Routing

The ATS Route is a system that maintains an internal quote book of other available OTC venues and can route an incoming order to the corresponding venue to satisfy best execution obligations. Orders tagged as routable will be compared to the BBO data of other OTC venues and routed to the venue displaying the best price for execution. Subscribers have the option of identifying their orders as routable. Orders not tagged as routable will be displayed and crossed using the matching algorithm Price/Time. Routable orders can either be a Directed order where a venue is selected or Non-directed order where the system will route to the venue with the best available price at the time.

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