Agency broker Bloomberg Tradebook announced the launch of an algorithm that fully automates global equity portfolio trading, connecting to more than 70 liquidity venues around the world.
The firm said the Portfolio Algorithm is aimed at providing institutional investors who deploy sophisticated basket trading strategies with more safeguards for their holdings and decisions. It's also designed to give buy-side traders complete autonomy over their global equity trading executions while remaining dollar neutral.
"As a buy-side trader, I need to stay cash neutral on global orders and Tradebook's Portfolio Algorithm addresses this by working the orders within my set tolerance levels," Mark Hunter, an equity trader at New Brunswick Investment Management said in a statement.
