CA Cheuvreux, the global equity agency-only brokerage and subsidiary of Calyon, announced it has implemented the Smart Trade LiquidityCrosser.
The LiquidityCrosser is a fast-time-to-market crossing engine. CA Chevreux said in a release it implemented it as part of its internal crossing strategy, matching retail, institutional, program, algorithmic and direct market access (DMA) flow coming into the firm.
By drawing on its broad reach and market share throughout Europe, CA Cheuvreux has created a European crossing network for equities where clients can execute orders from their desktops, reducing latency and optimising execution, the company said in a release.
"In order to provide our customers with improved latency and best execution, client orders are sent through our internal liquidity pools, crossed against internal agency flow in Blink, our internal crossing network, before duplicate orders are channeled into the open market. When orders are filled first internally, we delete the orders, automatically and simultaneously pulling the duplicate orders from displayed venues," Bertrand Patillet, executive vice president of CA Cheuvreux, said.
In addition to LiquidityCrosser, the Smart Trade liquidity management system is comprised of a LiquidityAggregator, LiquidityOrchestrator, a smart-order router and LiquidityConnect, the link to multiple execution venues.