The classic definition of Smart Order Routing is choosing the best prices and order distribution to capture liquidity. Category 3 was understood only by the most sophisticated of investors until recently.
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Please fill out and submit the following information. We respect your privacy. We sent an Verification Code to your email address. Of those, the majority cited order routing data as the biggest area for improvement. Dave Weisberger, head of equities at ViableMkts, says unfilled order information is imperative for asset managers trying to analyse and understand performance while controlling the costs, conflicts of interest and keeping in line with best execution policy.
As full order routing transparency continues to top the ever-growing list of concerns for asset managers, trading technology companies are slowly but surely emerging to provide such solutions to the buy-side. Chief executive at Dash Financial Technologies, Peter Maragos, has seen this trend developing first-hand. Dash provides a technology platform offering full order routing transparency, and Maragos says the firm has seen considerable growth in recent years, in large part due to its transparency services.
With regulations like MiFID II looming and its global impact becoming clear, transparency and unbundling are more relevant than ever to clients globally. Every basis point counts in terms of execution quality. Similarly, Clark at Luminex, which provides a fully transparent alternative trading venue for the buy-side that does not route out orders, says there are technology firms in this space that provide market-based solutions to help the buy-side interpret the complex, granular data.
However, as is often the case, the cost of implementing such a system can be one of the most influential factors for asset managers. But in most cases it is a matter of implementing the platform, system or product. In many ways, the buy-side could do more to ensure brokers provide full order routing transparency. The buy-side should be asking their counterparts for full order routing transparency, although the sell-side is in many cases dictated by costs and under the same technological constraints.
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