March 6, 2020
Dear Manager,
We are happy to announce that effective Monday, March 9, 2020, traders will have access to a new destination specifically designed to get dark liquidity from conditional orders.
What are conditional orders?
A conditional order is an instruction offered by some dark pools, where the participant sending the order intends to execute his order flow on a conditional basis.
When there is a potential match for a conditional order, the participant sending the order will get a message giving them the opportunity to accept or reject the match in the form of a Firm-Up response.
Conditional orders are a new way for firms to send large orders to multiple dark pools at the same time, giving them the opportunity to accept or reject a trade before it happens.
In the last couple of years, there has been a huge increase in the amount of volume that gets traded through conditional orders. As a result, we believe this order type will be a great tool for your traders.
The new Conditional Liquidity Seeker in PPro8 will sweep multiple dark venues that provide the conditional order match service for liquidity.
Highlights
Available on the NASDAQ, NYSE, and NYSE American (AMEX) markets
This destination will sweep the following venues for conditional order liquidities:
AQUA Conditional
Bank of America Conditional
BARCLAYS Conditional
Instinet BlockCross Conditional
Fidelity CrossStream Conditional
Citi (CITIBLOCK) Conditional
CODA/PDQ Conditional
Credit Suisse CrossFinder Conditional
JP Morgan Conditional
Level ATS Conditional
LiquidNet Conditional
Virtu/ITG POSIT Conditional
UBS Conditional
Price Improvement
Minimum Quantity option available
- Gateway Fee: 0.0015
- Available Order Type: Limit Day order with the option of minimum execution size
To configure it in Keyboard Setup, you can choose gateway SUPR and destination Conditional Liquidity Seeker.
Please Note: DTTW™ will always accept a Firm-Up message from the broker, so there is no need for further interaction from the trader.
Let us know if you have any questions or comments by creating a mojo.
Regards,
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