Merrill Lynch

Merrill Lynch crossing strategies provide access to Merrill's unique liquidity pool as well as resident, hidden and reserve orders on public exchanges and ECNs.

BlockSeeker - Aggregator of visible and hidden liquidity

• As fills occur, BlockSeeker dynamically reallocates leaves quantity amongst user-defined displayed and non-displayed liquidity pools
• Option to trade in the visible market or allocate 100% to crossing networks
• User controls include stealth factor, min/max cross quantity as well as display size and optional price instructions
• Anti-gaming logic

Scan + Route – Automated sweep of internal and external undisplayed liquidity pools before trading. Sends order to IOC all major crossing venues in tandem or sequentially prior to trading. Can be configured to trade residual or have IOC leaves cancelled back. Potential price improvement before exposing the order to the market. User controls include minimum cross quantity, display size, choice of destinations or limit prices.

I would if I could – Represents the order in multiple pools of undisplayed liquidity while trading via algos.

• Combine benefits of benchmark trading while taking advantage of Merrill Lynch's vast non-displayed liquidity.