Through the smartTrade LiquidityAggregator, traders can choose to utilize a personalized combination of how they want to internally virtualize the external world through their choice of how to aggregate liquidity, tier prices to their clients, create dark pools, manage cross-border trading etc. to provide for best execution.

Dark Pools: Orders within the LiquidityAggregator can be flagged as either dark or visible and are managed at the engine level. If an order is flagged as dark, it will appear in the internal books and can be consumed, but will not appear in the published books. If an order is flagged as visible, it will appear in both the internal and published books and can be consumed in both. The flagging of orders from dark to visible can be changed by the organization. Additionally, the smartTrade engine can provide this functionality to both the smartTrade customer firm and the customer's clients. For example, if Broker A has implemented the smartTrade platform, they can decide to manage the dark book functionality within their organization or they can offer out to their customers the ability to determine where they want their order to reside. This is purely a business decision made by the smartTrade customers. In conjunction with the LiquidityCrosser, traders can then determine the matching criteria that are configurable within the crossing engine.

Inter-listed securities: Certain securities can be traded on exchanges in multiple countries, which adds complexity in providing for best execution, taking into account an FX component and the exchange location. smartTrade Liquidity Aggregator can derive the specific foreign currency price, i.e., CAD, STG, Euro, using the original USD price and the FX spot rate on the fly. The aggregator can then apply its native functionalities to create a depth that integrates all the specific FX currency prices, including the USD derived quotes, and offers a permanent access to the best bid/offer price. Using a combination of LiquidityAggregator and LiquidityOrchestrator, a firm can set the routing rules for the exchange that has the best price, taking into account the FX component.

Exchange ratio splits: LiquidityAggregator can maintain the calculation of ratios of flows for each exchange and recalibrate the ratio, both as orders are consumed and as defined ratios change. For example, a firm that wants to calculate a 21-day Median Daily volume for purposes of splitting non-marketable orders over exchanges can use LiquidityAggregator for the 21-day calculation and in conjunction with LiquidityOrchestrator can real-time-reassess the market and execute the split of the quantity following a rule defined by the customer using the volume ratio given by the MDV numbers in the aggregator.