Virtu Financial, Inc. (NASDAQ: VIRT), a financial services and technology provider, announced it is expanding its clients’ access to electronic block liquidity through Interlisted Conditional orders.
Interlisted Conditional liquidity is available on Virtu through POSIT Alert Canada, using Virtu’s Best Market Server (BMS) technology.
Ian Williams, Chief Executive Officer of Virtu Canada said:
With our Interlisted Conditional product, clients can now access cross-border block liquidity across U.S. and Canadian interlisted securities – connecting traders with an expanded set of liquidity for their execution needs. This offering reflects our focus on delivering innovative products to the Canadian market, including our new Virtu Frontier algo suite, our expanded footprint in Canadian ETFs, and the launch of FX trading through our Triton Valor EMS.
Stephen Cavoli, Global Head of Execution Services at Virtu Financial commented:
This latest enhancement is another example of our continued strategic investment in our global Execution Services platform and our firm-wide strategy of leveraging our scalable, multi-asset technology to service our clients.
Interlisted Conditional orders provide additional liquidity to POSIT Alert Canada for Canadian/US interlisted securities via access to US algorithm flow which is trading in USD. US algos handling orders for these interlisted securities can now send a USD conditional order to POSIT Alert Canada and Virtu will use FX technology to represent the Canadian ticker in POSIT Alert Canada within the US quote. Post-trade, with the trade executed in Canada, all executions are automatically converted to the respective currency and settle in the local market. Canadian and US traders can benefit by matching these two sources of block liquidity in the same security but priced in different currencies.
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