Calyon Financial today announced the introduction of eight new
algorithmic execution tools exclusively available for the brokerage
firm's clients. The algorithms have been designed by Calyon
Financial's industry- recognized Research Group to help clients
minimize the market impact of their orders on many of the leading
global futures contracts under a variety of market conditions and
The algorithms are based on extensive testing and a comprehensive,
historical market depth tick database on actively traded CME, CBOT,
Eurex, Euronext.Liffe, ICE and MX contracts assembled by Calyon
Financial. In addition to offering the eight algorithmic executions,
Calyon Financial also can utilize the data to assist in addressing
specific client queries on how best to work an order and to analyze
how well a given algorithm has behaved after the trade has occurred.
Calyon Financial, a top-tier global brokerage firm that provides
institutional clients with execution and clearing services on more
than 70 financial and commodity exchanges, is an agency model
brokerage and does not engage in proprietary trading. This provides
clients with the added assurance that their trades, algorithmic or
traditional, receive top priority and confidentiality.
With the new algorithmic offerings, Calyon Financial clients can
now request that their orders be worked utilizing either a VWAP or
TWAP strategy with four different execution tactics ranging from
aggressive to patient for each strategy. Brief descriptions of the
strategies and execution tactics are:
-- Volume Weighted Average Price (VWAP). VWAP seeks to match the volume
weighted average price for a specified time period.
-- Time Weighted Average Price (TWAP). TWAP slices an order evenly over
-- VWAP/TWAP Type 1. Aggressive execution using market orders to achieve
-- VWAP/TWAP Type 2. Slightly less aggressive tactic that pegs limit
orders at a specified price over the bid or below the ask.
-- VWAP/TWAP Type 3. Patient execution tactic that provides a "sticky"
peg to the bid (if buying) or offer (if selling), allowing the client
to be a provider of liquidity.
-- VWAP/TWAP Type 4. Highly patient execution tactic functions like the
Type 3 tactic with an added conversion to a historical value if the
order slice is not filled within a specified time.
Calyon Financial clients utilizing these algorithmic strategies
can send instructions to Calyon Financial via FIX or by the
traditional methods of phone or e-mail.
About Calyon Financial
Calyon Financial (http://www.calyonfinancial.com
) is a leading
global brokerage firm dedicated to providing institutional clients
efficient access to all major markets. The firm ranks among the top
futures commission merchants in the world and has access to more than
70 financial and commodity exchanges. Headquartered in Chicago,
Calyon Financial has a presence in 16 major global financial centers.
Calyon Financial is a wholly owned subsidiary of Calyon S.A.
), the corporate banking arm of Credit
Agricole. Calyon is a major player in financial markets and among
Europe's leading corporate and investment banks. Credit Agricole and
Calyon each hold AA credit ratings.
On August 8, 2007, Calyon and Societe Generale signed the final
agreement relative to the merger of the brokerage activities
currently carried out by their respective subsidiaries, Calyon
Financial and Fimat. The operational launch of the new entity is
scheduled for early 2008, subject to the approval of supervisory
The resulting entity, Newedge, will be controlled 50/50 by Societe
Generale and Calyon and will have bank status. It will be
headquartered in Paris, and is expected to have a combined staff of
around 3,000 located in the world's main financial centers.
In a fast-growing market, Newedge will rank as a world leader in
execution, in particular electronic execution, as well as in clearing
derivative products traded in the Americas, Europe and Asia-Pacific.
Nothing contained herein should be considered as an offer or the
solicitation of an offer to sell or to buy any financial instruments
discussed herein. Calyon Financial SNC is authorized by Banque de
France. In the UK, Calyon Financial SNC's London Branch is regulated
by the Financial Services Authority for the conduct of designated
investment business in the UK. In France, Calyon Financial SNC is
regulated by the Autorite des Marches Financiers and by the
Commission Bancaire. Calyon Financial Inc. is a member of SIPC and
FINRA. (C) Calyon Financial. All rights reserved.
Contact: Barry Neumann, Calyon Financial Corporate Communications
Web site: http://www.calyonfinancial.com
ots Originaltext: Calyon Financial
Im Internet recherchierbar: http://www.presseportal.ch
Barry Neumann, Calyon Financial Corporate Communications,