ITG has launched an enhanced version of its smart order router which, in early tests, has returned 35 per cent size improvement over the displayed quantity and USD0.0015 per share price improvement if routed to dark and lit venues.
“This enhanced smart order router delivers market-leading size and price improvement, plus customisation and transparency features, giving clients more control,” says Raj Jain, head of US liquidity products at ITG. “It offers multi-broker conditional orders, on an opt-in basis, which can route outsized, trade-now orders to the largest block crossing networks, including POSIT Alert. In addition, real-time monitoring tools and detailed performance reports provide full visibility into the routing process.”
ITG’s head of US execution services Jamie Selway (pictured) adds: “This enhancement to our routing capabilities is particularly important given the heightened market volatility and the increased use of conditional orders to execute blocks electronically. It is another demonstration of our commitment to invest in our core client execution capabilities.”
Powered by an event-driven routing model, SOR also has Slimit, ITG’s advanced order handling logic, built in to maximise passive fill rates while also maximising take rates.
The routing logic accesses multiple destinations to exhaust all quantities at the best available price before moving on to the next price level, resulting in execution prices equal to or better than the NBBO.
A dedicated team at ITG is available to tailor SOR to interact with client-specified destinations and venues, ensuring fills are based on the chosen parameters.