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.

Asset-Class Compatibility

Equities Forex Fixed Income Commodities Inflation
Order Mgmt System
Smart Order Routing
Trading UI

A Fast and Reliable Matching Engine

The matching engine, at each change of event, recomputes the state of the market and executes all potential transactions. It supports various order types and execution conditions. The system uses a full in-memory process, based on optimized numerical calculation patterns. Organizations using LiquidityCrosser can design custom matching patterns that achieve their required levels of flexibility, scalability and performance.

Like all of smartTrade’s Liquidity Management system (LMS) components, LiquidityCrosser can be implemented by individual asset class or on a cross-asset basis as part of the organization’s electronic trading backbone.

  • Enables systematic internalization of orders. The internalizer becomes the systematic counterpart to all incoming client orders, capturing profits based on the bid/ask spread.
  • Supports dynamic crossing, allowing a resting order to be placed on the market and then recalled through cancellation in the event of a counterpart order arriving internally.
  • Allows clients to execute in the dark and reduce information leakage and minimize market impact by executing internally when liquidity is available without sacrificing the opportunity to capture lit liquidity in order to fully execute.

Supported Features

Trading protocol
Order book
Request For Quote and auto quoting
Request For Market, Auctions
Workup phases
Queue jumping
Price and yield
liquidity management
Implied Cross Currencies (FX)
Implied Swaps and Butterflies
Dark or lit orders
Saving exchange fees
Price improvement
Reduced market impact
Dual Rule
FIX or binary API
HTML5 Trader or Client bespoke UI
Post trade and reporting