We target identified sources of adverse impact by (1) using sophisticated techniques to carefully "camouflage" orders and trades in the noise of overall market activity, and (2) exploiting small pricing inefficiencies that are systematic but short-lived to reduce actual trading costs incurred.
Where feasible, for historical analysis, we prefer to work with randomly chosen but statistically representative subsets of order and fill data. Actual transaction costs are analyzed on a monthly basis, and the client's execution algorithms are continually refined in response to changing market conditions and their own order flows.
For prospective clients that have considerable variation month-to-month and quarter-to-quarter in their trading, or to integrate conveniently into pre-existing algorithmic trading workflow, we offer very performant algorithms as FIX destinations at market-beating prices.
Where feasible, we analyze recent historical client trading data and design custom algorithmic execution strategies to mitigate the specific adverse impact characteristics of a client's order flow. We program execution tactics into existing execution management systems or have orders sent real-time to our execution infrastructure