What am I missing for other pools of liquidity?

Discussion in 'Trading' started by tier1, Apr 8, 2008.

  1. tier1


    I am trying to do research on all of the different displayed and non-displayed venues available for accessing liquidity:

    Right off hand, I can think of:

    NASDAQ(And all different order types)
    ARCA (And all different order types)
    Direct Edge
    Other dark pools

    What else is available out there past this traditional list?

    I am thinking Knight as one, but then I feel I am starting to blend into other traditional venues.

    Any ideas?

  2. You might find this of interest:


    Dark pools and
    algorithmic trading1
    The evolution of ‘dark pools’ and how algorithms access and interact
    with non-displayed liquidity

  3. tier1


    Thanks Don.

    So as I scan the document, you can access Goldman liquidity though Redi as well? I wonder if it is exclusive. I see Fix connectivity.

  4. Here's some more stuff on routing.


    Goldman Sachs’ Liquidity Strategy: Seek, Route, Cross
    The size and depth of our liquidity pool, as well as our ability to aggregate liquidity from displayed and non-displayed sources, help our clients achieve optimal results. Through our GSAT liquidity-seeking algorithms, our SIGMA smart router, and our SIGMA X crossing network,
    we offer the opportunity to achieve price improvement with minimal market impact. The three features of Seek, Route, and Cross form the pillars of our liquidity strategy.
    Seek liquidity using our suite of GSAT Algorithms
    Our sophisticated suite of multi-asset GSAT algorithms are designed to provide
    superior execution quality. Specifically, our Sonar algorithm seeks liquidity by
    searching multiple sources of displayed and non-displayed liquidity, executing
    orders using optimal order types. Furthermore, we have enhanced our algorithms to expose portions of orders in SIGMA X on the way to the public market.
    Route to all destinations using our SIGMA Smart Router
    Our SIGMA smart routing engine routes to various pools of displayed liquidity and interacts with SIGMA X non-displayed liquidity before accessing the public markets. Every day over 225mm shares pass through our smart router.
    Cross your order with non-displayed liquidity in SIGMA X
    SIGMA X started out by bringing together a host of complementary external liquidity
    providers (XLP’s) to create a virtual pool of private liquidity. The next generation of SIGMA X provides a safe destination for customer orders, allowing users access
    to an unrivaled pool of non-displayed liquidity. This allows customers to not only take liquidity from non-displayed sources but also benefit from the 450+mm shares of streaming liquidity that flow through our infrastructure every day.

  5. trom