Smart Order Routing

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Imported from previous forum

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Indian regulatory authorities have introduced SOR i.e Smart Order Routing concept in Indian Cap Mkts recently.
Is there any conceptual difference between SOR and Exchange Neutral order which is recognised worldwide; or both are same?

Thanks in advance.
Tony.

3

Indian regulatory authorities have introduced SOR i.e Smart Order Routing concept in Indian Cap Mkts recently.
Is there any conceptual difference between SOR and Exchange Neutral order which is recognised worldwide; or both are same?

Thanks in advance.
Tony.
hi tony, conceptually they both mean Exchange neutral orders (ENO). but smart order routing is more to do with algorithmic trading and needs more data / feeds and has more regulatory angles attached to it.

when we say ENO its a single order excuted on multiple exchanges manually / automated. Smart order routing can not be manual and has to be automated.

hope this clarifies the things.

Thanks,
Anand Mody

4

Indian regulatory authorities have introduced SOR i.e Smart Order Routing concept in Indian Cap Mkts recently.
Is there any conceptual difference between SOR and Exchange Neutral order which is recognised worldwide; or both are same?

Thanks in advance.
Tony.

hi tony, conceptually they both mean Exchange neutral orders (ENO). but smart order routing is more to do with algorithmic trading and needs more data / feeds and has more regulatory angles attached to it.

when we say ENO its a single order excuted on multiple exchanges manually / automated. Smart order routing can not be manual and has to be automated.

hope this clarifies the things.

Thanks,
Anand Mody

Thanks Anand.

5

[ original email was from Kumar Goradia - kumar.goradia@citi.com ]
> > Indian regulatory authorities have introduced SOR i.e Smart Order Routing concept in Indian Cap Mkts recently.

Is there any conceptual difference between SOR and Exchange Neutral order which is recognised worldwide; or both are same?

Thanks in advance.
Tony.
hi tony, conceptually they both mean Exchange neutral orders (ENO). but smart order routing is more to do with algorithmic trading and needs more data / feeds and has more regulatory angles attached to it.

when we say ENO its a single order excuted on multiple exchanges manually / automated. Smart order routing can not be manual and has to be automated.

hope this clarifies the things.

Thanks,
Anand Mody

Anand, for India SOR, what value would you suggest we put in the destination tag?

Kumar Goradia

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Indian regulatory authorities have introduced SOR i.e Smart Order Routing concept in Indian Cap Mkts recently.
Is there any conceptual difference between SOR and Exchange Neutral order which is recognised worldwide; or both are same?

Thanks in advance.
Tony.

In order to do SoR in India, you need to send 2 FIX orders to the 2 Exchanges, ENO will not work. Also, remember that market-data is not available in India in the FAST-format.
Sanjay Das
CTO, symphonyfintech-dot-com