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LiquidityOrchestrator, a key component in Smart Trade’s global release of its upgraded liquidity management system, smartTrade Transaction Platform (STTP) 5.5, intercepts incoming orders and according to predefined rules and market conditions – it has access to the depth of the external venues, the order book, fees tables, instrument preference lists and ranking of preferred venues – generates a derived set of trading instructions. Completing the improved STTP 5.5 suite are LiquidityConnect™, a new, highly configurable, trading-connectivity platform; LiquidityAggregator™, which combines liquidity from external and internal sources; and LiquidityCrosser™, a fast, highly scalable matching engine.
“Being required to connect to as many liquidity sources as possible to provide best execution in today’s Reg NMS and MiFID trading environments, traders are looking beyond algorithms,” says Harry Gozlan, Smart Trade founder and CEO. “Aggregating and pooling different currencies, for example, is a key challenge, but gaining self-empowerment to determine if they should internalize or cross orders, then smart route them to the market as the market changes is quite another. Missing till now was a an efficient, intelligently-priced, single-vendor solution to manage liquidity, execute trading strategies and, most importantly, smart route orders for one or more asset classes across the trading room, if not across regional and global trading operations.”
“Through this upgraded design, STTP 5.5 with LiquidityOrchestrator,” explains David Vincent, Smart Trade’s CTO, “optimizes trade execution processes within brokers, banks, ECNs and hedge funds on a single- and cross-asset basis.” It virtualizes the representation of the markets in an abstracted way, in a single container, controlling the entire lifecycle of every incoming and outgoing order, enabling multiple possibilities of execution and manipulation of the workflow process of those orders.”
Through STTP 5.5, 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. Adds Gozlan, “rules can be provided, for example, 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.”
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