Financial services firm, Cantor Fitzgerald & Co. has announced the launch of its fully customizable equity algorithms, utilizing IEX’s Smart Order Router (SOR) and Alternative Trading System (ATS), according to a Cantor Fitzgerald statement.
IEX has been working with a number of financial services providers recently, including First Derivatives and its Delta Software platform back in October. In addition, IEX is the dark pool which projects itself as a transparent market service, whose smart order routing helps safeguard traders from illicit high-frequency trading practices.
IEX has certainly permeated the retail real, with Saxo Bank becoming the first retail broker to connect to its network. Its new partnership with Cantor Fitzgerald will help constitute the Cantor Connect Clean Algo Suite.
The fundamental aim of Cantor Connect Clean Algo Suite will be the prevention of information breaches or leaks, in conjunction with greater execution quality and efficiency. Utilizing IEX’s anti-gaming technology, including its SOR and ATS systems, will also help satisfy these goals for clients.
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In particular, the Cantor Connect Clean Algo Suite will offer users access to IEX’s SOR and a dark liquidity seeking strategy, designed to disaggregate a balance to other independent dark pools.
According to Shawn P. Matthews, Chief Executive Officer of Cantor Fitzgerald & Co, in a recent statement on the launch, “We are excited to provide clients with customized algorithmic strategies and to partner with IEX. We are constantly investing in our technology platform and enhancing our suite of products and services to meet the ever-changing needs of our clients. By including IEX’s smart order router and trading venue in Cantor Connect Clean Algo Suite, we strive to improve fill rates and seek the best possible execution for each client.”
“In speaking with clients, we have noticed an increased demand for transparency in the routing practices of electronic offerings. We wanted to create a pure and un-conflicted trading environment, whether they leave working orders with our cash desk or trade through our electronic offering. We are pleased to be able to leverage IEX’s smart order router and trading venue to provide clients the opportunity to more openly and efficiently trade, improve execution quality and take charge of where orders are executed,” added Jarred Kessler, Global Head of U.S. Equities at Cantor Fitzgerald & Co, in an accompanying statement.
“We believe the markets can self-correct, but to do so market participants and market centers have to continually innovate and provide transparency for investor clients. Cantor shares our ambition to create a more balanced marketplace, and is one of the firms that is proactively building offerings and solutions to address important market structure issues and help clients better navigate today’s trading environment. We are excited to be partnering with Cantor and to help optimize execution quality for its clients,” noted Brad Katsuyama, IEX CEO and Co-Founder.