Capstone Order Types and Algos


Order types and algos may help limit risk, speed execution, provide price improvement, allow privacy,
time the market and simplify the trading process through advanced trading functions.

Use the links below to sort order types and algos by product or category, and then select an order type to learn more.

Third Party Algos


Third party algos provide additional order type selections for our clients. We offer algorithmic order types from some of the most innovative algo providers around, including: CSFB, Fox River, Jefferies and Quantitative Brokers(QB). Use the tabs and filters below to find out more about third party algos.

Filter Category:

  • CSFB Blast

    An aggressive algo that simultaneously routes your order to all available exchanges and ECNs with an intermarket sweep designed to getting as close to simultaneous arrival as possible.

    Learn More

  • CSFB Close

    Minimizes market impact by intelligently working orders into the close.

    Learn More

  • CSFB Crossfinder+

    This strategy locates liquidity among a broad list of independent and broker-owned dark pools, with continuous crossing capabilities. Using dynamic smart routing logic, CrossFinder+ will spread your order over multiple destinations. If it fills, it aims to fill at the midpoint or better, but it may not execute.

    Learn More

  • CSFB Float

    This tactic displays only the size you want shown and floats on the bid, midpoint, or offer until completion. Enter a display size in the Iceberg field and choose a patient, normal, or aggressive execution.

    Learn More

  • CSFB Float Guerrilla

    Uses the Guerrilla algo, but floats a small, visible portion near touch to facilitate trading when that side of the book becomes active.

    Learn More

  • CSFB Guerrilla

    The Guerrilla algo works differently depending on the Execution Style you select:

    • Normal and Passive modes: This tactic works orders without displaying bids or offers. When liquidity materializes, it seeks to aggressively participate in the flow. If liquidity is poor, the order may not complete.
    • Aggressive mode: This will hit bids or take offers in an intelligent way based on a fair price model. It minimizes market impact and never posts bids or offers.

    Learn More

  • CSFB Inline

    Minimizes implementation shortfall against the arrival price. Participation increases when the price is favorable.

    Learn More

  • CSFB I Would

    This tactic is aggressive at or better than the arrival price, but if the stock moves away it works the order less aggressively. However, if the stock moves in your favor, it will act like Sniper and quickly get the order done.

    Learn More

  • CSFB Pathfinder

    PathFinder will intelligently and dynamically post across multiple destinations, sweeping all available liquidity. The remainder will be posted at your limit price.

    Learn More

  • CSFB Pre/Post

    Smart routed algo to be used during pre- and post-market hours. Only supports limit orders.

    Learn More

  • CSFB Reserve

    Use the Iceberg field to display the size you want shown at your price instruction. If you do not set a display size, the algo will optimize a display size. Upon getting filled, it sends out the next piece until completion.

    Learn More

  • CSFB Sniper

    This is a very aggressive tactic that will hit bids/take offers that are better than your limit price, but will never post bids or offers. It achieves high participation rates. Note it is not a pure sweep and can sniff out hidden liquidity. As a result, it is often a better choice than placing a limit order directly into the market.

    Learn More

  • CSFB Spread Capture

    A strategy that aims to be passive but will switch intelligently to an opportunistic strategy to minimize tail risk and reduce adverse selection. Starts with an initial midpoint ping and then employs passive mode until it falls below a MIN POV boundary and switches to opportunistic mode. Will switch back to passive move when MAX POV is reached.

    Learn More

  • CSFB Tex

    Designed to minimize implementation shortfall. The tactic takes into account movements in the total market and in correlated stocks when making pace and price decisions. Timing is based on price and liquidity.

    Learn More

  • CSFB Trifecta

    A strategy that participates with a "normal" tactic while seeking hidden liquidity. Starts with initial midpoint ping, and the default split between working tactics is 50/50. Strategy rebalances when either leg completes.

    Learn More

  • CSFB TWAP

    The system trades based on the clock, i.e., on a 2-hour order the system is 25% done after 30 minutes, 50% done after an hour, etc. Unlike VWAP, TWAP (time weighted average price) does not speed up/slow down based on projected volume or price moves. However, it does use smart limit order placement strategies throughout the order.

    Learn More

  • CSFB Volume Inline

    Works the order in line with the volume.

    Learn More

  • CSFB VWAP

    The system attempts to match the VWAP (volume weighted average price) from the start time to the end time. A unique and powerful feature is the ability to accept a maximum percent volume limit ("don't be more than 20% of the volume.") The system trades over your time period, subject to your price and volume constraints.

