Displayed liquidity. Dark liquidity. One Edge.
Through its Enhanced Liquidity Provider “ELP” Program, Direct Edge provides integrated access to displayed and dark liquidity. This innovative business model creates unique opportunities for the trading community.
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Subscribers
Subscribers voluntarily direct order flow to ELPs on an order-by-order basis. The order checks the Direct Edge book, and, if there is no match, an indication of interest (“IOI”) is sent to the ELPs. If a match is not found among the ELPs, the order is routed or cancelled, based upon the subscriber’s instructions.
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ELPs
ELPs receive IOIs that indicate orders that are seeking a match before routing away to the displayed markets. All Direct Edge subscribers can choose to interact with ELPs or act as an ELP themselves.
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Become an ELP
No Cost
All order flow you take as an ELP is free.
No Obligation & No Minimums
You choose which IOIs to respond to. There is no minimum volume requirement.
Greater Liquidity
Direct Edge’s volume is hundreds of millions of shares per day, much of which goes through the ELP program.
Improved Execution Certainty
Some of the IOIs you receive from other sources may indicate a very weak level of interest. But all of Direct Edge’s IOIs are actual orders priced at the inside. They represent marketable liquidity.
Complete Anonymity
An ELP’s identity is never revealed.
Interact with ELPs
You don’t have to be an ELP to benefit from the ELP program.
Potential Price and Size Improvement
Expose your order to a vast network of dark liquidity to increase your chances of larger fills at better prices. Take advantage of the savings opportunities on EDGA.
Complete Control
You can elect to interact with ELPs on an order by order basis. You’re in control.
Potential Savings
An ELP order costs the same as or less than a regular order. Save on transaction costs while potentially receiving price improvement.