Agency-only broker Investment Technology Group -ITG- announced it is rolling out three algorithms tailored for the Mexican equities markets.
The three algos, already in service in other equities markets around the world, are volume weighted average price, time weighted average price and active. Active is a non-passive liquidity-seeking algorithm that constantly searches for cheap liquidity, according to Jeff Bacidore, managing director and head of algorithms at ITG.
All three have been in beta testing in the Mexican market since August.
Bacidore added the algos have been recalibrated as the Mexican equities markets are less liquid and the stocks that trade in them have bid-and-ask spreads three times as wide as U.S. stocks, on average.
"To get the algorithms right we had to adapt the order placement logic to capture spread," he said. "Regulatory and technological changes are accelerating the move towards electronic trading in Mexico, and our tailored algorithms provide a valuable new tool for institutional asset managers seeking to access that market."
The algorithms are available via ITG’s Triton execution management system and other
trading platforms and via FIX connection.
With the addition of Mexico, ITG now offers its algorithms in 35 markets across the Americas, Asia Pacific and the EMEA region
