Fidelity Brokerage and Lehman Brothers have linked their alternative trading networks in an effort to provide clients with a deeper liquidity pool for executing large orders.
Bill Baxter, senior vice president and head of equity for Fidelity Capital Markets Services, says the connection between Fidelity's CrossStream system and Lehman's Liquidity Center Cross will offer a more secure environment for offloading large trades.
"Today’s current trading environment has made it increasingly difficult for investors to execute large trades with minimal market impact and information leakage," he says. "By connecting CrossStream’s already deep and diverse liquidity pool with Lehman Brothers’ Liquidity Center Cross, clients of Fidelity Brokerage Company can have the confidence that the organisation may quickly and discreetly find a natural match for their orders."
CrossStream helps clients find an anonymous match and increase the percentage of their trades executed on the alternative system. Lehman's LCX is a high-capacity limit-order-matching engine that operates continuously during market hours.