Adaptive Cross

Light up internal liquidity

Internal liquidity pools are often an untapped resource, as internal crossing can be a difficult and lengthy process. That’s where QF Adaptive Cross comes in. It’s a sophisticated engine that connects to Quod Financial’s Adaptive Smart Order Router (QF ASOR), giving you the option to cross internally in one of three ways before going to external exchanges. It works for systematic internalisers and firms using opportunistic internalisation, but won’t create upstream matching processes or increase latency.

QF Adaptive Cross chooses the best of these options:

• Crossing against internal inventory. This works when a client order is being executed from an existing proprietary position. You can set up different parameters to decide which positions the firm allows to cross against, at what price and for what quantity. The incoming client order (full or partial amount) is then smart-routed to the internal matching engine for internal execution.
• Crossing against resident orders. This uses Quod Financial’s Adaptive Smart Order Router (QF ASOR) system to cross resident orders against another incoming opposite side order. This crossing can be combined with the internal inventory on the matching engine.
• Dynamic crossing. Systematic crossing in this way is usually a laborious undertaking, so why not cross as opportunities occur? QF Adaptive Cross gives you the option to set up an internal pool to grab crossing opportunities for each fungible instrument – combining crossing with dynamic smart order routing. This relies on a liquidity-seeking adaptive algorithmic approach and gives you the option to proactively modify or cancel orders on external pools in order to cross internally on two sides.

Download QF Adaptive Cross Product Sheet

Events

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News

07 June 2010
Quod Financial partners with Catena Technologies
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30 March 2010
Quod Financial powers KMEFIC's Next Generation Online Trading Platform
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