NYSE Euronext (NYX) has completed the roll out of the first phase of more than 20 execution algorithms provided by Deep Value Inc., as part of NYX’s floor broker algorithm initiative. Since the programme’s inception last July, trading floor brokers have been able to use algorithmic execution strategies directly from their hand-held devices.

Under the programme, all algorithmic strategies are available for use by floor brokers trading NYSE- and NYSE Amex-listed issues. According to Michael Rutigliano, vice president-broker liaison, at NYSE Euronext, “this initial suite of Deep Value algorithms introduces the concept of microstrategies: sophisticated quoting and execution strategies that automate the rapid and intuitive characteristics found in the trading tactics of floor brokers. These customized strategies, designed exclusively for floor brokers, strengthen brokers’ automated abilities, enable the brokers to engage in sophisticated new behaviours to deliver performance, seek and attract dark and block-sized liquidity, and provide significant price improvement.”

The NYSE last week completed the phase I release floor wide. Deep Value servers are co-located in NYSE Euronext’s data centres and directly utilize NYSE Technologies’ Super Feed market data to minimize latency and maximize the value of the algorithms to the floor broker community and their customers. Deep Value’s fault-tolerant technology handles the exchange-scale algorithmic loads via a NYSE-dedicated grid of commodity servers.

All Deep Value strategies trade at parity, providing brokers the continuing ability to match on every trade. The algorithms are customizable and enable brokers to use their current execution and quoting strategies simultaneously. All strategies compete with the National Best Bid and Offer and are Regulation NMS-compliant.