The Tradetech Daily

Bloomberg Tradebook

Bloomberg Tradebook

David MasulloEmail: dmasullo2@bloomberg.netTel: +44 207 073 3086

Bloomberg Tradebook’s smart order router (SOR) routes orders based on historical, intraday and proprietary data. It oversizes, probes and interacts with lit, grey and dark venues. The SOR can access more than 120 venues in 44 countries. 

Key features

Bloomberg’s SOR supports all direct market access
(DMA) and algorithm order types. Bloomberg has made investments in its routing
technology across the globe in order to optimise its fill/capture rates. In
regards to capacity, Bloomberg continues to invest in the amount of flows its
dollar and non-dollar books can receive and support pre-, in- and post-trading
hours. Bloomberg has introduced logic that monitors spreads, kicks-in algo
circuit breakers and fires synthetic limit orders for market limits.



Every algorithm and DMA order Bloomberg offers
utilises its SOR. Bloomberg’s clients access its algorithms and DMA orders
through most order and execution management systems as well as directly from
the Tradebook front-end on the Bloomberg Professional service. Clients can see
what Bloomberg is doing with their order in real-time and dynamically.


Clients can customise certain components of
Bloomberg’s routing logic, for example, aggressiveness, display size and dark
versus lit venues. When dealing with dark pools, Bloomberg does not send the
parent limit order to the venue. It has a minimum share size per venue and does
not layer at various price levels.

Future plans

Bloomberg will continue to improve its price prediction model by adding
more real-time variables to it. This model helps the SOR identify toxic price
movements from natural price movement.