The new Floor Close route can help trading desks reduce overnight risk moments before the close, and target the closing print better than ever before.
NEW YORK, 26th September 2016 — Deep Value is pleased to announce the Floor Close, a new direct market access route to the NYSE that allows desks to participate in the NYSE closing auction closer to the bell than ever before.
The NYSE closing auction is typically the single biggest liquidity event of the day across stock markets worldwide. For virtually every US cash trading desk across the world, Deep Value’s new Floor Close product may open up new trading opportunities and new avenues to shed risk.
Created via partnerships with Floor Brokers, Deep Value’s Floor Close is a genuine technology advance in the state of the art, and is fully compliant with applicable rules and regulations.
Via this technology breakthrough:
● Desks can reduce overnight risks in many hundreds of names moments before the bell
● Respond faster to closing imbalance feed updates, while being compliant
● Avoid the tracking error of “Target Close” algorithmic trading strategies strategies that target the price of the eventual closing print and instead simply participate directly in the close
● Buyside desks can have larger position limits and gross books sizes near the market close
Limitations and disclaimers apply, driven by market quality, compliance and other considerations.