Morgan Stanley has expanded its electronic trading platform in Canada with specialized local coverage and the launch of Inter-listed SORT, adding to the firm's algorithmic and direct market access offering.
According to the company, Inter-listed SORT is a routing mechanism that aims to achieve best execution by routing orders for inter-listed securities to either a US or Canadian market center, based on prevailing prices and liquidity in the respective markets.
Inter-listed SORT identifies the market with the best price and most liquidity for inter-listed securities, and automates the foreign exchange (FX) conversion process, reducing FX exposure, claimed the company.
Andrew Silverman, managing director and global co-head of Morgan Stanley Electronic Trading, said: “As the Canadian market becomes more fragmented and electronic, financial institutions require the necessary technology and services to find the best liquidity at the best price. Morgan Stanley Electronic Trading is fully committed to servicing the Canadian marketplace and we plan to continually enhance our industry-leading electronic trading platform to meet the needs of Canadian financial institutions.”