Crédit Agricole Cheuvreux has added five new European dark pools to its suite of trading destinations, allowing its clients to benefit from the broadest possible selection of equity pricing across Europe.
This is the latest step in CA Cheuvreux's continuing connectivity expansion to marketplaces throughout the world. The firm now offers trading capabilities on 65 markets of which 20 darks pools.
In addition to being a member of all major exchanges, CA Cheuvreux now offers access to Chi-Delta (owned by Chi-X), Turquoise Mid-Point (Turquoise), BATS Europe Dark Pool (BATS), Neuro Dark (Nasdaq OMX Europe) and Xetra Mid Point (Xetra).
These five dark pools are mid-point dark pools, and thus offer several key advantages for clients: reduced information leakage, reduced market impact and price improvement. For DMA, access to these connections is live and will be available at the end of November 2009 through CA Cheuvreux's dark liquidity-seeking algorithm, CrossFireTM.
Price formation increasingly occurs on alternative exchanges. Passing orders through an algorithm therefore enables investors to execute orders wherever liquidity and, consequently, bid/offer spreads are optimal, thus improving the price at which client orders are traded. CA Cheuvreux's CrossFireTM algorithm provides clients with access to some of the industry's leading alternative execution facilities in terms of average daily volume executed, while also taking into account their trading preferences by tailoring its smart execution policy to their investment style.
"The addition of these 5 new dark venues to our offering demonstrates CA Cheuvreux continued commitment to providing the greatest liquidity access, wherever this liquidity lies, through our advanced trading tools for "smart and discrete fishing", said Bertrand Patillet, Executive Vice President of CA Cheuvreux.