In its first move, RegNMS required the update of all smart order routing applications managed by the exchanges or brokers with internal matching capabilities. Since then, an increasing number of other brokers, OMS and EMS vendors, and other market players have recognized the value of smart order routing capability as a core competitive advantage. The ability to slice and dice orders into smaller pieces, work the market according to custom routing logic, and quickly route to the execution venues with the best price significantly increases their overall fill rates and decreases their market impact. It has a profound impact on improving trading efficiency.

Skyler’s C3 Smart Order Routing Solution addresses this need for smarter, custom, and faster routing capabilities. This Solution comes as a plug’n’play infrastructure component that can run parallel to your existing OME, Algorithmic trading, or EMS type applications.

The Skyler C3 Order Routing Solution allows you to:

• Slice and route order with ulta low latency
• Embed custom routing logic that can prioritize venues based on past experience or execution costs
• Take in multiple order types
• Maintain, monitor, and persist all order states
• Use multiple in and output FIX connections
• Leverage low latency market data including custom indicators
• Ensure RegNMS and OATS compliance
• Run in parallel to existing OMS system

The benefit for the customer includes fewer steps to the execution venue, higher fill rates, lower market impact and ultimately better prices. In addition, running a smart order routing application in-house versus outsourcing it amounts to significant cost savings.

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