TWAP+: Places resting interest as well as takes liquidity when necessary to finish on schedule.
  • Market Tracking
    • Float: Places interest as well as takes liquidity when available in order to capture a pre-determined percentage of market spread.
    • Internal Tracker: Places resting interest as well as takes liquidity when available against J.P. Morgan’s internal liquidity. When using Dark Hybrid liquidity, Internal Tracker adds non-displayed external liquidity sources.
  • Aqua
    • Aqua VWAP: Optimally schedules resting interest and taking liquidity based on historical and real-time market volume patters.
    • Aqua POV: Adaptively interacts with the market by placing resting interest and taking liquidity.

Morgan Stanley provides the following FX algorithmic execution strategies. Each has a set of features and parameters that are applicable:

  • Standard Benchmark
    • TWAP
    • VWAP
    • Arrival Price
    • Fixing Order
  • Opportunistic
    • Seeker
    • Peg
  • Level-Based
    • Reflex
    • Iceberg
    • Limit (Bid / Offer)
    • Stop Loss
    • IOC (Mine / Yours)
  • Multi-Leg Strategies
    • Linked Order

For more information please contact your Morgan Stanley Sales and Trading representative.

NatWest Markets’ FX execution algos are built around an alternative technology solution and satisfies the need for transparency and market impact reduction:

  • Limit: Achieves a better rate than the current market level whilst acting passively and attempting to capture the spread.
  • Limit Pro: Executes up to the user-defined liquidation price using external liquidity.
  • Peg Clipper: Minimizes market impact whilst giving you the opportunity to capture the spread.
  • Pegged TWAP: Executes an order over a specified time frame.
  • TWAP: Minimizes market impact by splitting an order into smaller clips.

For more information, click here.

The RBC Algo suite helps clients take advantage of our extensive FX distribution and smart order routing infrastructure. Each solution can be tailored with user-defined controls to adhere to your strategy.

  • RBC Provide: Executes orders passively and will not cross the spread. Tracks market activity and targets a certain percentage of participation.
  • RBC TWAP: Trajectory based algorithm working orders over a given time horizon, spreading the trades along a linear distribution.
  • RBC Strike: Volume opportunistic algorithm intended to strike a balance between passive and aggressive fills to complete the order, targeting a percentage of participation.
  • RBC SmartTake: Executes rapidly through a sequence of IOC orders across supported market venues.

Société Générale’s algorithmic execution strategies aim at minimizing market impact and transaction costs through the use of high speed technology:

  • TWAP+: allows you to trade along a predefined scheduled profile to get an average price over a time interval.
  • Nightjar: a stealthy strategy, used when discretion is more essential than speed.
  • Falcon: a pro-active strategy, used when speed is more essential than stealth.

For more information, click here.

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Standard Chartered provides the following algorithmic strategies, offering various trading styles and preferences:

  • TWAP: Follows a linear schedule to execute an order evenly over a specified time period. It aims to minimize slippage / variance against a TWAP reference.
  • VWAP: Executes an order over a specified time period, following the historical volume profile to execute a larger portion of the order when the market is more liquid.
  • Inline: Aims to execute a larger portion of an order when the market is more liquid. Unlike VWAP, it estimates the end time of the order based on historical volume profile and a specified participation rate.
  • Arrival: Executes an order based on specified aggression level attempting to minimize slippage / variance against the arrival mid price.
  • Float: A passive execution algorithm that slices an order and posts passively up to the mid price, re-pegging with market movements.
  • Adaptive take: An opportunistic algorithm for execution of larger orders with specified aggression level. It executes aggressively in a controlled way without sweeping through the book whilst also posting passively to source liquidity intelligently.
  • Adaptive sweep: A liquidity seeking algorithm that uses our smart order routing logic to attempt to source liquidity aggressively but efficiently up to the specified limit price.
  • Fix: A trajectory style algo that trades in a 5 minute interval around the 4pm London FIX. Using the ‘auto skew’ feature it will automatically front-weight or back-weight the trajectory based on price movement in the first minute of the trade.

For more information, click here.

UBS Electronic Execution offers sophisticated FX Algorithms that intelligently work orders with the overall objective of achieving optimal execution:

  • Tap: accesses the internal liquidity pools to trade within a range of participation rates according to
    your specified “Urgency“.
  • Orca-Direct: looks to fill urgently using liquidity from UBS Principal, ECNs & correlated Futures instruments.
  • TWAP: a volume-based order that trades in line with historic UBS market volume3 over the time you specify.
  • Float: a pegged order allowing you to float an order within the UBS spread in PIN-FX.

Learn more about UBS’s FX algos here.

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