Tradelogiq’s smart order router (SOR) is designed to remove liquidity at the Protected National Best Bid or Offer (Protected NBBO) using an iterative sequential routing strategy. The SOR supports trading in all Canadian listed securities, and currently routes orders to both Omega ATS and Lynx ATS plus all visible protected marketplaces in the following order – Omega ATS, Lynx ATS, Nasdaq CX2, Nasdaq CXC, CSE, TSX/TSXV, NEO-L.

The SOR maintains outgoing FIX sessions to the above venues. Eligible orders sent to Tradelogiq’s SOR will be routed sequentially to the applicable marketplaces in a preset sequence and will interact with all eligible visible and hidden liquidity.

Once an order is submitted into the SOR, it will be checked against the opposite side of the Protected NBBO (e.g., ask side for a buy order). If the order price is inferior to the Protected NBBO, the order cannot be executed immediately to remove liquidity. In this case, the order will be cancelled or posted to Omega ATS or Lynx ATS. Eligible orders for routing will be sent to the other venues as IOC orders. Orders with remaining shares after being routed can either be posted to Omega ATS or Lynx ATS, or cancelled.

Orders are kept ‘intact’ to prevent over fills or under fills

It interacts with hidden, dark or semi-lit liquidity including mid-point and iceberg orders on supported venues

It cycles through the routing table fast!

And, maybe best of all,
It’s FREE for Tradelogiq Subscribers!

For more information on the SOR, please Click below or contact info@tradelogiq.com

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