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June 19, 2008

Can New Smart Router End Pinging?

By James Ramage

Smart Trade, a French vendor of order management technology, has introduced a smart order router that eliminates pinging.

Called LiquidityOrchestrator, the router takes incoming orders, combines them with market information, instructions and predefined rules, and generates an infinite number of trading commands.

The tool is the newest component of Smart Trade's liquidity management suite, smartTrade Transaction Platform 5.5, which sits on the trader's OMS.

STTP 5.5 takes incoming liquidity and creates an internal virtual order book, said Margaret Bailey, Smart Trade's vice president of sales and business development for North America. Once there, orders can be internalized, crossed or sent back into the market. LiquidityOrchestrator provides the suite's smart order-routing component, employing rules-based trading strategies to multiple liquidity sources.

If an algorithm breaks an order down into hundreds of 200-share child orders, Bailey said, 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, Bailey added, 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. So, when we see an opportunity, we seize it, as opposed to just pinging and hoping to hit."

(c) 2008 Traders Magazine and SourceMedia, Inc. All Rights Reserved.