The Smart Order Router (SOR) enables traders and algo trading platforms to automatically route their orders across all asset classes to the best available markets to achieve optimal executions.
B2BITS SOR is used in a variety of use cases for Institutional Trading, High-Frequency Trading firms, and online brokerages offering SOR capabilities to retail traders.
SOR connects to multiple markets and liquidity pools for all asset classes via FIX protocol. B2BITS SOR supports all the versions of FIX protocol.
The FIXEdge-based Smart Order Router allows routing orders according to predefined rules and market conditions, securities-based preferences, account-based preferences, and the ranking of preferred venues.
SOR acts as a generic message switch allowing connectivity between many applications and venues. SOR supports bidirectional message routing as well as context-related routing (i.e., cancel messages sent to the venues where the order was sent to).
SOR also supports multiple flow control patterns including:
- Queuing
- Throttling
- Store and forward
- Overnight storage of orders in a managed queue and release based on schedule
- Re-routing and rejection strategies when the existing venues are not available
- Delayed message reject
- Dead letter queue
- Cancel on disconnect
Business rules supported in SOR allow for the implementation of sophisticated logic that can take into account the following:
- Exchanges ranking-based trading strategies and strategies based on the amount of fees paid to execution venues
- Strategy rules and routing tables can be based on virtually any set of criteria and reloaded intra-day without affecting existing workflow
- Execution venue-specific logic and FIX versions
As a solution built on top of FIXEDGE, it inherits all the features available for monitoring and configuration, and installation and deployment available in FIXEdge.
For more information regarding traditional architecture concerns, visit the FIXEdge Security Assurance page. For more information on performance benchmarks, visit the FIXEdge Benchmarks page.