Liquidnet has launched SmartDark, the latest algorithm for its equities platform, which is designed to enhance how institutional traders can execute trades through prioritised routing with larger executions and better price stability.

Available in the US, SmartDark incorporates a variety of yield and quality metrics to give traders an optimal blend of targeted liquidity-seeking strategy and maximum liquidity exposure, resulting in the opportunity to trade on high quality venues with better price stability.

The algorithm sits within the Liquidnet Dark space and leverages the existing framework to offer a new tool to enhance traders’ execution abilities. Liquidnet Dark has an average block execution size of 28,000 shares for all trades crossed by Liquidnet and an overall block participation rate of 44%.