All of Knight's execution algorithms (including FAN, COVERT and OASIS) have the capability to source liquidity from non-displayed venues.
Knight connects to various types of non-displayed venues including hidden liquidity on exchanges, MTF non-displayed liquidity, block crossing networks, broker non-displayed liquidity and electronic liquidity providers.
Users can opt out of any destination including Knight’s own.
Knight’s criteria for accessing dark venues include fulfilment rate, latency, overall liquidity, cost and quality of execution.
Clients can access the algorithms through the Knight Direct execution management system, direct FIX connection or a thirdparty order or execution management system vendor.
To achieve the execution objective for particular strategies, Knight uses historical and real-time data to adaptively route orders as well as the appropriate order types and functionality in each venue.
Knight provides spread monitoring, opportunistic and adverse logic.
Knight works closely with clients to customise its dark liquidity offerings and algorithmic strategies.
Service and reporting
Execution consultants are available as well as a full suite of transaction cost analysis tools that include real-time as well as post-trade analysis.
Knight is committed to designing innovative new strategies and products that continue to meet its clients’ needs.