Imported from previous forum
[ original email was from Kevin M. Young - kmy@capgroup.com ]
Crossing networks are continually gaining in popularity, many sell-side firms are internalizing their orderflow and registering their crossing networks as ATSs; and analysts expect this trend to continue. While there are advantages to vendors like LiquidNet, Pipeline, ITG and NYFIX Millennium like providing anonymity, liquidity with reduced market impact and minimal information leakage, there are also disadvatages like another front-end, another OMS integration, more order/trade info outside of OMS audit, etc.
Besides going with an EMS liquidity aggregator, has there been any consensus to normalize this workflow via FIX so another frontend and integration is not necessary? Your feedback is welcome. Thanks.