Trading solutions vendor Smart Trade has introduced customisable consolidated order book functionality for its LiquidityAggregator engine, which will allow real-time consolidation of trade, order and quote data across multiple trading venues and platforms.
The tool will now provide users with “a fully aggregated view” of liquidity from both internal and external sources, creating a single order book for single-, multiple- and cross-asset trading.
“LiquidityAggregator can be used to provide flexible management of different trading phases and transitions, such as pre-open, post-open and closing price, and during sessions such as closed, halted, auction or continuous,” said Margaret Bailey, vice president, business development, North America at Smart Trade. “LiquidityAggregator provides a flexible level of functionality so that customers can create their own customised aggregated order books. Working with smartTrade LiquidityOrchestrator and LiquidityConnect, LiquidityAggregator can know when a venue has halted or gone down and consequently trading flows can be automatically redirected to another venue.”
LiquidityAggregator is one of the four components that comprise the smartTrade Liquidity Management System (LMS) used by banks, broker-dealers, asset managers, exchanges and hedge funds.
Smart Trade said its aggregated book has already been adapted to process tradable symbols with adjusted closing prices and types of events, including trade events, order events, trading phases and symbol state change events, e.g., open, halt and close.