Baikal, the London Stock Exchange (LSE)’s pan-European dark pool and liquidity aggregation platform, has started using UnaVista, the LSE’s generic hosted matching, reconciliation and data integration service.
As part of its phased rollout, Baikal required a solution for end-of-day reconciliations with central counterparties and automation of post-trade client confirmations, which are both available through the same data feed on UnaVista.
Baikal launched its smart order routing function at the end of June in partnership with trading technology provider Fidessa. Its main order book will launch following the completion of customer testing in September.
According to the LSE, using UnaVista offers Baikal the chance to reduce implementation costs and minimise operational risk.
“UnaVista offered us a quick, low-risk implementation,” said Chris Rennoldson, Baikal’s chief operating officer, in a statement. “It provided us with reliable reference data without the need for any labour-intensive, costly hardware installation, helping us to deliver Baikal on time and on budget, with the implementation going from inception to production in just 29 days. At the same time, UnaVista allows us to provide automated post-trade confirmations to our clients in flexible formats and at low cost.”