We are pleased to announce the release of a new set of order catalogs which introduce a number of new order types and additional functionality. Please make sure your traders upgrade to the latest catalog here prior to Thursday’s trading and reset their keyboard for Alpha DARK gateway as some old order types will no longer work.
Catalogs update details below.
OTC Markets: PINK Router
The PINK Router routes as an immediate-or-cancel (“IOC”) order to Maxim, Citadel and ArcaEdge in that sequence. If after routing to each there are any unfilled shares, they are cancelled back to the trader.
NOTE: The OTC market is not a fully electronic exchange. As such, execution and cancel messages will take a few seconds to be received. Please inform your traders to be patient.
Alpha Intraspread functionality
Traders now can select the type of liquidity they want their orders to interact with
- SDL: resting Intraspread order will only interact with incoming SDL (Seeking Dark Liquidity) orders, will not interact with incoming DARK orders
- DARK: resting Intraspread order will only interact with incoming DARK orders, will not interact with incoming SDL orders
- ALL: resting Intraspread order will interact with both SDL & DARK incoming orders
US & Canadian Markets: NightHawk Algorithm
NightHawk is a dark liquidity algorithm. It aggregates a list of dark liquidity sources under one destination and uses its sophisticated tactics to maximize chances to find liquidity while reducing adverse selection, signalling and potential gaming.
NightHawk will be available for both Canadian and US Markets.