KNIGHT DIRECT
FAN
Advanced Sourcing of Liquidity in Fragmented Markets
FAN is the algorithmic solution that delivers robust liquidity sourcing in a fragmented market. FAN’s cutting edge Order Awareness™ technology makes informed routing decisions based on Knight’s unique real-time execution data. This smart order execution technology built within FAN sweeps and posts orders in both displayed and non-displayed venues while re-circulating to the destinations where executions are taking place. In addition, FAN leverages Knight’s broad inter-market connectivity and internal liquidity, resulting in faster routing and increased liquidity capture.
Why FAN?
FAN’s Smart Order Execution Benefits
Enhanced Trade Efficiency
FAN aggregates a fragmented market and addresses the need for inter-connectivity of liquidity destinations, making trade execution more efficient and cost effective.
Customization
FAN settings are adaptive and configurable to the individual client’s preferences and trading style.
Advanced Sourcing of Liquidity in Fragmented Markets
FAN is the algorithmic solution that delivers robust liquidity sourcing in a fragmented market. FAN’s cutting edge Order Awareness™ technology makes informed routing decisions based on Knight’s unique real-time execution data. This smart order execution technology built within FAN sweeps and posts orders in both displayed and non-displayed venues while re-circulating to the destinations where executions are taking place. In addition, FAN leverages Knight’s broad inter-market connectivity and internal liquidity, resulting in faster routing and increased liquidity capture.
Why FAN?
| • | FAN’s Order Awareness technology utilizes execution data to intelligently develop a real-time view of the liquidity landscape, allowing for faster, more proactive and more precise routing decisions. The value of this logic increases exponentially with volume traded, thereby enabling FAN users to benefit from Knight’s industry leading order flow. |
| • | As FAN sources non-displayed liquidity inside the NBBO, new methodologies increase the likelihood of price improvement and access to liquidity. A quantitative assessment engine then continuously optimizes these strategies in real-time, making FAN faster and more effective as it executes on those non-displayed venues. |
| • | FAN takes in direct feeds from exchanges, then simultaneously routes to multiple venues when crossing the spread. This leads to improved hit rates and reduced slippage – resulting in fewer, but quicker, precise orders that effectively absorb more liquidity than ever before. This gives institutional order flow the technology benefits enjoyed by other technologically advanced market participants. |
| • | FAN’s advanced technology increases the efficiency of all smart order execution, benchmark and participation algorithms. |
FAN’s Smart Order Execution Benefits
| • | Order Awareness technology |
| • | Proactive and adaptive |
| • | Driven by client’s execution parameters |
| • | Single ticket clearing |
| • | Preserves order anonymity |
| • | Leverage Knight’s infrastructure and connectivity with one button |
Enhanced Trade Efficiency
FAN aggregates a fragmented market and addresses the need for inter-connectivity of liquidity destinations, making trade execution more efficient and cost effective.
Customization
FAN settings are adaptive and configurable to the individual client’s preferences and trading style.
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