Global financial services firm Morgan Stanley is expanding its electronic trading platform in Canada, adding a new routing mechanism to its existing algorithmic trading and direct market access offering.

On Wednesday, the firm launched Inter-listed SORT, a routing mechanism that aims to achieve best execution by routing orders for inter-listed securities to either a U.S. or Canadian market centre, based on prevailing prices and liquidity in the respective markets. It identifies the market with the best price and most liquidity for inter-listed securities, and automates the foreign exchange conversion process.

Morgan Stanley says that clients will have access to a wide range of trading algorithms, full access to its electronic trading platform, and that it has invested in its local sales and coverage team.

“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,” said Andrew Silverman, managing director and global co-head of Morgan Stanley Electronic Trading, adding, “We plan to continually enhance our industry-leading electronic trading platform to meet the needs of Canadian financial institutions.”

IE