Equiduct, a pan-European equity trading platform that started trading in April, has launched OrangeLiquidity Viewer, a web-based tool providing a graphical view of available liquidity and trading conditions across selected European trading venues. The platforms currently covered are BATS, Chi-X, NYSE Euronext, London Stock Exchange, Nasdaq OMX, Turquoise and Deutsche Börse’s Xetra.
The new tool is intended to complement Equiduct’s OrangeVBBO pan-European volume-weighted best bid and offer pricing benchmark and its OrangeLFA liquidity fragmentation analytics service.
According to Equiduct, Orange LiquidityViewer will help the sell-side fine-tune its smart order routers and best execution policies, while also enabling buy-side traders to best price is being achieved on their behalf.
OrangeLiquidity Viewer provides both real-time and historical data analysis. The system processes over 100,000 price updates per second, and has a tick-by-tick data store that Equiduct suggests can be used for back-testing, reconstituting the consolidated order book for a given trade and calculating fragmentation and liquidity over different time periods. It covers about 700 of Europe’s most liquid stocks.
The new tool also allows users to see the optimal order split required to achieve the best possible price for a theoretical order, according to Equiduct. The system displays the OrangeVBBO line, which shows the consolidated best price calculated by Equiduct from the full depth of market.
“The equity marketplace has evolved quickly over the past year with the creation of new trading venues each with a slightly different business model,” said Artur Fischer, joint CEO of Equiduct, in a statement. “This has stimulated competition and provided a variety of trading alternatives but the picture is far from complete or even stable. We at Equiduct hope to be able to shed some light on how to achieve best execution on the various available platforms with our range of analytical tools.”