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smartTrade Transaction Platform (STTP) Technology |
Product Information LiquidityCrosser, one of the four pillars of the smartTrade STTP platform, can run as a standalone application or be used in coordination with LiquidityAggregator, LiquidityOrchestrator and LiquidityConnect as a complete Liquidity Management System (LMS) to create an infinite combination of aggregation, crossing and smart order routing matrices that enables the execution process to be closely ingrained with the flow rather than reactionary to events. LiquidityCrosser is a fast and scalable matching engine that provides traders with the choice of how they want both their internal and client flow to behave. They can create personal dark pools using matching criteria that can be reconfigured and redefined where the highest bid does not necessarily have to match against the lowest offer. The matching engine, at each change of event, recomputes the state of the market and executes all potential transactions. It supports various order types, execution conditions and is a full in-memory process, based on optimized numerical calculation patterns. Because LiquidityCrosser is a highly flexible engine, clients can choose the type of crossing that they want, including the frequency of the cross, e.g., continuous, scheduled. This is due to the crossing engine's internal parameters that enable control of what order/user/group/firm can cross with what other order/user/group/firm, or more specifically Negotiation Channels. As a result, it is possible to determine areas or instruments where crosses are only possible within the same firm and others where inter-firms crosses are possible. Firms also have the ability to rank orders according to matching criteria that are configurable within the crossing engine. The bids ranking, the offers ranking and definition of "equality" or "match" are concepts that are not fixed as they can be defined and if need be, redefined. The LiquidityCrosser supports a full array of order types including RFQ, RFS, IOI, Iceberg, Stop Loss and Stop Limit, and execution conditions, such as time-out, GTC, GTD, IOC and IOI. The full list is not fixed, as these features are customizable, depending on the types of markets addressed. Another powerful, unique feature that LiquidityCrosser has is its ability to make the deal acknowledgement subject to an external event. In the event of a crossing situation, LiquidityCrosser can typically "ack" a trade only once it has received confirmation that the order placed on the external venue has been cancelled. This is especially important for firms that want the flexibility of being able to cross, send the order to the exchange if it cannot be crossed internally, but turnaround and request the exchange to cancel the order if a crossing opportunity subsequently arises with the internal book. LiquidityCrosser can send both the cancellation request and receive acknowledgement from the exchange that the order has been cancelled to cross it internally. Working in tandem with LiquidityOrchestrator, the STTP platform can provide for the lifecycle management of the order and the reconciliation of the 'child' orders back to the source order for proof of best execution. For more information or to schedule a product demo in the US, please click here.
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