Continuing the build out of its U.S. electronic trading offerings, Nomura has released a core set of algorithms for equities as part of its global ModelEx strategies.

"This is a first step in the larger global expansion of our U.S. equity franchise," says Sam Clapp, head of electronic trading sales at Nomura. "We've launched a core set of algorithms that we plan on enhancing and adding to in the coming months."

He adds that customers in the U.S. as well as in Europe and Asia will be the target users and that the algorithms can be accessed through various third-party order management systems, including Instinet Newport and Bloomberg.

The set of algorithms includes eight core strategies: VWAP, TWAP, WithVolume, IS, Target Close, On Close, Target Open and On Open. Nomura has also launched its Nomura Crossing (NX) internal crossing engine for client orders as well.

"In advanced of going out to the public market the algorithms will attempt to make a cross internally," explains Neal Goldstein, executive director and U.S. head of electronic product development, systematic trading at Nomura. "There will be opportunity for price improvement and crossing internally also potentially reduces the economics of the trade itself."

Moving forward Nomura will also be releasing a dark liquidity aggregation product in November and is also working to have its portfolio trading strategy, now available through its program desk, available for clients to access directly.

"We expect to continuously build out enhanced functionality and also the ability to create customer workflows and strategies for our clients," says Goldstein, adding that the initial core set of algorithms is also highly configurable through participation rates and various thresholds clients can control.