Traders who want to execute orders in interlisted stocks are getting an updated piece of technology to trade faster and cheaper.
ITG, a U.S.-based execution broker and research provider, announced the launch of the next generation of its Best Market Server – 2.0. This latest iteration of the firm’s smart order router helps traders execute their orders that include interlisted Canadian and U.S. stocks and automatically hedging currency exposures in real time.
“Our next-generation Best Market Server offers improved performance, helping to reduce trading and opportunity costs for our clients,” said Earl Cummings, head of liquidity management at ITG Canada.
Best Market Server 2.0 offers traders low latency depth-of-book quotes and competitive foreign exchange (FX) rates, with the goal of increased price improvement, reduced opportunity costs and minimized market impact.
How does it work?
The Best Market Server dynamically evaluates orders for dual-listed securities against both the U.S. and Canadian markets, using the current FX rate to convert prices and seek out the best price and liquidity for the order under prevailing market conditions. Clients using the Best Market Server have the ability to define any combination of limit or market orders either in U.S. or Canadian dollars.
