Fast and intelligent access to liquidity for fungible instruments managing a radically more complex landscape.
Itiviti Smart Order Router – the next generation
MiFID II has created a new trading landscape. The way you trade has changed overnight and new market models has been invented. In order to be competitive, you need to be flexible, fast and cope with a major shift in complexity and legislation. Itiviti Smart Order Router is designed to adapt to the new market structure and market models. It handles multiple asset classes, ranging from equities to ETFs and derivatives and access new venues and venue types, allowing for participation in alternative market models such as contingent orders and micro-auctions. Itiviti Smart Order Router has to disclose data related to execution quality under RTS 27 and 28, easily managed through Itiviti Analyst, the pioneering regulatory solution from Itiviti.
Itiviti Smart Order Router gives firms:
- A modern, resilient platform built bottom-up, offering a configurable solution where adaptations can be made in real time without affecting the daily operation.
- The faster you are, the more advanced you can be. The foundation of Itiviti Smart Order Router is speed, enabling you to execute complex strategies without performance degradation.
- Predictability and reliability with consistent execution through modern, low latency performance.
- Complete traceability in real time through non-intrusive monitoring of executions. Full audit trail with routing decisions and order book snapshots, in order to prove correct real time execution.
- Resilience extending beyond fault tolerance. Manage and control market exceptions such as loss of
connectivity, unsolicited cancellations or other abnormal behavior.
- Easy implementation of order tactics in the Strategy Engine, allowing you to access Itiviti Smart Order Router strategies with minimal latency impact.
- Delivered with full source code, allowing you to further develop selected areas while protecting your IP.
Intelligent trading using routing strategies
Finding liquidity in a fragmented market is a challenge for market participants. Itiviti Smart Order Router uses configurable routing strategies, composed of one or many execution cycles.
- Systematic internalisation. Itiviti Smart Order Router interacts with systematic internalisers before (or in parallel with) executing on other venues and uses Request for Quotes to find additional liquidity internally or externally.
- Dark. Itiviti Smart Order Router can check dark liquidity before crossing the spread or work larger blocks entirely resting in the dark and interact with the market using contingent orders.
- Aggressive routing is focused on capturing as much visible liquidity as possible. Adaptive order timing
will ensure that orders hit the affected markets at approximately the same time.
– Use “Boots on the ground” to take liquidity to remain in the order book and interact with any reaction to what was just done.
– Use native dark-lit sweep to minimize the information leakage.
- Passive. Parallel post of orders based on current market conditions for optimal speed of execution and match likelihood.
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Itiviti Smart Order Router A4