Societe Generale Alpha X
A majority of Societe Generale clients participate in Alpha X and crossing rates are typically in the low single digits. Crossing is done at the child slice level.
Functionality and order types
All types of algo orders with market and limit
prices are considered for Alpha X, which matches orders at mid-point. The order
of priority in matching is price and time. Client orders are matched against
each other first before matching with internal flow.
Access and participation
All access to Alpha X is via QES algos and direct
market access orders are not included in Alpha X. Clients can also choose not
to participate in Alpha X
Currently, Alpha X is available in Hong Kong and
will soon be rolled out for Australian equities, followed by Japanese equities.
As access to Alpha X is through QES algos, there is
no risk of gaming by other participants in the pool.
In addition to Alpha X, QES algos access a number
of third party broker dark pools, connectivity to which is decided on a
All crosses in Alpha X are reported to the Hong Kong Stock
Exchange in real-time.
Alpha X will soon be launched for Australian and
Japanese stocks. A new dark pool, Alpha Y, will also launch and include the
ability to park orders and access direct market access and algo flow. A closed
loop of participants is also being considered to let buy-side firms to choose
whom they interact with.