Stock exchange links to seven 'dark pools'

JERSEY CITY, NJ, May 2, 2011 – Direct Edge announced today it has begun offering customers market access to seven major dark pools through Connect Edge, the company’s high-speed, low-latency proprietary network. Using Connect Edge, customers will now have the ability to route orders directly to significant dark liquidity pools, in addition to the exchange connectivity currently provided, allowing customers to further reduce costs by eliminating the need for individual telco connections to each marketplace. Today’s announcement is evidence of Direct Edge’s commitment to making Connect Edge a premiere source for marketplace connectivity.

Firms looking to leverage Connect Edge will now have the ability to interact with the following seven dark pools: Barclays Capital's LX®, Credit Suisse Crossfinder®, Getco Execution Services, Goldman Sachs SIGMA X, Knight LinkTM, Knight MatchTM, and LeveL ATS.

"Low-cost access to comprehensive liquidity - both on-and off-exchange - is crucial, and it is our goal that Connect Edge customers have a high-quality, low-cost way to reach it," said Kevin Carrai, Head of Connectivity Services, Direct Edge. "Adding the major dark pools to our destination venues is a logical extension of the Connect Edge value proposition, further enabling customers to control costs and maintain their competitiveness."

Launched in 2010, Connect Edge is a high-speed, low-latency network that allows customers to access Direct Edge through multiple Points of Presence (PoP) by cross-connecting from within their own facility to a Connect Edge PoP. Connect Edge helps reduce costs by eliminating the need for individual telco connections to each marketplace or liquidity pool, while broadening market access and maintaining low latencies.

About Direct Edge

Direct Edge, America’s newest stock exchange, offers the next generation of displayed markets. With U.S. cash equities volume routinely exceeding 1 billion shares per day, Direct Edge uses dual exchange platforms and unique order types to match complementary forms of liquidity based on sensitivity to transaction cost, fill rate, and fill speed, while maintaining high execution quality and low latencies. Headquartered in Jersey City, N.J., Direct Edge is owned by a consortium that includes the International Securities Exchange, Knight Capital Group, Inc., Citadel Derivatives Group, The Goldman Sachs Group, and J.P. Morgan. More information about Direct Edge is available at Everybody Needs Some Edge.

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome