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smartTrade Transaction Platform (STTP) Technology |
LiquidityOrchestrator Liquidity Orchestrator enables traders to define their rules for smart order routing (SOR) and when used in combination with LiquidityAggregator and LiquidityCrosser, enables an infinite combination of execution strategies and SOR possibilities to be achieved. Orchestrator leads and consolidates order flow by intercepting incoming orders and, based on instructions and predefined rules and market conditions, manages and reconciles the lifecycles of derived orders with the one from the source order. This is especially important for best execution that meets regulatory compliance measures, where multiples of child orders are executed for one source order and where the need arises to cancel orders from the exchange and receive an acknowledgement. As LiquidityOrchestrator is constantly reassessing the state of each order (based on any type of market data), it has the ability to communicate this information and interact with LiquidityAggregator and LiquidityCrosser to achieve best execution. LiquidityOrchestrator does not "spray" or continuously have to "ping" the market waiting for a hit. Instead, it has a full view of the external market virtualized internally, so it can intelligently and very quickly "pounce" on the best execution opportunities from either internal flow, external flow or a combination of both, as proven by our high frequency customers. If an algorithm breaks an order down into hundreds of 200-share child orders, LiquidityOrchestrator can reconcile each of them back to the original order that came into the trader's system. And because LiquidityOrchestrator constantly manages and monitors the market, it can cancel existing orders already sent there and cross them internally instead. "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, Smart Trade Vice President,
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