CES offers a suite of liquidity-seeking,
benchmark-based and schedule-based trading
algorithms that are capable of delivering strong performance
across a range of investment strategies.

High-performance alphas

Our algorithms are powered by alpha signals optimized with multiple components and a range of weightings. They operate with a sensitivity and responsiveness that enable more informed micro-pricing decisions on stock execution.

Technological edge

With approximately 1,900 servers co-located at more than 35 sites around the globe, our algorithms are designed to minimize trading latency and execute with greater speed and accuracy.

Sophisticated client service

Our ability to source liquidity and offer algorithm customization means that we can help investors succeed across a variety of investment strategies. We seek to maximize trading efficiency through tailored performance measurements and the continuous real-time optimization of order placement.

SOR (Liquidity-based)

Ideal for investors seeking execution with intelligent routing and order placement.

Objective

Intelligently and quickly source liquidity from all available venues.

Key Parameters

  • Urgency
    (Super Passive -> Super Aggressive)

Other Available Parameters

  • Start Time
  • End Time
  • Limit Price
securities-ces-institutional-algo-market-access-chart

POV (Liquidity-based)

Ideal for investors who wish to work in line with market volume.

Objective

Target a specified percentage of composite volume.

Key Parameters

  • Target Percentage
  • Would-If Price
  • Would-If Venue (D, L+D, L+D+I, B)*

Other Available Parameters

  • Start Time
  • End Time
  • Limit Price
  • Max Percentage
securities-ces-institutional-algo-POV-chart

IS (Benchmark-based)

Ideal for investors seeking to minimize shortfall to arrival price.

Objective

Optimize the tradeoff between market impact and execution risk.

Key Parameters

  • Urgency
    (Super Passive -> Super Aggressive)
  • Would-If Price
  • Would-If Venue (D, L+D, L+D+I, B)*

Other Available Parameters

  • Start Time
  • End Time
  • Limit Price
  • Max Percentage
securities-ces-institutional-algo-IS-chart

VWAP/TWAP (Schedule-based)

Ideal for investors who wish to spread execution over a fixed time horizon in accordance with a VWAP/TWAP benchmark.

Objective

Target volume-/time-weighted average price by tracking historical/linear volume profiles.

Key Parameters

  • Start Time
  • End Time
  • Would-If Price
  • Would-If Venue (D, L+D, L+D+I, B)*

Other Available Parameters

  • Limit Price
  • Max Percentage
  • Open
  • Close
securities-ces-institutional-algo-VWAP-chart