LiquidityCrosser™ is a fast and scalable matching engine that provides institutions with the choice of how they want both their internal and client flow to behave and interact. 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. Organizations using the LiquidityCrosser can design custom matching patterns that achieve their required levels of flexibility, scalability, and performance. smartTrade Technologies is a cross-asset platform; LiquidityCrosser can be implemented by individual asset class or on a cross-asset basis as part of the organization's electronic trading backbone.

• LiquidityCrosser is a matching engine in the instance where the internalization of orders where the internalizer is the systematic counterpart of all orders coming from their clients to earn the bid/ask spread versus taking the risk of losing money in the hedging process.
• Dynamic Crossing where the LiquidityCrosser can call an order back from the market (and request an ack) in order to cross the order when a better opportunity arises internally.
• Crossing of orders without the obligation of transparency where client orders are matched against each other without having to notify the Exchange.

LiquidityCrosser™, one of the five pillars of the smartTrade LMS, can run as a standalone application or be used in coordination with LiquidityAggregator™, LiquidityOrchestrator™, LiquidityConnect™ and LiquidityDistributor™ as a complete Liquidity Management System (LMS) to create an infinite combination of aggregation, crossing, smart order routing and distribution matrices that enables the execution process to be closely ingrained with the flow rather than reactionary to events.

"Pricing needs to understand the fair value of an instrument by comparing internal prices to external venues and cross-product correlations, so that rules can then shoot orders to the internalization engine or to the appropriate external exchange or crossing net."

Harry Gozlan, Smart Founder & CEO