TD Securities says its new algorithmic trading platform for global foreign exchange, TD OpenICE, now provides clients with the unique ability to achieve best execution in ways that best fits their needs. “We looked extensively at how algos work and recognized that all algos share three fundamental dimensions of functionality: time, volume and price”, says Paul Aston, Head of TD’s Quantitative and Algorithmic Solutions (QAS) group. “By consolidating these parameters into a single interface, users have the ability to customize any type of algo they need, by simply tweaking their settings for time, volume and price”.
Another thing that differentiates TD OpenICE is the ability to algorithmically execute both spot and forward transactions. This is made possible because TD OpenICE is designed specifically for global foreign exchange; it is not a re-purposed equity trading platform. “When looking closely at institutional liquidity needs, it is apparent that most currency trades are required to either settle an international transaction or hedge foreign exchange risk exposures”, explains Aston. “Since only a small proportion of trades tend to be designated purely for spot settlement, it was important that TD OpenICE provide a solution that enables clients to trade currency the way currencies are actually traded”. TD OpenICE is available on Bloomberg and FX Connect. TD Securities does not charge agency fees to utilize the platform.