SocGen Takes European Liquidity-Seeking Algo Dark
In its first foray into dark liquidity algorithms, Société Générale has added new functionality to its Eclipse liquidity-seeking algorithm that allows the algorithm to seek liquidity on a number of non-displayed European markets.
"Dark liquidity hosted by exchanges and multilateral trading facilities (MTFs) represented 2 percent of the market's volume, or €17 billion ($22.3 billion), in June,” says Stephane Loiseau, managing director, head of execution, at Société Générale.
The new feature, dubbed Block Cross, allows Eclipse to search for liquidity on the investment bank's Alpha-x Europe crossing network as well as the dark liquidity pools run by the Chi-X Europe and Turquoise MTFs.
Block Cross users will be able to set the limit in terms of what percentage of their orders can be executed in non-displayed venues, and can set separate price limits on the displayed and non-displayed portions of their orders.
Société Générale has worked for the past several months to develop the new capability and has tested it internally as well as provided it to two unnamed clients a few weeks ago, says Loiseau.
The bank plans to update clients using Eclipse via its vendor channel, such as Bloomberg, as well as make the necessary changes to the bank's own back end to allow users to maintain their own trading strategies without making changes.
By the end of the end of the month, Société Générale expects to add its fourth non-displayed venue, NYSE Euronext's Smartpool, as a routing destination. "It is consistently the third largest dark liquidity pool in Europe," says Loiseau.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Clear Street rolls out new BestEx algo platform
Clear Street has deployed BestEx’s new platform, giving it global execution reach, plus a host of other features built in.
Can Canada follow in the US’s footsteps in overnight trading?
Canadian marketplaces and trading venues are in a race to see who can first authorize overnight equities trading, but not everyone is convinced of its value.
‘Vibe coding is burning us out’
Vibe coding is rapidly spreading throughout the capital markets, and some are unhappy about it, while others believe the genie is out of the bottle. Engineers spoken to for this story share some choice words—and several expletives—about this new form of coding.
Broadridge-Nyfix, Delta Capita-Equilend, S&P-Ion, Trumid, and more
The Waters Cooler: A recap of the major tech and data news from the past week in the capital markets.
DTCC dives into public cloud
The clearing house has begun migrating its equities clearing and settlement systems to AWS, while its tokenization systems have migrated to Microsoft Azure ahead of their launch this fall.
Solving the last line of latency
Repurposed copper cables and hollow-core fiber can optimize latency even for firms who feel they’ve hit a ceiling, writes Vahan Sardaryan in this guest column.
LSEG’s FXall to launch credit-intermediated FX forwards service
Split Risk to allow buy side to tap best spot and swap prices to create forwards, and unbundle market and credit risk
APAC’s hidden opportunity is in the hands of wealth managers
Asia-Pacific’s financial firms have lofty growth ambitions that will come with high cost and complexity. To succeed, they’ll need a quality portfolio toolkit and a connected technology architecture, writes BlackRock’s James Verner.