The Tsuwamono FX Algo series from Nomura

In this article we profile Nomura’s series of FX algorithms, called Tsuwamono, a name that is derived from the Japanese definition of soldier, warrior and man of courage. NINJA Ninja takes advantage of market liquidity to capture as much spread as possible. This  passive pegging algorithm minimizes market impact by accepting greater market risk. The algo’s aggressiveness spectrum spans from passive side top of book to market mid; it never fully aggresses the spread. The market activity profile mentioned above In this article we profile Nomura’s series of FX algorithms, called Tsuwamono, a name that is derived from the Japanese definition of soldier, warrior and man of courage. NINJA Ninja takes advantage of market liquidity to capture as much spread as possible. This  passive pegging algorithm minimizes market impact by accepting greater market risk. The algo’s aggressiveness spectrum spans from passive side top of book to market mid; it never fully aggresses the spread. The market activity profile mentioned above

In this article we profile Nomura’s series of FX algorithms, called Tsuwamono, a name that is derived from the Japanese definition of soldier, warrior and man of courage. NINJA Ninja takes advantage of market liquidity to capture as much spread as possible. This  passive pegging algorithm minimizes market impact by accepting greater market risk. The algo’s aggressiveness spectrum spans from passive side top of book to market mid; it never fully aggresses the spread. The market activity profile mentioned above