Quod Financial, a global provider of multi and cross-asset adaptive trading technology, is providing a core technology for Amsterdam-based TOM, (The Order Machine), a new best execution service for equities. Quod Financial’s Adaptive Smart Order Router (ASOR) was selected for its adaptive technology to seek liquidity for cash equities and, eventually, derivatives.
ASOR enables TOM to guarantee best execution for its participants through its own platform or the NYSE Euronext Amsterdam market. TOM will eventually expand its order routing to other MTFs, increasing the depth of liquidity for TOM’s users.
“TOM has an accelerated agenda so from the outset we needed dynamic technology that will drive our vision, enabling us to provide best execution services to retail banks,” said Henk Wim van Arem, Director of TOM. “Quod Financial stood out from all the others for its adaptive smart order routing capabilities and already ASOR has proven its ability to capture liquidity internally and externally using a variety of dynamic parameters.”
“By selecting ASOR, TOM has highlighted the strength of Quod Financial’s technology to open up new markets for European players,” said Ali Pichvai, CEO of Quod Financial. “The equity market has taken a major step forward; whereas the derivatives market has lagged behind, creating the opportunity for innovation which will benefit the investors and the European capital market. Quod Financial has been working closely with TOM and TOM’s partners to ensure that the platform has adaptive routing capabilities in place from the start.”