Stealth, Raider, Nighthawk and Guerilla are terms you might more readily associate with a war zone than with the more sedate world of equities trading. However, these are the rather aggressive names being given to the latest computer-driven trading products.

The military tone may seem a little far-fetched, but the analogy is apt. These computer programmes, known as trading algorithms, help brokers to home in on the best share prices for institutional investors, and are the weapons that help distinguish one sellside firm from another. The ability of these firms to seek out liquidity is more important than it has ever been, as equities markets continue to suffer from a lack of trading volumes and low volatility.