Cadmium salt is most typically used in chloride and chlorobromide emulsion. Depending on the amount, it can affect the grain size, speed, image hue, and tonality. In old formulae, Cd was used in warm tone contact and enlarging paper to increase the highlight contrast of emulsion. For this purpose, some other ripening restraining agents work just as well. Cd was also important part of lith film formula, because classic hydroquinone-only lith dev's worked best with chlorobromide emulsion of about 20-30% bromide doped with cadmium salt and sulfur sensitized (but not gold). Alternative methods were developed for this type of emulsion.
I wonder if Liquid Light is really chlorobromide using cadmium. That would be a bit surprising. Chlorobromide emulsions are much more sensitive to chemical contamination and a lot more easily ruined, compared to bromide emulsions.