    Learn More

  • Dark Sweep

    This strategy seeks liquidity in dark pools with a combination of probe and resting orders in an attempt to minimize market impact. Works child orders at better of limit price or current market price. Prioritizes venue by probability of fill.

    Learn More

  • Fox Alpha

    Participation-rate algorithm that uses Fox River alpha signals with the goal of achieving best execution. Allows the user to determine the aggression of the order. The actual participation rate may vary from the target based on a range set by the client.

    Learn More

  • Fox Blaster™

    An aggressive arrival price strategy for traders who "pick their spots" based on their own market signals. Trades with short-term alpha potential, more aggressive than Fox Alpha.

    Learn More

  • Fox Dark Attack™

    Liquidity seeking dark strategy with the ability to dynamically slide between targeted levels with a single numeric input in an effort to minimize market impact. Ability to access major dark pools and hidden liquidity at lit venues. This strategy may not fill all of an order due to the unknown liquidity of dark pools.

    Learn More

  • Fox River Pyramid™

    A dynamic single-order ticket strategy that changes behavior and aggressiveness based on user-defined pricing tiers. Ability to set individual POV rate, "I Would" dark setting and sweep price.

    Learn More

  • Fox Smart Order Router™

    A strategy designed to provide intelligent liquidity-taking logic that adapts to a variety of real-time factors such as order attributes, market conditions, and venue analysis. Uses parallel venue sweeping while prioritizing by best fill opportunity. Routing reaches all major lit and dark venues.

    Learn More

  • Fox Spotlight™

    An ETF-only strategy designed to minimize market impact. This algorithm is designed to assess market impact and if orders are a large percentage of ADV (average daily volume), the strategy will attempt to minimize impact while completing the order. Aims to execute large orders relative to displayed volume. Dynamic and intelligent limit calculations to market impact.

    Learn More

  • Percent of Volume™

    Percent of volume (POV) strategy designed to control execution pace by targeting a percentage of market volume. Emphasis on staying as close to the stated POV rate as possible.

    Learn More

  • Fox TWAP

    A time-weighted algorithm that aims to evenly distribute an order over the user-specified duration using Fox River alpha signals. Allows the user flexibility to control how much leeway the model has to be off the expected fill rate. Seeks to outperform TWAP using Fox River Alpha and short-term alpha signals.

    Learn More

  • TWAP

    A passive time-weighted algo that aims to evenly distribute an order over the user-defined time period. Participation rate is used as a limit.

    Learn More

  • Fox VWAP

    A volume specific strategy designed to execute an order targeting best execution over a specified time frame. Allows the user flexibility to control how much the strategy has to be ahead or behind the expected volume. Using Fox short term alpha signals, this strategy is optimized for the trader looking to achieve best overall performance to the VWAP benchmark.

    Learn More

  • VWAP

    Passive volume specific strategy designed to execute an order targeting best execution over a specified time frame. Tags specifying a time frame can optionally be set. Participation rate is used as a limit.

    Learn More

  • Jefferies Blitz

    Liquidity seeking algo that sweeps all displayed markets, and sends Immediate-or-Cancel orders to all non-displayed markets.

    Learn More

  • Jefferies DarkSeek

    Liquidity seeking algo that searches only dark pools.

    Learn More

  • Jefferies Finale

    Benchmark algo that lets you trade into the close.

    Learn More

  • Jefferies Multiscale

    Three-tiered "holder" strategy - use algorithms within this work flow.

    Learn More

  • Jefferies Opener

    Benchmark algo that lets you trade into the open.

    Learn More

  • Jefferies Pairs – Net Returns

    Lets you execute two stock orders simultaneously. Use Net Returns to unwind a deal.

    Learn More

  • Jefferies Pairs – Ratio

    Execute two stock orders simultaneously - use the Ratio algo to set up the pairs order.

    Learn More

  • Jefferies Pairs – Risk Arb

    Let's you execute two stock orders simultaneously. Allows you to setup, unwind or reverse a deal.

    Learn More

  • Jefferies Patience

    Liquidity seeking algo targeted at illiquid securities.

    Learn More

  • Jefferies Portfolio

    Execute a group of stock orders according to user-defined input plus trading style.

    Learn More

  • Jefferies Post

    Allows trading on the passive side of a spread.

    Learn More

  • Jefferies Seek

    This strategy pursues best execution for illiquid securities by seeking out hidden liquidity from multiple sources, including hidden and displayed market centers.

