BNY ConvergEx has unveiled a new global smart order routing platform in response to the growth of new liquidity pools and multilateral trading facilities (MTFs) within Europe.
The agency brokerage says the global smart router will look at orders bound for certain European markets and analyse other venues that quote or trade that same stock to determine whether there is a better chance of execution at better prices than the primary market.
William Capuzzi, president of BNY ConvergEx Group's G-Trade Services division, comments: "As market fragmentation continues unabated and the number of execution venues increases exponentially, the need for a smart order router with the speed and advanced trading intelligence of our platform has never been more important."
He says the technology will help improve performance of algorithmic trading strategies, provide greater trading anonymity, increase execution speed and reduce market impact by taking advantage of greater depth at all price points over multiple venues.