SmartTrade Liquidity Management System.

Dark pools: In addition to creating dark pools for a firm, the smartTrade platform can probe external dark pools for liquidity using LiquidityOrchestrator. As LiquidityOrchestrator continually reassesses the state of the market and recomputes orders, it sends IOIs to various dark pools. As orders are consumed, LiquidityOrchestrator continued to probe those pools where liquidity has been found while monitoring simultaneously those pools where liquidity was not originally found, but may subsequently present itself. LiquidityOrchestrator will actively manage the lifecycle of the entire order and reconcile the 'child' orders back to the original source order. Used in conjunction with LiquidityCrosser, LiquidityOrchestrator can internally cross orders while interacting with external dark pools so that the opportunity for best execution internally is not missed.

Inter-listed securities: Certain securities can be traded on exchanges in multiple countries, thereby adding a higher degree of complexity in providing for best execution, taking into account an FX component and the exchange location. Liquidity Orchestrator enables firms to set their routing criteria regardless of where the exchange is located and what currencies are traded. Working with Liquidity Aggregator, it derives 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 then applies 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 LiquidityOrchestrator, a firm can then set the routing rules for the exchange that has the best price, taking into account the FX component.

Exchange-ratio splits: LiquidityAggregator can first 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 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.

High frequency trading: LiquidityCrosser provides first for a deeper interaction with a firm's flow to maximize internal crossing possibilities before sending orders to the market at high speeds. While LiquidityCrosser is a true internal market with a highly customizable matching engine, it is not driven by events, but it does leverage flow that exists within a firm to keep best execution inside whenever possible. LiquidityCrosser can be used in combination with LiquidityOrchestrator to set rules on the matching criteria, trading partners and how the flow will be executed. LiquidityOrchestrator also manages and reconciles the 'child' orders to the original source order to prove best execution. In high-frequency trading environments, this can otherwise be a very onerous task.

For more information or to schedule a product demo in the US, please click here.
In EMEA, please click here.