ConvergEx has launched its redesigned TactEx "grey" order type which passively pegs the displayed market while simultaneously layering orders into selected dark pools as volume increases.

As the client executions occur, the order type recalibrates between displayed and dark venues to capture liquidity as it becomes available while ensuring measured participation and minimal information leakage at the same time.

In a statement, Craig Viani, managing director and head of ConvergEx's Electronic Trading Product Management, said, "As the trading landscape continues to evolve and fragment, our customers are looking for new ways to reduce signaling and their footprint in the market. Implementing a measured participation style, Grey seeks favorably priced liquidity between both the displayed markets and dark pools while maximizing anonymity."

The TactEx order type was initially launched in June of 2008 as a suite of DMA order types that let traders access both dark and displayed liquidity simultaneously. TactEx gives the trader control over execution decisions and divides the rest of an order between multiple dark venues.