Trading software group Clearpool has confirmed the “roll out” of its new order aggregator, designed to give its clients priority in execution queues.
Joseph Wald, chief executive officer or Clearpool Group said the company’s new Iris technology will help some companies better compete with those market participants who have “for too long dominated electronic trading”.
Clients of Clearpool Execution Services will now automatically have their order guided by Iris, which the company claims will improve order handling by managing the order queue.
In a statement, the company said: “With Iris, child orders routed to a venue are decoupled from the parent. When a customer cancels and order, Iris will, in turn, cancel or reduce the order with the lowest queue priority.
“This automatic response effectively enhances the queue priority of all other Iris orders. Without Iris, a queue position is lost when better positioned orders are cancelled.”
The company said its new technology also ensures cancel/replace requests are not detrimental to clients who already have orders in the queue.
It added: “It is knows the rules for how each market centre handles cancel/replace requests. If a customer increases the size of an order that would cause the order to lose its priority, Iris will split the order in two.”
The company said Iris also enables better competition in dark pools with minimum size order types.
New York-based Clearpool was founded in 2012 and boasts clients including hedge funds, clearing firms, broker dealers and proprietary trading firms.