Platform · Trading

Execution algorithms: VWAP, TWAP, POV and iceberg, built into the platform

Work large orders without moving the market. Parent orders are sliced into scheduled child orders, routed over FIX, and the fills aggregate back in real time.

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In short

ZagTrader's execution algorithms (VWAP, TWAP, POV and iceberg) slice a large parent order into scheduled child orders, route them over FIX and aggregate the fills back to the parent in real time. They run inside the same pre-trade risk, limits and surveillance as every other order, so desks can work large size without moving the market.

Algorithms: VWAP, TWAP, POV and iceberg
Routing: Child orders over FIX, fills aggregated live
Controls: Pre-trade risk and a full audit trail

What dealing desks ask first

How a large order is worked, where it goes, and what keeps it in limits.

Place the parent, the engine works it

Enter the full quantity once; child orders are generated and managed on a time- or volume-driven schedule.

See trading and execution

Track VWAP or TWAP

Release more when volume is high, or spread evenly over a time window, so the average fill tracks the benchmark.

See market data

Keep your size hidden

Iceberg orders show only a small slice to the market and replenish automatically as each slice fills.

See solutions for investment banks

Routed over FIX, one clean view

Child orders go out through the platform's FIX gateway and executions aggregate back to the parent in real time.

See FIX connectivity

Risk-checked like any order

Algos run inside the same pre-trade risk, limits and surveillance, with a complete audit trail.

See risk and compliance

Deploy across many names

Strategies are enabled and tuned per desk, and deployed in bulk from templates.

See solutions for brokers

Who it's for

Broker dealing desks working client and house orders
Asset managers reducing implementation shortfall
Market makers and prop desks
Institutions executing large or illiquid positions

What it solves

Large orders that move the market and leak intent
Manual, screen-by-screen working of big positions
Inconsistent execution quality versus VWAP/TWAP benchmarks

Built on the ZagTrader platform

Trading & Execution Smart Order Routing FIX Connectivity Risk & Compliance

The algorithm suite

Benchmark, schedule, participation and hidden-size strategies, all on the same multi-asset platform as the rest of your trading.

VWAP

Volume-Weighted Average Price

Slices a large order across the session to track the volume-weighted average price, releasing more when market volume is higher and less when it's thin, so your average fill benchmarks to VWAP with minimal footprint.

TWAP

Time-Weighted Average Price

Spreads execution evenly over a defined time window, releasing child orders at regular intervals. Predictable, low-impact execution that is independent of short-term volume spikes.

POV

Percentage of Volume / Volume Participation

Keeps your execution at a target percentage of real-time traded volume. It speeds up when the market is active and eases back when it slows, so you stay a controlled share of the flow.

Iceberg / Concealed

Hidden-size order

Shows only a small 'max-floor' slice to the market while the full order size stays hidden, replenishing automatically as each slice fills. Work large size without revealing your hand.

How it works

Automated parent / child slicing

Place the full quantity as a parent order; the engine generates and manages the child orders for you, on a time- or volume-driven schedule.

Routed over FIX, fills aggregated live

Child orders route to the market through the platform's FIX gateway; executions stream back and aggregate to the parent in real time for a single, clean view.

Risk-checked and fully audited

Algos run inside the same pre-trade risk, limits and surveillance framework as every other order, with a complete audit trail, and work alongside A-book/B-book and smart order routing.

Configurable strategies & bulk deployment

Strategies are enabled and tuned per desk, and can be deployed in bulk from templates so a trading desk can run algos across many names at once.

Execution algorithms complement the platform's broader order toolkit: market, limit, stop, stop-limit, IOC/FOK, GTC/GTD, basket / program trades, and conditional triggers.

Frequently asked questions

Which execution algorithms are included?

VWAP (volume-weighted average price), TWAP (time-weighted average price), POV (percentage of volume, or volume participation) and iceberg or concealed orders that show only a small max-floor slice while the full size stays hidden.

How do algo child orders reach the market?

The engine slices the parent order into child orders and routes them through the platform's FIX gateway. Executions stream back and aggregate to the parent in real time, so the desk sees one clean position.

Are algorithmic orders risk-checked?

Yes. Algos run inside the same pre-trade risk, limits and surveillance framework as every other order, with a complete audit trail, and work alongside A-book/B-book and smart order routing.

Which other order types are available?

Execution algorithms sit next to the platform's wider order toolkit: market, limit, stop, stop-limit, IOC/FOK, GTC/GTD, basket and program trades, and conditional triggers. Algo strategies can be tuned per desk and deployed in bulk from templates.