Quod Financial, a global provider of multi-asset trading technology, has announced an upgrade to its Adaptive Smart Order Router (ASOR).
ASOR version 2 has been enhanced to provide its users with real-time intelligence to capture fragmented liquidity and will be made available to clients this quarter.
The new version of ASOR conducts a statistical analysis with pre- and post-trade data in real time, to predict in where liquidity lies before selecting the ideal venue and execution mechanism for each trade. This intelligence can be fed into decision-making algorithms to adapt execution instructions as market conditions change.
According to Quod, combining impact algorithms into its ASOR infrastructure enables operational improvements, lower costs and higher execution performance for clients as it links market events with the decision-making process throughout the lifecycle of a trade.
“Liquidity is becoming more dynamic and fragmentation is increasing, which reduces transparency across Europe and the US. Quod Financial’s next generation SOR uses liquidity-seeking adaptive processes to consolidate the transparent liquidity from different venues and illuminate non-transparent liquidity in algorithms and dark pools,” said Ali Pichvai, CEO of Quod Financial. “SOR is now an essential tool to navigate liquidity and the next generation needs to get smarter. ASOR v2 is much smarter and provides traders with that intelligent view of liquidity necessary for more successful trading.”