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New functionality allows you to carry out a two-step transaction with lower execution risk.
Sweep & Cross
New functionality for the stock market
New functionality for the stock market
The Sweep & Cross functionality will allow your brokerage house to execute stock market trades on the central order book in two steps, one after the other.
The first step is the sweep, whereby several aggressive orders will be executed on the central order book, up to a certain price and quantity. Afterwards, a cross order will be registered with the remaining quantity of the transaction that was not closed on the central order book.
The new functionality allows you to leverage central order book liquidity up to a certain amount before registering the cross order.
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Product benefits
Smooth configuration
Available as a new configuration for cross orders on PUMA.
Learn about the Sweep & Cross functionality
Sweep consists of execution orders available in the central order book up to a certain price. Cross is the registration of a cross order.
The Sweep & Cross functionality can be configured by your brokerage house when entering a cross order. In addition to the fields usually completed, two new fields will be made available: quantity for the sweep order and the order’s aggressive side (buy or sell).
Therefore, the first step of the transaction (sweep order) will be carried out in the central order book for the side indicated as the aggressive order up to a defined quantity and price. Subsequently, the cross order will be registered with the remaining quantity of the transaction that was not closed on the book.
The availability of the Sweep & Cross functionality is subject to regulatory approval.
Timeline
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10/31/2024
Disclosure plan
Subject to regulatory approval
Technical details
Catalog changes
EntryPoint: Order Entry Interface - Message Specification
Main systems
ePUMA and Falcon
Main related functions
No functions impacted
Certification roadmap
In definition
What is the Sinacor version?
To be defined
