OUR ADVANCED EXECUTION ALGORITHMS AND TRANSACTION COST ANALYSIS (TCA) SERVICES QUANTIFY AND HELP REDUCE THE UNCERTAIN COSTS OF TRADING IN AN EVER-CHANGING MARKET.
A full suite of execution algorithms built by a team of practitioners with broad experience in quantitative asset management, trading technology, and implementing low latency strategies.
Low latency feedhandling & colocation improve order priority and fill rates, avoiding losing ground on pricing accuracy to high frequency traders.
Advanced, contract specific volume forecasts to account for liquidity differences across the futures curve.
Production orders continuously mirrored to a tick-by-tick simulation environment, to monitor alignment of research and development with real life fill quality.
Execution Objective: Execute at a steady rate over the duration of the order
Executes evenly across a user defined time interval
Attempts to utilize short term signals to optimize execution performance and capture passive fills when appropriate
Utilizes anti-gaming features and takes into account product matching engine characteristics
Execution Objective: Executes aiming to blend in with forecasted volume patterns
Utilizes volume forecasts, incorporating days to expiry and product specific seasonalities, aiming to track volume weighted average price and reduce market impact
Attempts to utilize short term signals to optimize execution performance and capture passive fills when appropriate
Utilizes anti-gaming features and takes into account product matching engine characteristics
Execution Objective: Executes in line with current market activity,
targeting a max percentage of volume
Executes evenly as a percentage of volume traded in the market
Attempts to passively collect the spread but will cross when required to keep up with the specified participation rate
Utilizes anti-gaming features and takes into account product matching engine characteristics
Execution Objective: Dynamically adjusts target participation rate as a function
of real-time market conditions relative to a chosen benchmark
Executes as a percentage of volume traded in the market within a range as defined by the min and max participation rates
Modulate participation rate for aggressive/passive in the money behavior
Attempts to passively collect the spread but will cross when required to keep up with the specified participation rate
Utilizes anti-gaming features and takes into account product matching engine characteristics
Execution Objective: Opportunistically minimize risk adjusted slippage
relative to arrival price; while balancing slippage against ordercompletion risk at the limit price.
Leverages short-term signals to opportunistically reduce execution slippage relative to arrival price
Dynamically balances between capturing the spread passively and crossing the spread
Utilizes anti-gaming logic and takes into account exchange matching engine logic
The option to enable logic that will attempt to complete the order at the defined limit price
Execution Objective: Aims to minimize risk-adjusted slippage relative to the order end time,
such as executing into the close.
Utilizes historical volume profiles to balance minimizing slippage vs price risk against the closing / settlement price
Attempts to utilize short term signals to optimize execution performance and capture passive fills when appropriate
Utilizes anti-gaming features and takes into account product matching engine characteristics
Execution Objective: Sources liquidity with stealth,
blending techniques such as randomized iceberg, pegging, and sniping.
Randomized Iceberg - Randomize quantities posted on passively priced child orders, randomize replenishment time for anti-gaming
Pegging - Initiate most aggressive posted order to passive side of the order book, with the option to post at multiple price levels
Sniping - Take out large quote sizes that show up within parent order limit price on opposite side of the market with IOC/Fill-And-Kill orders. Snipe while posting, or snipe while showing nothing
Lower visibility than exchange native icebergs, more functionality and opportunity for price improvement than simple synthetic icebergs
RCM-X actively engages with clients to understand their execution objectives and preferences in order to provide valuable guidance on algorithm and parameter selection. But for strategic client’s with unique execution objectives who’s needs go beyond the functionality of our standard algo suite, RCM-X stands ready to implement client-specific customization. And because of RCM-X’s experience in trading and our proprietary technology stack, we’re able to offer this tailored approached in a time efficient and cost-effective manner.
