Fidessa has launched a new Smart Routing Service for the Toronto Stock Exchange and Pure Trading, the first Canadian alternative market.The Smart Routing service on Fidessa's Canadian Trading Platform (CTP) enables clients to seek out best execution in a market place that now has multiple displayed quotes.
"The Smart Routing feature consolidates the market data feeds from the Toronto Stock Exchange and Pure," says Ronald Lee, head of Fidessa Canada. "After that data is consolidated, it enables our customers to develop best execution logic to determine where to send trades."
Lee adds that users can also preference which venue they would like to direct any residual order quantities left over. "It helps the trader with follow up that they would otherwise have to do manually. If they only get partial orders filled, they have the ability to pre-set where they want the remaining quantity to route."
He says that with the introduction of Pure Trading and more markets for Canadian stocks on the way, it was a natural lead in for the Smart Routing service. As other markets prepare for launch in Canada, including ICX, Omega and Alpha, Lee says those will also be integrated into the CTP Smart Routing Service.
Next up? Lee says that the CTP platform will be enhanced further to include "southbound order flow", or the ability to see where to best trade stocks listed both in Canada and the U.S. and also take into account the FX trade component.
"Right now in Canada, FX is a very manual process for the most part. You have to call up the FX desk, get the rate, write it down on a paper ticket, etc. But this will make it more automated," says Lee.
And of course dark pools won't be far behind, says Lee. The TriAct MATCH Now dark liquidity matching platform is on the horizon and that execution venue is being integrated as well.