New Release of IRESS Best Market Router (BMR)
TORONTO, Sept. 20, 2011 /CNW/ - IRESS is pleased to announce the latest
release of the IRESS Best Market Router (BMR). Seamlessly integrated
with the IRESS trading platform, IRESS BMR 1.03 combines ultra-low best
market execution latency with significant enhancements, including full
configurable support for dark venues and dark liquidity seeking logic.
The new release also delivers optimized order event staging, smart
low-latency market-data caching, split volume multi-market execution
and automated bulk order transfers.
This release reflects IRESS' ongoing leadership in smart order routing
(SOR) solutions. IRESS has demonstrated innovation of its SOR solutions
internationally by ensuring adaption to local market conditions
including automated support for all marketplace order types, built-in
liquidity sourcing strategies and fully configurable execution and
Maximizing Liquidity Hit Rates
IRESS BMR is designed to maximize liquidity hit rates across multiple
markets through its aggregated liquidity assessment, dark order
processing and low-latency order execution. Through a new optimization
and staging framework for its built-in trade strategies, the IRESS BMR
aggressively pursues all available liquidity, initiating successive
orders to take out passive volume across preferred markets while
maintaining trade through protection.
Dark Pool Support
IRESS BMR supports all existing dark order venues, and stealth targets
hidden liquidity within the visible posted spread through hidden order
types. Given that a significant portion of liquidity may not be visible
on any given marketplace, dark liquidity discovery is an essential
mechanism for best execution.
The IRESS BMR can be configured for any number of dark pool
destinations, including the IRESS internalizer engine Liquidity Pool
(LP) now in production in Australia. In addition to specifying which
dark liquidity venues are included on a per symbol basis, clients can
define priorities and use options to minimize order exposure, while
taking full advantage of price discovery.
Direct Integration with Low-Latency Market Data
IRESS BMR continues to leverage IRESS' low-latency market data platform,
ensuring direct high-speed access to consolidated price and volume
data. Smart caching ensures that even under heavy load conditions,
market data requests are minimized, thus reducing or eliminating
potential latency issues. The result is increased accuracy in venue
liquidity assessment and higher execution success rates.
In addition, the IRESS BMR incorporates several other features,
including automated bulk order transfers between markets and
Automated Bulk Order Transfer: To assist brokers in taking advantage of the features and conditions
of different venues, the IRESS BMR incorporates automated bulk order
transfers across venues. Firms can set order transfer schedules to
maximize execution opportunities at the start and close of the trading
day. Bulk order transfers are automatically initiated based on a
Split Volume Multimarket Execution: The IRESS BMR has also been extended to split passive posting volumes
across multiple venues, while maintaining trade through protection.
Target volumes can be set by percentage across multiple venues,
supporting broker and user specific cost and workflow priorities while
optimising fill rates.
"With this release of the BMR, IRESS continues its long tradition of
smart order routing innovation," said Andrew Walsh, Managing Director.
"Smart order routing isn't a set and forget strategy, and can't rely on
generic implementations unable to adapt locally. IRESS has demonstrated
the essential willingness and capability to not only optimise around
local conditions, but to set the SOR benchmark for regulatory
compliance, configurability, liquidity sourcing and defending against
In Canada, IRESS BMR 1.03 has strong demand following the growing number
of dark pools and hidden order features. Already used to automatically
seek dark liquidity in Australia, IRESS BMR 1.03 will extend capability
for clients as the market evolves this year with Chi-X turning lights
on in October, and ASX PureMatch launching in November. It is expected
that demand for more dark venues and liquidity interchange between
participants will grow once lit venue competition commences, and IRESS
BMR will provide a flexible and efficient framework for participation.
IRESS is a leading supplier of sophisticated trading solutions for
financial market participants in Canada and Internationally. Fully
customizable, IRESS integrates equities and derivatives trading,
automated order management, smart order routing, international market
data, and compliance monitoring. Designed for high performance
environments, IRESS solutions are fully managed, provide low execution
latencies and offer seamless access to specialized markets and strategy
engines. Join Canada's leading financial institutions in utilizing the
most dynamic, integrated trading application available today. Contact
IRESS Sales at 416-907-9218 or email@example.com for additional information.
SOURCE IRESS Market Technology Canada LP
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