Société Générale Corporate and Investment Bank (SGCIB)

Société Générale Corporate and Investment Bank (SGCIB)

SGCIB''s SOR incorporates a unique set of quality of venue measurements (QVM) that allows it to understand the differences between various venues in a systematic fashion. QVM allows SGCIB to evaluate liquidity based not just on performance and the likelihood of execution, but also the potential for adverse selection. This quantitative approach to sourcing liquidity drives the SOR logic process in real-time, which maximises the choice of liquidity for clients, whilst minimising information leakage.

Access and algorithmicintegration

The SOR is utilised by all

execution channels and can

be used in conjunction with

all of Société Générale”s

algorithms. It is customised

to take advantage of the

unique features of each

venue, while observing the

market structure of each

region/country.

Destinations

SGCIB”s SOR is available in

the US, Europe and Asia. This

includes major European

markets and multilateral

trading facilities. New

destinations are added based

on the firm”s QVM analysis.

Order types and clientreporting

All native order types are

supported, plus synthetic

orders when native options

are not available. QVM

analysis results are made

available to clients.

Data feeds

The SOR uses both real-time

data and historical data.

Routing logic

Latency of the SOR varies on

a country-by-country basis.

Capacity is flexible to enable

the broker to react in realtime

to clients” needs.

Routing is based on realtime

market conditions,

which sits at the core of the

router”s functionality, and

QVM analysis. Clients have

the ability to include/exclude

venues, apply price caps and

participation limits. Various

factors, including the risk of

adverse selection, drives the

selection of lit or dark

venues.

SGCIB has complete

recovery capabilities on both

hardware and software.

Future plans

New liquidity will be actively

sourced on a merit basis in

the coming year.