Smart Order Routing (SOR)
Your complete Multi-Asset SOR solution
With over 14 years of experience, Quod Financial offers the most powerful and customizable Smart Order Routing solution available in the market in the Americas, Europe, the Middle East, and Asia. Quod's Lit/Dark Smart Order Router uses real-time data including AI/ML analysis of markets to make microsecond-based execution decisions. Our SOR can be configured using a real-time web interface that allows for highly customized strategies using 450+ parameters.
Contact us to understand how our clients have gained control of their trading and immediate execution performance improvements.
Features and Benefits
What you get with Quod SOR
Easy Configurations
Our implementation of machine learning (ML) introduces real-time recommendations to our clients. With over 400+ configurable parameters in our SOR, our automated feedback helps clients know how to achieve the best results in real time.
Unrivalled Order Management Rules
Our order rules functionality allows any inbound orders to be categorized and acted on automatically based on predefined and configurable criteria. Example rules include routing by instrument, client, specific algo, DMA, or high-touch process.
Intelligent Behaviour
Powerful Best Execution Package
Our SOR leverages our powerful best execution and TCA package, which intuitively presents performance on an order-by-order or overview basis. Traders can show their clients the quality of execution as well as quickly learn, from up to 10 years of trading history, how to improve performance against benchmarks.
Best Execution, Compliance
and Strategic Execution
Quod provides powerful Best Execution reporting to give specific details on every step of the execution decision process. This includes market conditions at the time of the event, a decision-by-decision breakdown, and an attached benchmark to measure execution performance. This provides essential tools for regulatory compliance as well as crucial information to clients and traders.
To achieve optimal execution performance and profitability, it is crucial to have access to high-quality data and intelligence to continually evaluate your execution strategies. This involves conducting detailed analyses, such as reviewing venue performance and assessing trading costs (or spread capture). The same data is then reused by the algorithms in order to improve performance over time.
Product In Action
What are the Technological Capabilities of the SOR Solution
Multi-asset SOR: Equities, Derivatives, and FX, with asset-class specific implementation to manage liquidity, order/quoting types, and phase management (auction to continuous trading).
Orders are held away from the markets and can be placed or modified without revealing any strategies or patterns to individual venues. Different rounds of liquidity seeking (e.g. Aggressive phase followed by passive phase).
Internalizes client order flows through internal market making and seeks out non-transparent liquidity.
Example
SOR Variables and Configurations
Data Sources and Connectivity:
With an estimated 80-plus trading venues in Europe and the US alone, fragments of liquidity are everywhere. This is where conventional order management and simplistic routing systems falter – and our Adaptive SOR makes the difference.
Advanced Order Routing Logic:
Our SOR consolidates transparent liquidity in different venues giving you a clear view of the markets. But it goes further, to seek out non-transparent liquidity residing in algorithms, such as Iceberg orders, or dark venues. The result is the ability to dynamically make new execution decisions as market conditions evolve during the lifecycle of an order.
Transparency and Control:
Algorithmic Trading
