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smartTrade Transaction Platform (STTP)

Technology

Overview

smartTrade Transaction Platform (STTP) is the financial industry's cross-asset liquidity management solution that enables firms to manage their liquidity for best execution, smart routing orders for one or more asset classes across the trading room as well as across regional and global trading operations, enhanced client servicing and tighter control of flow for risk management.

Used by banks, broker-dealers, asset managers and large hedge funds, STTP can be deployed on a cross-asset basis or implemented by single or multi-asset product sets for:

  • Best execution under MiFID and Reg NMS/OATS
  • Internalization and crossing of orders with and without obligation of transparency
  • Smart order routing (SOR), including managing and reconciling the lifecycles of orders
  • High-frequency trading
  • Dark pools for client trading
  • Multi-leg trading
  • Multi-asset trading, i.e., inter-listed securities that can be traded on multiple geographic exchanges
Modular and componentized, STTP is comprised of four essential pillars:

  • Liquidity Aggregator™ - combines liquidity from various external and internal sources within a single order book, drawn from streaming quotes, live resting orders, indicative prices and requests via RFQs and RFS...more>
  • Liquidity Crosser™ - a fast, scalable matching engine that a fast and scalable matching engine that provides traders with the choice of how they want their client flow to behave, e.g., having their clients' orders matched internally...more>
  • Liquidity Orchestrator™ - enables traders to define their rules for smart order routing (SOR), aggregation and matching, permitting an infinite combination of execution strategies and SOR possibilities to be achieved...more>
  • Liquidity Connect™ - a new, highly configurable trading-connectivity platform with comprehensive connectors to various liquidity sources, connect, receives and sends messages from multiple sources using different formats and network protocols...more>

All four pillars can be used individually or in combination, allowing firms to select precisely how they need to manage their liquidity to support their unique value proposition to clients and to enhance the functionality of their existing infrastructure. As a platform, STTP is highly scalable, lightweight to deploy and has been implemented to very low latencies, for example, by high-frequency trading desks.

Through STTP v5.5, introduced in April 2008, traders can choose to utilize a personalized combination and hierarchy of how they want STTP to act when orders are received or already reside in the platform. Rules can be provided, empowering them to decide to cross an order internally before sending the order to the market, setting rules to cross the order, smart route the order to the market and what the smart router should do in the event an order can be crossed internally after it has been sent to the market. Using STTP, firms now have the ability to own and interact with their flow, enabling them to leverage both their internal opportunities with market opportunities for best execution.

"Liquidity management integrates market making, proprietary trading, smart order routing, internalization and agency trading with best execution in a single package to optimize the use of capital across the full range of sell-side demand. It is inherently multi-asset and multi-geography and provides a normalized model of fragmented markets on which algorithms or pricing engines can optimize their decisions."

Harry Gozlan, Smart Trade, Founder & CEO

 
 

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