The ITG Smart Router (SR) offers aggressive orders that target multiple venues to find the best price and utilise latency controls to delay order placement thereby increasing fill rates. For passive strategies it uses a range of historical and dynamic factors such as queue depth and drain rate.
While dynamically scanning for available liquidity
from displayed and hidden sources in North America, Europe and Asia, ITG SR
delivers rapid fills, enhances performance with price and size improvement,
reduces opportunity costs, and minimises market impact.
It supports market, limit, day, immediate or cancel, fill
or kill and iceberg order types. The routing infrastructure is monitored from
the direct market data feeds through to execution connectivity to ensure
scalability, reliability and the lowest latency.
Risk controls are tailored to clients needs to protect
against routing errors and ITG’s infrastructure is load balanced across
multiple environments for seamless roll over and recovery.
Clients can access ITG SR directly or via the ITG
algorithms using an order or execution management system or through FIX. ITG’s
SR has global reach to exchanges, electronic communication networks,
alternative trading systems, multilateral trading facilities, broker crossing
networks and liquidity in ITG’s POSIT dark pool. ITG reviews the venues to
assess their contribution to obtain best execution and considers market share,
mechanics of the venue and client demand when adding new destinations.
Common customisations would be execution venues
inclusion/exclusion and order handling logic. ITG also provides reports
tailored to client needs in terms of frequency and granularity.
ITG plans to include a programme of regulatory and venue-based upgrades as required along with a continual improvement programme based on performance analytics.