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CA Cheuvreux, the global equity agency-only brokerage and a subsidiary of Calyon, the corporate and investment banking arm of the Credit Agricole Group, announced today that it has implemented the Smart Trade LiquidityCrosser™, a robust, fast-time-to-market crossing engine as part of its internal crossing strategy, matching retail, institutional, program, algorithmic and direct market access (DMA) flow coming into the firm. By drawing on its broad reach and market share throughout Europe, CA Cheuvreux has created a European crossing network for equities where clients can execute orders from their desktops, reducing latency and ptimizing execution.
According to Bertrand Patillet, executive vice president of CA Cheuvreux, “In order to provide our customers with improved latency and best execution, client orders are sent through our internal liquidity pools, crossed against internal agency flow in Blink, our internal crossing network, before duplicate orders are channeled into the open market. When orders are filled first internally, we delete the orders, automatically and simultaneously pulling the duplicate orders from displayed venues.”
“After a rigorous review process, Smart Trade’s LiquidityCrosser was selected for the highly robust nature of its crossing/matching engine and the firm’s fast-time-to-market capability,” added Salomon Edery, head of information systems at CA Cheuvreux.
“Understandably, we’re very pleased that CA Cheuvreux has implemented LiquidityCrosser, an integral part of our liquidity management system, to enhance its internal crossing network,” said Harry Gozlan, founder and CEO at Smart Trade, specialists in delivering liquidity management systems. “From our initial conversations, CA Cheuvreux clearly delineated its interest in finding solutions designed to attract increased liquidity in an extremely volatile post-MiFID environment, reduce market impact, and provide its expanding customer base with even faster trade execution. We look forward to working closely with the brokerage on other projects.”
In addition to LiquidityCrosser, the Smart Trade liquidity management system is comprised of a LiquidityAggregator™, LiquidityOrchestrator™, a smart-order router and LiquidityConnect™, the link to multiple execution venues.
