CMC Markets has selected a new provider for its aggregation and order routing needs.
smartTrade Technologies’s LiquidityFX system, which includes order routing capability and aggregation technology for currencies and precious metals, was chosen by CMC Markets, an FX, CFD trading and spread betting broker. According to CMC, the choice was rooted in the fact smartTrade employs a no brokerage fee model and cloud based service which takes advantage of being globally co-located with other liquidity providers.
LiquidityFX employs next generation aggregation and intelligent smart order routing capability enabling CMC Markets to connect via direct market access to select liquidity providers and FX ECNs, without the spread distorting impact of liquidity fees. smartTrade does not charge liquidity providers.
LiquidityFX doesn’t charge volume-based fees, while gathering the functions of aggregation, smart order routing, pricing and distribution, order and risk management. smartTrade offers users access to more than 40 liquidity providers composed of both banks and ECNs.
Now CMC Markets’ traders can trade in a fully disclosed bilateral manner through the LiquidityFX API or UI, with a range of passive or aggressive order types. smartTrade’s solutions are proven to both enhance hit ratios and reduce execution latency, thus enhancing efficiency and revenue of CMC Markets’ trading activity.
“We have seen tighter spreads and improved fill ratios thanks to the no brokerage fee model offered by smartTrade and the benefit of being cross-connected to our liquidity providers,” said Greg Niebank, group head of product at CMC Markets. “Additionally, the smartTrade solution has significantly simplified our infrastructure, allowing us to respond to changes in the market environment much more quickly.”
LiquidityFX is co-located at Equinix’s data centers in New York, Tokyo and London.
Founded in 1999, smartTrade provides sophisticated liquidity management systems, enabling banks to develop multi-asset dealing platforms that aggregate liquidity from dozens of sources to create a single order book, distribute customized pricing to clients, receive and manage client order flow, internalize liquidity and/or route it to external venues regardless of messaging protocols.