Missouri-based wealth manager and investment banking firm Stifel Financial has partnered with Nasdaq to power its new alternative trading system dubbed the Stifel Crossing Platform (STFX).
Stifel will use Nasdaq’s Market Technology to develop the new system.
Expected to go live in June, the platform will be designed to offer unique liquidity to the firm’s institutional client base of 3,500.
Nasdaq senior vice president of Market Technology Valerie Bannert-Thurner said: “Through this partnership, we are delivering to Stifel high-performing technology and a scalable infrastructure solution, ensuring flexibility and regulatory expertise.
“Our experience in building and operating markets and trading systems, as well as our technical expertise, will provide Stifel with sophisticated functionality to support their efforts to innovate, compete and grow their offerings and services as a world-class brokerage firm.”
The new platform is said to boost the trading capabilities of Stifel by using its substantial retail order flow.
At the same time, the platform will comply with regulatory norms and support seamless integration of new technologies, the wealth manager noted.
Stifel is said to the first regional broker to offer such a platform.
Stifel head of U.S. Equity Trading John Spensieri said: “We are excited to provide a tailored execution approach, as well as access to a unique source of liquidity to our clients.
“We will also be rolling out a suite of proprietary algorithms, enabling us to consolidate Stifel’s institutional, retail, and advisory flow through a single hub prior to routing.”