The Tradetech Daily

Bloomberg Tradebook

Bloomberg Tradebook

SOAR has embedded within it a series of smart quoting and smart routing algorithms and intelligently decides how to represent passive orders.
In single exchange markets, SOAR may layer orders and use different representation techniques in order to preserve queue position. In fragmented markets, SOAR is supported by sophisticated statistical engines that determine the most suitable venue.
SOAR contains extensive dark pool logic and anti-gaming techniques to minimise information leakage in both lit and dark markets.

Access and algorithmic integration

SOAR can be accessed via

Tradebook”s DMA and

algorithmic trading strategies.

The algo engine uses

sophisticated mathematics to

determine trading strategies.


SOAR is customised for all of

the 70+ developed and

emerging equity markets it

accesses across Europe, the

Americas, the Middle East

and Asia.

Order types and client reporting

SOAR leverages all exchange

order types as well as

Bloomberg Tradebook”s

proprietary order types.

Tradebook has a full suite

of trading analytics that

disclose the lit and dark

execution venues in realtime.

Full audit trails can be

accessed from the blotter,

which gives full

transparency, step-by-step

order handling details

including limits, order types

and venue. Third-party

independent transaction cost

analysis (TCA) reports and

Bloomberg TCA reports are


Data feeds

Tradebook maintains its own

proprietary ticker plants with

direct exchange data feeds.

The statistical engines that

determine routing priorities

use both real-time and

historical information.

Routing logic

The router has different

latencies varying by

geography and venue type.

SOAR is a configurable and

scalable structure that runs

at an average of 30% capacity so that it is stable

during periods of high

volume and volatility.

Routing is based on prices,

market depth, historical

volumes, and real-time

volume. SOAR uses heat

maps and orders can be

dynamically routed based on

new information.

For dark venues, SOAR

combines information from

historical liquidity and realtime

fills, which can be

aggregated for similar trading

securities (i.e. clusters).

Tradebook has the ability

to configure specific routing

behaviour market

microstructure settings to

achieve a particular trading

style. SOAR dynamically

monitors the failure rate of

routes to each venue; if the

failure rate to a particular

venue exceeds a threshold

then the venue is placed on

standby until the problems

have been resolved.

Future plans

In the next 12-18 months,

Tradebook plans to improve

sourcing of liquidity in dual

listed securities across

multiple countries.