Adaptive Cross (ACross)
Internal liquidity is often an untapped resource. Internalisation opportunities arise from crossing client’s orders and from crossing client’s orders against the firm’s own inventory. Yet, often firms consider the crossing flow to be too low to justify the investment or don’t want to be exposed to the regulatory obligations.
ACross is based on the pioneering concept of considering your internal liquidity as yet another source of liquidity and continuing tapping external venues whilst internalising client’s orders, giving you the best of both worlds. ACross is based on a matching engine, which embeds ASOR. This gives you the option to cross internally and simultaneously seeking liquidity on external venues. The intelligence of the process resides in our ASOR, which has a complete real-time view of liquidity at all times and mitigates risks in such complex internal/external execution.

The ACross can also be used purely as a matching engine with different matching processes and algorithms, transforming you into an Alternative Trading System (ATS) or Multi-lateral Trading Facility (MTF) provider. This is the first step to prepare for MiFID II and Dodd-Frank regulations.

The benefit of ACross is that it would transform your internal liquidity into a cost-saving and revenue generating operations, while you provide the level of transparency, reporting and surveillance required by regulators at little cost.