LeveL ATS, a non-displayed trading venue for US equities, has launched a new order type called SmartBlock, which gives participants control over trading activity at the venue level when executing blocks of stock.
SmartBlock allows investors to control the rate of execution if a stock deviates from the expected arrival price.
“This new order type gives customers another level of control when resting a large block,” said Whit Conary, president of LeveL ATS, in a statement.
SmartBlock is already available through trading technology firm Fidessa’s BlueBox algorithm suite and trading platform, and through the Mixit broker-neutral order management system.
“Giving our clients the ability to control their executions in this current volatile marketplace is paramount,” said Bob Williamson, senior vice president and head of sales at Mixit. “By offering this new level of control directly to our clients via SmartBlock, users are empowered with choice when directing their trades for execution.”
LeveL ATS, which launched in late 2006, executes an average daily volume of over 100 million shares (double-counted) and covers 6,400 large-, mid-, small- and micro-cap names.