LiquidityOrchestrator™ is an advanced smart order router (SOR) that manages the lifecycle of the orders and reconciles the 'child' orders back to the original source order for proof of best execution. One of the five pillars of the smartTrade Liquidity Management platform, LiquidityOrchestrator can run as a standalone application or be used in coordination with LiquidityCrosser, LiquidityAggregator, LiquidityConnect and LiquidityDistributor as a complete Liquidity Management System (LMS) to create an infinite combination of aggregation, crossing, smart order routing and distribution matrices that enables the execution process to be closely ingrained with the flow rather than reactionary to events. LiquidityOrchestrator was designed to bring a higher level of flexibility, and true lifecycle management and reconciliation to the execution process. For best execution, LiquidityOrchestrator works in combination with the LiquidityAggregator to create various best execution strategies because LiquidityAggregator has permanent access to the depth of the venues. Organizations using the LiquidityOrchestrator can design custom execution patterns that achieve their required levels of flexibility, scalability, and performance. The smartTrade LMS is a true cross-asset platform and all components, including LiquidityOrchestrator, can be implemented by individual asset class or on a cross-asset basis as part of the organization's electronic trading backbone.

• LiquidityOrchestrator at all times knows where the order is, the state of the order, and can take actions as situations change to ensure best execution.
• LiquidityOrchestrator can reconcile 'child' orders back to the original source orders.
• LiquidityOrchestrator comes with approximately 14 illustrative rules that are static and dynamic. Static rules evaluate the market data and execute based on that decision. Dynamic rules re-evaluate market data as it changes and continually executes the order until complete.

LiquidityOrchestrator™, one of the five pillars of the smartTrade LMS, can run as a standalone application or be used in coordination with LiquidityCrosser™, LiquidityAggregator™ LiquidityConnect™ and LiquidityDistributor™ as a complete Liquidity Management System (LMS) to create an infinite combination of aggregation, crossing smart order routing and distribution matrices that enables the execution process to be closely ingrained with the flow rather than reactionary to events.

"Most of the algo systems keep pinging until they hit," Bailey said. "We're actually listening to the market and virtualizing it. When we see an opportunity, we seize it, rather than merely pinging and hoping to hit."

Margaret Bailey, smartTrade Vice President,
Sales and Business Development, North America