Quod Financial announced today that it will provide connectivity and Software as a Service (SaaS) Smart Order Routing for the Turkish Equities Market.
The Smart Order Routing (SOR) is based on Quod Financial’s leading Adaptive Smart Order Routing (ASOR) with connectivity to Borsa Istanbul and BATS/CHI-X Multi-Lateral Exchanges. ASOR is recognised for its powerful real-time decision making features to seek liquidity in lit, dark and broker liquidity pools. Quod Financial 3rd generation SOR uses the system data to a new level of intelligence to manage different liquidity profiles and market events in the Turkish markets.
ASOR provides protection and anti-HTF mechanisms to ensure that the order flow is not gamed. Among the protection arsenal, is the feature whereby the ASOR natively takes into account the physical distance (network latency) between Istanbul and London to mitigate arbitrage risks.
ASOR comes with comprehensive real-time Best Execution reporting, which provides every decision that the SOR made, and enriches it with data in order to have a comprehensive view on an order-by-order (and aggregate) execution performance. This report is utilised as Best Execution reports by the clients, and can be sent as it is to their customers.
As a SaaS solution, it provides full control to the clients to define their own Best Execution policies, self-administrate, and supervise their order flow.
Ben Sabet, the head of EMEA Sales said, “We are proud to have the first client for the Turkish ASOR. We are committed to work with Turkish brokerage houses to bring new solutions to the rapidly changing Turkish execution market”