Morgan Stanley has developed its electronic trading offering in Canada to better suit the country’s market structure.
The key enhancement is the launch of inter-listed SORT, a smart routing mechanism that seeks best execution for securities that are dual listed on US and Canadian market centres, based on prevailing prices and available liquidity.
Inter-listed SORT identifies the market with the best price and most liquidity for dual-listed securities, and automates the foreign exchange conversion process to reduce currency exposure.
“As the Canadian market becomes more fragmented and electronic, financial institutions require the necessary technology and services to find the best liquidity at the best price,” said Andrew Silverman, managing director and global co-head of Morgan Stanley Electronic Trading (MSET). “MSET is fully committed to servicing the Canadian marketplace and we plan to continually enhance our electronic trading platform to meet the needs of Canadian financial institutions.”
As well as routing capabilities, clients will also have access to a range of trading algorithms, including MS PORT, the firm’s portfolio trading algorithm. Morgan Stanley already offers execution algorithms and direct market access in Canada. The investment bank has also augmented its local sales and coverage team, to offer customers regional expertise and support.