09:36 AM
Goldman's SIGMA to Offer Cross-Border Routing for Canadian and US Stocks
Goldman Sachs Electronic Trading (GSET) said the upcoming release of the latest functionality for its SIGMA smart router addresses clients who trade Canadian and US stocks.
SIGMA inter-listed routing seeks best prices across US and Canadian stock trading venues while taking into account real-time foreign exchange rates, allowing for single currency settlement, according to GSET’s release issued today.
“In the past two years the market structure in Canada has changed at a very rapid pace,” stated Todd Lopez, head of international sales for GSET North America.. “With nearly 200 stocks currently inter-listed on the Toronto Stock Exchange (TSX) and US exchanges, traders need to access liquidity seamlessly in both markets while automatically hedging their currency exposure in real time,” stated Lopez in the release.
SIGMA simultaneously scans multiple trading venues and rotes the order to the venue where there is the best opportunity for optimal execution, according to the firm. GSET clients are able to access the SIGMA router for inter-listed trading via REDIPlus, GSET’s Proprietary execution management system (EMS) or through third-party trading systems. With this new functionality, GSET is offering cross-border smart order-routing capabilities for all dually- listed Canadian and US stocks. SIGMA clients who trade via GSET algorithms also can benefit by utilizing the SIGMA router to make order placement decision.
The SIGMA router also gives clients access to liquidity found within the SIGMA X non-displayed liquidity pool for US stocks. SIGMA X traded more than 312 million US stocks per day in April 2009. Since its inception in 2002, the SIGMA smart router has been enhanced for optimal routing of trades. The SIGMA order router is available for equity trading in the US, Canada, Europe and Asia as well as for US listed options.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio