Broker-dealer Credit Suisse has made a version of its Pathfinder smart order router (SOR) available to clients trading in the Japanese market following a period of internal testing.
“We have basically taken the same SOR technology we use in other markets, such as Europe, and adapted it to the Japanese market,” Olivier Thiriet, head of Asian alternative execution at Credit Suisse, told theTRADEnews.com.
While off-exchange executions accounts for a small percentage of overall trading in Japan, there are now several venues trading Tokyo Stock Exchange (TSE)-listed shares. These include the Osaka Stock Exchange, Kabu.com, SBI Japannext, Liquidnet, Instinet’s CBX and JapanCrossing platforms and several broker internal crossing engines. “Without SOR, you cannot possibly leverage the advantages these venues offer,” said Thiriet.
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