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Transition Optimizer

Dynamic Portfolio Execution.

TOPx^SM, ConvergEx’s transition optimizer algorithm, is a unique, next-generation offering that was designed to address the trade-off between risk and market impact. Focusing on implementation shortfall, TOPx^SM dynamically identifies optimal trading rates in real time as market conditions evolve, while monitoring cash constraints and other opportunity costs in the context of the transition. Backed by our advanced, proprietary financial engineering technology, TOPx^SM continually forms the trade list that minimizes the sum of market impact and risk.

Working in combination with several components of our Liquidity Management Technologies, TOPx^SM optimizes execution strategies and delivers one of the most robust offerings available today. It first dynamically reacts with the ConvergEx Cross^SM to identify a possible match. If none is found, it will explore VortEx^®, our unique dark liquidity pool where ConvergEx streaming and resting orders interact with dynamic IOIs from a broad network of external liquidity providers. IQx^®, our intelligent trading logic that overlays our algorithmic suite and leverages our volume, price and volatility engines, continually wraps each algo slice to meet changing requirements within dynamic markets.