Smart Trade Technologies, an industry leader in cross-asset liquidity management solutions for banks, broker-dealers, asset managers, exchanges and large hedge funds, today introduced customizable consolidated order book functionality for its smartTrade LiquidityAggregator engine.
This will allow for the real-time consolidation of trade, order and quote data across multiple exchanges, alternative trading systems and internalized sources. LiquidityAggregator is one of the four components that comprise the smartTrade Liquidity Management System (LMS).
Through LiquidityAggregator's flexible, easy-to-deploy functionality, Smart Trade customers gain access to a customizable engine to produce a fully aggregated view of liquidity from both internal and external sources, creating a single order book for single-, multiple- and cross-asset trading meeting best execution-compliant regulations.
Among current specific client's use cases, Smart Trade's aggregated book has been adapted to process tradable symbols with adjusted closing prices and types of events, including trade events, order events, trading phases and symbol state change events, e.g., open, halt and close. Additionally, LiquidityAggregator produces various types of consolidated books, including different views, such as a trader's view versus a retail or an investment advisor's view.
According to Margaret Bailey, vice president, business development, North America at Smart Trade, "LiquidityAggregator responds to our clients' needs. It can be used to provide flexible management of different trading phases and transitions, such as pre-open, post-open and closing price, and during sessions such as closed, halted, auction or continuous." LiquidityAggregator, she further explains, "provides a flexible level of functionality so that customers can create their own customized aggregated order books. Working with smartTrade LiquidityOrchestrator and LiquidityConnect, for example, LiquidityAggregator can know when a venue has halted or gone down and consequently trading flows can be automatically redirected to another venue."
LiquidityAggregator is one of four components of Smart Trade's Liquidity Management System, which is comprised of LiquidityOrchestratorTM, an aan advanced smart order router (SOR) that intelligently and dynamically manages the complex routing of orders; LiquidityCrosserTM, a fast, scalable matching engine that can also be used as a crossing engine for use as an exchange, to provide for internalization or create dark pools; and LiquidityConnectTM, a low-latency connectivity framework that supports natively FIX, FIX / FAST and bespoke protocols.