To learn more about Bespoke Algorithmic Execution Strategies:
EXCHANGE | PRODUCT | EXCHANGE CODE | PRODUCT TYPE |
|---|---|---|---|
| CME - CME | Australian Dollar | 6A | FX |
| CME - CME | British Pound | 6B | FX |
| CME - CME | Canadian Dollar | 6C | FX |
| CME - CME | Euro | 6E | FX |
| CME - CME | Yen | 6J | FX |
| CME - CME | Mexican Peso | 6M | FX |
| CME - CME | New Zealand Dollar | 6N | FX |
| CME - CME | Swiss Franc | 6S | FX |
| CME - CME | Bitcoin | BTC | FX |
| CME - CME | Eurodollar | GE | Interest Rate |
| CME - CME | Feeder Cattle | GF | Livestock |
| CME - CME | Lean Hogs | HE | Livestock |
| CME - CME | Live Cattle | LE | Livestock |
| CME - CME | E-mini S&P MidCap 400 | EMD | Equity Index |
| CME - CME | E-mini S&P 500 | ES | Equity Index |
| CME - CME | Yen-denominated Nikkei 225 | NIY | Equity Index |
| CME - CME | Dollar-denominated Nikkei 225 | NKD | Equity Index |
| CME - CME | E-mini Nasdaq 100 | NQ | Equity Index |
| CME - CME | E-mini Russell 2000 | RTY | Equity Index |
| CME - NYMEX | Brent Crude Oil | BZ | Energy |
| CME - NYMEX | Crude Oil | CL | Energy |
| CME - NYMEX | NY Harbor ULSD Heating Oil | HO | Energy |
| CME - NYMEX | Henry Hub Natural Gas | NG | Energy |
| CME - NYMEX | Palladium | PA | Metals |
| CME - NYMEX | Platinum | PL | Metals |
| CME - NYMEX | RBOB Gasoline | RB | Energy |
| CME - CBOT | Kansas City HRW Wheat | KE | Agriculture |
| CME - CBOT | Ultra 10-Year Note | TN | Interest Rate |
| CME - CBOT | Ultra Treasury Bond | UB | Interest Rate |
| CME - CBOT | E-mini Dow ($5) | YM | Equity Index |
| CME - CBOT | Treasury Bond | ZB | Interest Rate |
| CME - CBOT | Corn | ZC | Agriculture |
| CME - CBOT | 5-Year Note | ZF | Interest Rate |
| CME - CBOT | Soybean Oil | ZL | Agriculture |
| CME - CBOT | Soybean Meal | ZM | Agriculture |
| CME - CBOT | 10-Year Note | ZN | Interest Rate |
| CME - CBOT | 30 Day Fed Funds | ZQ | Interest Rate |
| CME - CBOT | Soybeans | ZS | Agriculture |
| CME - CBOT | 2-Year Note | ZT | Interest Rate |
| CME - CBOT | Chicago SRW Wheat | ZW | Agriculture |
| CME - COMEX | Silver | SI | Metals |
| CME - COMEX | Gold | GC | Metals |
| CME - COMEX | Copper | HG | Metals |
| MGEX | Minneapolis HRS Wheat | MWE | Agriculture |
| ICE EU Commodities | Brent Crude Oil | BRN | Energy |
| ICE EU Commodities | EUA | ECF | Energy |
| ICE EU Commodities | Low Sulphur Gasoil | G | Energy |
| ICE EU Commodities | UK Feed Wheat | T | Agriculture |
| ICE EU Commodities | Heating Oil | UHO | Energy |
| ICE EU Commodities | ICE New York Harbor (RBOB) Gasoline | UHU | Energy |
| ICE EU Commodities | WTI Crude Oil | WBS | Energy |
| ICE Futures US | Cocoa | CC | Softs |
| ICE Futures US | Cotton No.2 | CT | Softs |
| ICE Futures US | Coffee | KC | Softs |
| ICE Futures US | Sugar No.11 | SB | Softs |
| ICE Futures US | FCOJ-A | OJ | Softs |
| ICE Futures US | MSCI EAFE | MFS | Equity Index |
| ICE Futures US | MSCI Emerging Markets | MME | Equity Index |
| ICE Futures US | US Dollar Index | DX | FX |
| ICE EU Financials | Euribor | I | Interest Rate |
| ICE EU Financials | Short Sterling | L | Interest Rate |
| ICE EU Financials | Long Gilt | R | Interest Rate |
| ICE EU Financials | Euro Swiss Franc | S | Interest Rate |
| ICE EU Financials | FTSE 100 | Z | Equity Index |
| ICE Canada | Canola | RS | Agriculture |
| Euronext | Milling Wheat | EBM | Agriculture |
| Euronext | Corn | EMA | Agriculture |
| Euronext | Rapeseed | ECO | Agriculture |
| CFE | VIX | VX | Volatility |
BUILT BY TRADERS
RCM's algorithms are built by data scientists with extensive trading experience.
SCIENTIFIC AND QUANTITATIVE APPROACH
A scientific approach to measuring, defining, and reducing your execution costs.
MARKET MICROSTRUCTURE AND CO-LOCATION
Built utilizing a proprietary high performance C++ technology stack and advanced orderbook logic.
RCM-X is platform and bank neutral.
We seamlessly integrate into your existing workflow and are already certified across the majority of leading EMS / OMS front-end trading applications including:
RCM-X also offers FIX API connectivity