Demand strong for new "aggressive" algorithms

On Wall Street, few question the value of trading algorithms. This is in stark contrast to the hand-wringing about this approach to trading elsewhere. Many have recently lamented the herd aspect of all these algorithms, which seemed impotent in the face of the credit crunch.

Securities Industry News seizes on the recent launch of ITG's Raider to note that demand for algos is rising, especially when it comes to better trade routing services across the spectrum of light and dark possibilities. Big broker dealer-run services from Goldman Sachs, UBS and Credit Suisse have seen a surge in demand, which has led to more frequent updates. A report from the Aite Group lists some of the leading algorithms in this category: Scouter from Citi, Guerilla and Sniper algorithms from Credit Suisse, Sonar from Goldman Sachs, the Raider algorithm from ITG and the Tap algorithm from UBS. Many are starting to see such tools a competitive necessity in today's markets. 

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