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Why Use FIX Algorithms in Eclipse?

What are FIX Algorithms in Eclipse?

How to Get Started with FIX Algorithms in Eclipse

Setup

Algo Trading in Eclipse

Adding Custom ALGO Instructions

Setting and Sending the ALGO

Why Use FIX Algorithms in Eclipse? 

• Support efficient execution of large or complex trades by automating execution strategies through FIX Algorithms.
  
  

• Improve execution quality and consistency by applying standardized algorithm codes across custodians and brokers.
  
  

• Reduce manual intervention in trade placement by automatically assigning algorithms based on block share quantity thresholds.
  
  

• Maintain flexibility for advisor-driven decisions by allowing algorithms and instructions to be overridden at the block level.
  
  

• Enable scalable and repeatable trading workflows through custodian-level algorithm configuration.

What are FIX Algorithms in Eclipse?

FIX Algorithms are accessible in Eclipse through our FIX connection. Advisors automate the process of executing large trades and ensure optimal execution. This help article provides a walkthrough and screenshots of how to access the ALGOs.

How to Get Started with FIX Algorithms in Eclipse

Setup

• Ensure your Custodian has access to Algorithm trading
  • Check out the What is a FIX Connection? to see the most up-to-date custodians that we support for Algorithms.

Algo Trading in Eclipse

• If a firm is new to Algos with Orion Trading, you must first reach out to your custodians and brokers to request verification for ALGO/Not Held Trading. You may be provided with paperwork to sign by the Custodian/Broker.
  • Please Note: If your Custodian/Broker is not set up to accept Algos and an Algo is sent from Eclipse, the trade will be rejected.
    
    

• Once the Custodian or Broker confirms that algorithmic trading is enabled, contact the Orion Trading team to have the approved Algos added to Eclipse. Advisors do not have access to add Algos themselves, as each Broker has specific formatting and FIX requirements.
  
  

• Navigate to Administration

  • Custodians & Brokers

  • Edit a Custodian

  • Scroll to the Algos drop-down.
    
    

• Advisors do have access to add or edit Algo instructions for Not Held Algos only. This access exists primarily so advisors can include or update their phone numbers. Do not add or edit Algo instructions for any other Algo types. 

• ALGO instruction = These are Algorithm instructions sent in addition to the code, which is typically a phone number for the custodian to contact the advisor, if needed. Example: Not Held.1234567890
   

   

• Set Automatic ALGO on Blocks Based on Block's Share Quantity = This allows advisors to automate the algorithm being assigned for large share quantity blocks. These are overridden on a block-by-block basis.
  • Clicking on this enables them To and From checkboxes.
    
    

• From = Minimum share amount required for that ALGO to be set automatically.
  
  

• To = Maximum share amount allowed for that ALGO to be set automatically.

Adding Custom ALGO Instructions

Custom ALGO instructions allow advisors to provide more specific execution guidance without changing the ALGO code itself. Work with the Orion Trading team to set up the default custom Algo instructions.

• Navigate to the Trades tab
  
  
• Select Blocks
  
  
• Edit a Block
  
  
• Scroll down to Algos
  
  
• Select the Algorithm from the drop-down
  
  
• The fields auto-populate

Setting and Sending the ALGO

When a Block is created on the Blocks tab, an advisor edits the Block to set an Algorithm. When editing a Block, Eclipse now provides enhanced execution details and controls to support algorithmic trading decisions. The left side of the screen displays block information such as size, adjustments, and order type (including the ability to change to a Limit Order if needed). The right side displays pricing and liquidity information, including Average Daily Value and Percent of Average Daily Value.

• If the Blocks share quantity falls within an automatic algorithm range, automatically set the Algorithm and do not need to be edited.
  
  

• If an Algorithm needs to be edited or added, select the Algorithm drop-down to select an Algorithm code.
  
  

• ALGO instructions automatically display and can be edited if needed.
  
  

• Once the settings are added, the user saves and executes the Block.
  
  

• The Algorithm is displayed in the Algorithm Name column on the Blocks, Allocations, Pending Blocks, and Closed Blocks Tabs.
  
  

• Algorithm instructions display in the FIX instruction/rejection notes columns on the Blocks, Allocations, Pending Blocks, and Closed Blocks Tabs.

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