    Learn More

  • Jefferies Strike

    This strategy seeks best execution in the user-designated time period, while minimizing market impact and volatility cost and tracking the arrival price.

    Learn More

  • Jefferies Trader

    Change order parameters without cancelling and recreating the order. Workflow algo that lets you interactive with a working order and toggle between strategies with a single click.

    Learn More

  • Jefferies TWAP

    This strategy spreads transactions evenly over the designated time period by slicing the total order quantity into smaller orders.

    Learn More

  • Jefferies Volume Participation

    This strategy allows the user to designate the percentage of stock to be executed during a specified period of time to keep in line with the printed volume. The impact of the trade is directly linked to the volume target you specify.

    Learn More

  • Jefferies VWAP

    This strategy automatically manages transactions to approximate the all-day or intra-day VWAP through a proprietary algorithm.

    Learn More

  • QB Bolt

    Benchmark: Arrival Price
    Designed to achieve best execution across wide-ranging market conditions by striking the perfect balance between passive and aggressive fills.

    Key features:

    • Smart order placement techniques to distributes child orders over dynamic number of levels based on urgency and real-time volatility measures
    • Continuously adjusts displayed (posted) quantity based on real-time liquidity profile
    • Utilizes short-term pricing signals for next tick prediction
    • Intelligently captures spread in multi-tick wide bid/offer scenarios

    Learn More

  • QB Strobe

    Benchmark: Volume Weighted Average Price (VWAP) or Time Weighted Average Price (TWAP)
    Trade on a user-defined schedule while positioning for opportunities to capture the spread.

    Key features:

    • Renders specific envelope scheduling using forward-looking volatility forecasts

    Learn More

  • QB Closer

    Benchmark: Daily Settlement Price (Cash close for US equity index futures)
    Trade optimally over time while targeting the settlement price as the benchmark.

    Key features:

    • Adjusted for seasonality including month end, quarter end and roll periods
    • Appropriate benchmark time frame automatically selected (no user input required)
    • Uses instrument-specific, 1-minute bin volume, volatility and quote size forecasting
    • Optimized discretion for order commencement and completion using intelligent volume curves

    Learn More

  • QB Octane

    Benchmark: Sweep Price
    A liquidity-seeking strategy designed to optimally execute when urgent completion is the primary objective. Recommended for orders expected to have strong short-term alpha.

    Key features:

    • Smart Sweep Logic: Takes liquidity across multiple levels at carefully calibrated intervals, with the need for liquidity-taking weighed vs. the probability of reversion
    • Liquidity Measure: Assesses the liquidity situation across the complex and not just the specific contract in isolation
    • Liquidity Signals: Multiple proprietary signals for liquidity detection, including hidden liquidity

    Learn More

Important Information

Simulated Order Types

The broker simulates certain order types (for example, stop or conditional orders). Simulated order types may be used in cases where an exchange does not offer an order type, to provide clients with a uniform trading experience or in cases where the broker does not offer a certain order type offered natively by an exchange. While simulated orders offer substantial control opportunities, they may be subject to performance issue of third parties outside of our control, such as market data providers and exchanges.

Although the broker attempts to filter external data to ensure the best possible execution quality, they cannot anticipate all of the reasons that a simulated order may not receive an execution, or may receive an erroneous execution. Unsatisfactory (non)executions may result from events, including [i] erroneous, missing or inconsistent market data; [ii] data filters (example: the broker may ignore last sale data that is reported outside the prevailing bid-ask as it often represents untimely or erroneous transactions; this may impact triggering of simulated orders); [iii] transactions subsequently deemed erroneous by an exchange; [iv] market halts and interruptions.

Clients should understand the sensitivity of simulated orders and consider this in their trading decisions.


Market Access Rules and Order Filters

Please note that exchanges and regulators require brokers to impose various pre-trade filters and other checks to make sure that orders are not disruptive to the market and do not violate exchange rules. Exchanges also apply their own filters and limits to orders they receive.

These filters or order limiters may cause client orders to be delayed in submission or execution, either by the broker or by the exchange. Filters may also result in any order being canceled or rejected. The broker may also cap the price or size of a customer's order before the order is submitted to an exchange.

The broker reserves the sole right to impose filters and order limiters on any client order and will not be liable for any effect of filters or order limiters implemented by us or an exchange.

GTC Orders

Please note that GTC orders are not supported for IBAlgos.