Checking liquidity data isn’t just something we need to do once a month using a summary report. It is part of the daily routine. Every stock has its own characteristics that can change significantly and surprisingly frequently, and when you are trading in a fragmented world with so many different types of liquidity pool you need to be alert to those changes to obtain the best execution results. Let’s say you’ve been pushing UK mid caps recently and Travis Perkins (TPK) (purveyors of fine building materials to the trades and DIY) has caught your eye. A new branch has opened in your local area and you’ve noticed a long queue outside at the weekends, not to mention Boris’ now regular speeches about building for the future. Several of your clients like the idea and today a nice order for a day’s ADV has landed on your desk like a 100 litre bag of sharp sand. TPK can be illiquid but you’re keen to deliver an execution that’s as smooth as a final skim. You are tempted to follow your instincts and leave a chunk for the Close while putting a few good size orders into the Conditional venues, but before getting the toolbox out you have a quick look in your big-xyt Liquidity Cockpit.