Embedded in all Itarle algorithmic trading strategies are intelligent order routing and queuing techniques for the placement and modification of limit orders and advanced order types on both primary and MTF exchanges.
Any rebates or incentives for passive order flow are automatically passed on to the customer as Itarle is not a broker. The Itarle service can be deployed across all major electronic exchanges in Europe and Asia.
The Itarle algorithmic trading service consists of core strategies and many customisable parameters. For example, Itarle algorithmic services can encapsulate the following execution techniques:
Taking an intelligent approach to Smart Order Routing, the Itarle iSOR first looks at the size of the order relative to the consolidated orderbook for all relevant exchanges.
The iSOR then calculates the most statistically optimal way to split the order for best execution, considering price, exchange fees and venue preferences. The iSOR logic updates on a tick by tick basis, offering dynamic best execution capabilities. Also embedded are complex anti gaming techniques ensuring that the iSOR
Good execution algorithms can be distinguished from poor ones through the statistical analysis of previous orders.
At Itarle, however, we go further than simple comparisons and provide detailed metrics on the following:
The Itarle Vision system allows you to monitor the relationship between the parent and child orders in real time as well as all historical trades. It provides details such as historical slippage, volatility, spread, liquidity and fragmentation.
At Itarle we embed all of the ticketing costs prices per execution venue into the actual algorithms. Therefore, execution costs are minimised with respect to liquidity as part of complex decision making process. Over time, this optimisation provides huge ticketing cost savings for Itarle customers and post trade reports are regularly given to prove these savings.
At the customer's request, Itarle will provide a latency report per execution venue showing the median time, average time, 95th percentile and the 99th percentile. These latency metrics help Itarle customers to identify bottlenecks in the trading process thus enabling them optimise their trading systems and extract more value out of their existing infrastructure.