The Tradetech Daily



The Neonet SOR is fully integrated with both lit and dark liquidity with adaptive order routing, designed to prevent inefficient routing and maximise liquidity reach.

Access and algorithmic integration

Neonet SOR can be accessed

via any FIX compliant order

or execution management

system, FIX order routing

networks, or via the Neonet

EMS. All algorithmic

execution strategies are fully

compliant with the Neonet



The SOR is available in

Europe only. It connects to

Borsa Italiana, BATS Europe,

Burgundy, Chi-X, Deutsche

Borse, Eurex, NYSE Euronext,

Irish Stock Exchange, London

Stock Exchange, Madrid

Stock Exchange, Nasdaq

OMX Nordic, NYSE Arca

Europe, Oslo Stock Exchange,

Quote MTF, SIX Swiss

Exchange, Turquoise, Warsaw

Stock Exchange and Wiener

Borse. It also connects to

dark pools including BATS

Europe”s dark pool, Chi-

Delta, Irish Stock Exchange, SmartPool, Turquoise,

Nordic@Mid and Xetra


Order types and client reporting

The Neonet SOR is fully

compliant with all available

order types supported by the

connected venues. Reporting

of SOR performance and

execution venues together

with market data snapshots

for each execution is available

for clients.

Data feeds

The Neonet SOR uses all

real-time, historical and

instrument reference data.

Routing logic

Internal SOR latency is far

below sub-millisecond. The

design and load balance of

the SOR prevents any

capacity limitations and


Neonet SOR considers

instrument price, available

liquidity in the instrument

traded, venue market share

and total cost of trading

when making decisions.

The primary factor is

always best available price,

followed by venue market

share, possibility of execution and cost of execution into


Location of executions is

applied to routing strategies

for both lit and dark venues

and orders can be routed

dynamically based on new

information. Clients may

configure SOR behaviour in

discussion with Neonet”s

trading operations.

Market data and venue

access are processed and

monitored dynamically by

the Neonet SOR in order to

keep outages or incorrectly

routed orders to a minimum.

Routing strategies can be

amended intraday manually

or automatically, a feature

which provides redundancy,

e.g. by routing away from a

specific venue in case of


Future plans

The firm is constantly

reviewing and analysing new

liquidity pools and execution

venues for possible addition

to the Neonet SOR. In the

next 12-18 months, Neonet

will improve routing

efficiency, enhance anti-gaming

features, information

leakage prevention, statistics

and performance reporting