Virtu Financial, Inc. (NASDAQ: VIRT) a leading provider of global, multi-asset, financial services and products across the complete investment cycle, announced the expansion of clients’ access to electronic block liquidity via Interlisted Conditional orders.
Interlisted Conditional liquidity is available to Virtu clients via POSIT Alert Canada, which leverages Virtu’s Best Market Server (BMS) technology.
“With our Interlisted Conditional product, clients can now access cross-border block liquidity across U.S. and Canadian interlisted securities – connecting traders with an expanded set of liquidity for their execution needs. This offering reflects our focus on delivering innovative products to the Canadian market, including our new Virtu Frontier algo suite, our expanded footprint in Canadian ETFs, and the launch of FX trading through our Triton Valor EMS,” said Ian Williams, Chief Executive Officer of Virtu Canada.
“This latest enhancement is another example of our continued strategic investment in our global Execution Services platform and our firm-wide strategy of leveraging our scalable, multi-asset technology to service our clients,” said Stephen Cavoli, Global Head of Execution Services at Virtu Financial.
Interlisted Conditional orders can provide additional liquidity to POSIT Alert Canada for Canadian/U.S. interlisted securities by accessing U.S. algorithm flow which is trading in USD. U.S. algos handling orders for these interlisted securities can now send a USD conditional order to POSIT Alert Canada and Virtu will utilize our FX technology to represent the Canadian ticker in POSIT Alert Canada within the U.S. quote. Post-trade, all executions are automatically converted to the respective currency and settle in the local market, with the trade executed in Canada. Both Canadian and U.S. traders can benefit by matching these two sources of block liquidity in the same security but priced in different currencies.
Interlisted Conditionals are available in the U.S. Virtu Frontier algos.