Agency brokerage and technology firm Neonet has introduced a new execution algorithm that consolidates dark liquidity. Neonet Dark attempts to minimise market impact by systematically sweeping for dark liquidity across the dark pools to which Neonet has established connectivity.
Neonet currently offers access to dark liquidity on seven venues – BATS Europe’s dark pool, Chi-Delta, Irish Stock Exchange, Neuro Dark, SmartPool, Turquoise’s dark pool and Deutsche Börse’s Xetra Mid Point – and will add further venues in due course.
“The development of Europe’s market structure has driven the demand for a new generation of algorithms that can provide access to non-displayed liquidity,” said Simon Nathanson, CEO and president. “Neonet Dark gives our customers the ability to seek liquidity in multiple dark pools by sending one consolidated order.”
Neonet Dark is immediately available in the firm’s execution management system, Neonet Trader. Neonet’s in-house developed platform offers connectivity to financial markets globally across North America, Europe, Asia and Australia.