Agency broker Bloomberg Tradebook has launched two new algorithms in Europe – Smart Order Algorithmic Routing (SOAR) and Lock-Cross Eliminator – which aim to help clients find and aggregate liquidity in the region’s increasingly fragmented equity markets.
Both new algorithms will be available to both buy- and sell side institutions.
SOAR combines smart order routing and execution algorithm functionality to allow users to route orders to venues based on either price or available liquidity, while automatically searching for hidden liquidity, either via dark pools or iceberg orders on-exchange.
The algorithm offers two trading styles: Liquidity Sweep is designed to remove all liquidity within a user’s limit price at virtually the same time; Price Sweep removes liquidity one price-level at a time up to the user’s limit price.
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