Maximize execution with exclusive order types and algorithms
As dedicated execution partners to our clients, we spent years building a comprehensive suite of advanced order types and algorithms to optimize any trading or execution strategy. Our sophisticated execution services are customizable and can be used across UIs and APIs. While some may sound familiar, most have been customized or newly created for exclusive use by our clients.
Proprietary Algorithms (7)
Order-Types (5)
Proprietary Algorithms (7)
| Smart Routing | An order to buy or sell at a specific price or better. | sFOX Smart Routed orders are similar to limit orders, but go after every opportunity to execute. If the router is unable to fill the order completely after one or multiple rounds of IOC orders, it places the remaining quantity as a maker order with the liquidity provider with the best price. If there is an opportunity to take liquidity again, the process will start over. | Buying or selling at a specific price or better, without concern for how quickly the full order gets filled. |
| Time Weighted Average Price (TWAP) | An order that is designed to execute evenly over a set amount of time at a price equal to—or better than—the order price. | You set the parameters for how much of a currency you want to buy or sell over what timeframe and the smart router breaks it into smaller, child orders that are executed at set intervals or continuously (within the timeframe) as long as the price is better than or equal to your order price. | When you want to execute a large order at an average price, but you do not want to impact the market and may not have strong opinions on the direction of the market over the timeframe. |
| Sniper (taker only) | An aggressive, but hidden order with a limit. | You set a limit and the router keeps looking for ways to execute child orders at that price or better. If parts are unfulfilled, it rests as a maker order in the dark pool (until and unless the router sees another opportunity to take liquidity). | When you want to build or liquidate a large position within certain price parameters, while hiding the overall intent of your order. |
| Hare (maker-only) | An order that keeps you in the most competitive position in the orderbook at the price you want or better. | You set the price at which you want to execute, and the hare puts your entire order in the most competitive position in the orderbook on the liquidity provider with the highest probability of filling your order at a price better than your limit. If another liquidity provider has a better opportunity, hare jumps you to the most competitive spot on that exchange. And if an order is placed in the queue that would bump yours, the hare jumps you over it to maintain your competitive position up to your limit price. | When you don’t want to cross the bid/ask spread and want your order to remain competitive without having to cancel and replace limit orders. |
| Tortoise | An order that places you in the most competitive position in the orderbook at the price you want or better. | You set the price at which you want to execute, and the tortoise puts your entire order on the liquidity provider with the best chance of filling your order at a price better than your limit price (like hare except it only places the order once). | When you don’t want to cross the bid/ask spread and are willing to wait to get a better price. |
| Polar Bear (taker only) | An order that only takes from the best bid or ask until the order is completely filled. | You set a limit and the router takes orders from only the top of the book until the order is filled. Unfulfilled parts stay in the sFOX Dark Pool until the top of the book reaches your price. | When you want to open or close a large position without signaling the market to the size of your order. |
| Gorilla (maker-only) | Like a hare order (see above), but optimized for large orders. | You set a limit and the smart router breaks the order into smaller pieces and places them one at a time on the liquidity provider with a price equal to or better than your price. | When you want to build or liquidate a large position without crossing the bid/ask spread and want to get the best price without signaling the market. |
Order-Types (5)
| Market | An order to buy or sell as quickly as possible, regardless of price. | sFOX Market orders are not only optimally routed to the liquidity providers with the best price availability, but also leverage deep global liquidity to help mitigate slippage. Clients can also utilize the sFOX “Max Slippage” parameter to further mitigate slippage. | Getting in or out of a position as quickly as possible. |
| Limit | An order to buy or sell at a specific price or better. | sFOX Limit orders can take or cross the bid/ask spread, if there is an opportunity on the other side of the orderbook at a price equal to or better than this order’s limit. | Buying or selling as quickly as possible at a specific price or better. |
| Stop Loss / Take Profit | An order to buy or sell once the market hits a certain price. | sFOX Stop Loss/Take Profit orders reduce the risk of premature execution and loss due to flash crashes or wicks because SFOX aggregates prices across global LPs to determine when to trigger the order. Clients can also utilize the sFOX “Max Slippage” parameter to further mitigate slippage. | Taking profits or limiting losses in order to manage risk. |
| Immediate or Cancel (IOC) | An order to immediately buy or sell at the prescribed price or better and to quickly cancel any unfilled amount. | sFOX IOC routes smaller, child orders simultaneously to multiple liquidity providers for execution at the prescribed price or better | Managing slippage in volatile markets, or filling as much of an order as you can as quickly as possible (at a prescribed price or better) without impacting the order book. |
| Trailing Stop | An order where the stop price, set at a specific dollar or percentage interval above or below the current price, can adjust as the market does (sell order triggers follow the price up, but then stay the same as the price moves down and vice versa). | sFOX Trailing Stops follow the same protocols as sFOX Stop orders once the trigger price is breached. Of course, clients can also utilize the sFOX “Max Slippage” parameter to further mitigate slippage. | Taking advantage of price movements in your favor, and locking in profits or limiting losses if the price moves against you. |
Unique strategies deserve bespoke solutions
Our experts can work with you to develop a custom solution for your trading strategy.
