|
Interconnected to the major trading venues (regulated markets, MTFs, OTC platforms) and fed with the market data incoming from the trading venues and / or info-provider the system is able to route orders, based on the set classification, compliance, anagraphical, and operational criteria, to the most appropriate trading venue. Once sent to a target, orders are constantly monitored and can be "retrieved" by the manager and sent to another target if execution expectations are unfulfilled.
Orders can be entered manually (solution integrated with WORP-Trading) or be submitted to the system via FIX protocol. Orders not bearing a specific target venue are subject to SORM. An Instrument Watch feature enable making a quote request for the specific order to the configured contributors. The set of brokers to whom make requests for quote con be configured based on the specific security (security type).
Order management can be automatic or manual. In manual mode the user has the ability to retrieve or cancel an order. In the first case the order can be redirected to a new target and in the deal it will be inserted the trading venue of execution. In case of automatic management, at time-out or when new market data are received, the system automatically reapplies the routing algorithm to identify the new best target (may be the one to which the order was originally sent). Order retrieve is conservative awaiting confirmation from the initial target of its cancellation.
Simoultaneously to the order send an-hoc module gather the relevant market data from the connected trading venues in real-time and the data gets stored in the database, together with executions' details. For Best Execution verifications, at the individual order level, an enquiry feature is available to display the then market prices and therefore hopefully the Best Execution. Specific reporting functionalities provides the list of trades where Best Execution is doubtful, the statistic data about the best execution brokers, thus the outline of the brokers and the frequency at which they offer better prices then those of the brokers targeted for Best Execution.
|