Algorithms In the Cloud; Clearpool takes a cloud-based approach to customizing formulas for cutting-edge traders

Unlike some providers in the AMS space, Clearpool only markets its AMS, called Autonomy, to the sellside. In particular, its sweet spot is regional sellside firms, which can then use the platform to configure algos for their buyside clients. Clearpool sees Autonomy giving regional firms an opportunity to find a level footing in competing with larger firms' proprietary electronic or algorithmic trading platforms. The configurability of the platform's execution protocols may also give regional brokers an extra card up their sleeves, [Joseph Wald] argues. "Sellside brokers can sit with clients and let them choose, those to avoid, and in which order they want to go to them. There are all these variables that you can configure around execution protocol, which under the bulge bracket or white-label scenario can be very rigid," said Wald. "You typically don't have the choice of whether or not to go to the bulge bracket dark pool. That's the primary place they go."