Investment bank Lehman Brothers has made its dark liquidity offering, Liquidity Cross (LX), available through a number of vendors’ execution management systems (EMS).
In April 2007, Lehman Brothers became the first investment bank in Europe to offer direct electronic access to a dark liquidity pool.
Clients will be able to access LX through EMS' including Bloomberg, BNY ConvergEx Group's Eze Castle Software, Charles River Development, Fidessa Latent Zero, ITG Macgregor XIPTM, Portware, RealTick, TradingScreen and Triton, as well as directly via the FIX protocol.
The LX platform anonymously pools together active order flow from across Lehman Brothers' European equity trading channels with Lehman Brothers' non-active inventory. Clients can access Lehman Brothers' liquidity directly on a continuous and anonymous basis, throughout the trading day. LX is also available as part of Lehman Brothers' algorithmic trading service LMX. These algorithms seek liquidity based upon clients' specific requirements and risk tolerances.
Direct electronic access for clients has been developed in recognition of clients' increasing liquidity needs, says the firm. The LX platform will provide clients with new and alternative sources of liquidity, helping to facilitate their investment decisions while minimising market impact. The LX platform and the associated suite of direct access algorithms complements Lehman Brothers' broader offering of electronic trading tools and analytical services including LMX, Direct to Capital and Portfolio WebBench, according to the firm.