ACS Execution Services, LLC (“ACS”)1 is pleased to have the opportunity to comment on the order instituting proceedings to approve or disapprove the Cboe EDGA Exchange (“Exchange”) proposed rule change to adopt the Liquidity Provider Protection (“LP2”) delay mechanism. ACS Execution Services, LLC (“ACS”)1 is pleased to have the opportunity to comment on the order instituting proceedings to approve or disapprove the Cboe EDGA Exchange (“Exchange”) proposed rule change to adopt the Liquidity Provider Protection (“LP2”) delay mechanism.
VWAP: Volume Weighted Average Price uses dynamic volume profiles to achieve the volume-weighted average price.
TWAP: Time Weighted Average Price equally distributes the order volume over the desired period of time.
POV: Percentage of Volume is a liquidity-seeking participation strategy. The algorithm tracks volume and executes the order at the prescribed rate.
Dark: Dark seeks liquidity in non-displayed venues, the strategy has the ability to source liquidity anywhere in between the NBBO using a combination of pegging, posting, sweeping, and conditional order types.
Liquidity Seeker: Liquidity Seeker is an aggressive algorithm that snapshots the depth of market and polls and displayed and non-displayed venues with orders that both actively and passively seek liquidity.
10b-18: Our Corporate Buyback Utility assists the trader in governing the execution of a corporate buyback by conforming to the price and timing rules set by the SEC’s Rule 10b-18 safe harbor. 10b-18 rules can be activated within our VWAP, TWAP, and POV algorithms.
Auto AP: Auto AP Price allows user-defined layering of multiple strategies and participation rates around trader-defined prices. The algorithm tracks the current price and compares it to the various associated prices (arrival price, decision price, and own it price) and changes to the appropriate strategy.
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