CQG launches suite of execution tools for large, complex orders

Rick Steves

The Execution Technologies suite gives buy-side institutions the ability to execute large, complex orders as efficiently as if they were trading a handful of contracts.

CQG has launched a suite of exclusive execution tools for market participants to achieve optimal trade execution, particularly for large or complex order types.

The fintech firm which caters to traders, brokers, commercial hedgers, and exchanges, has developed these features on top of the infrastructure of Blue Trading Systems (BTS), a company acquired by CQG in June 2020.

For years CQG has been aiming at providing smart trade execution opportunities for buy-side and sell-side firms that can improve pricing, provide increased visibility of aggregating different markets, and enable large global firms to efficiently match client orders in a regulatory-compliant fashion.

The latest efforts by the Execution Technologies business unit have been led by CQG Vice President of Execution Technologies Kevin Darby, who co-foudned BTS and joined CQG last year.

Kevin Darby, Vice President of Execution Technologies at CQG, commented: “Our core technology for CQG Algos facilitates ultra-low latency access to markets with an emphasis on strong, lightning-fast analytics, as well as flexible, reliable algorithms.

“Through novel implementation of order types, we’re able to deliver high-quality fills with the goal of reducing implicit trading costs and market impact involved in accumulating a listed derivatives position for buy-side firms. The SDK allows us to partner with long-time clients like proprietary trading groups for high-value trading strategies, while respecting the sanctity of their intellectual property.”

Ryan Moroney, President at CQG, said: “We’re really excited to bring this new offering to market this week, based on an effort that has been years in the making.

“The Execution Technologies suite gives buy-side institutions such as hedge funds, large insurance companies, and commercial hedging operations that utilize the industry’s biggest banks and brokerage firms the ability to execute large, complex orders as efficiently as if they were trading a handful of contracts. We have also further strengthened capabilities for the professional trading community reflecting the myriad sophisticated order types they want to employ.”

The execution technology suite is available on CQG Integrated Client, CQG Desktop, and various CQG-supported application programming interfaces (APIs).

The suite includes numerous components now available to all interested clients, including CQG Algos, Custom Algo SDK, Algo API, AlgoAnalytics, Server-side Aggregation. A brief description of each component follows:

  • CQG Algos – A comprehensive set of pre-built algorithmic order types, employing a co-located low latency trading engine, for optimal server-side execution of Arrival Price, VWAP (volume-weighted average price), TWAP (time-weighted average price) and other algorithms. Each algorithm is built to track or beat benchmarks with specific implementations dedicated to in-depth analysis of microstructure, resulting in more passive order fills;
  • Custom Algo SDK – A software development kit allowing users to mix and match CQG Algos with their own custom C++ algorithms, minimizing development and testing cycles;
  • Algo API – A client-side interface used to control and compose server-side algorithms running inside of Custom Algo SDK, coupled with an evolving set of back-testing and analysis tools;
  • AlgoAnalytics – An augmented transaction cost analysis (TCA) tool that provides a transparent view into the core value proposition of the offering, with benchmark and micro-structure analysis;
  • Internalization Engine that allows large banks and brokerage firms to match orders from different clients internally, giving them cross-trade opportunities that reduce exchange fees and compliance risk, and providing a file or audit records of internalized orders to post to back-office systems;
  • Server-side Aggregation that provides a pooled liquidity view of cross-listed, fungible assets while allowing smart order routing into the constituents of the pool, according to user preferences.

CQG will soon add new components, including CQG Spreader 2.0, a sophisticated new version of the firm’s existing functionality, which will include new low latency spread routing, with considerably faster execution times that allow users to employ their existing CQG Spreader interface.

The fintech firm offers advanced solutions for brokers, exchanges, and traders, looking to improve access to trading, market data, advanced technical analysis, risk management, and account administration.

CQG provides Direct Market Access (DMA) to more than 45 exchanges and serves as the front end for a variety of exchanges and the over-the-counter matching engine for important new markets.



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