Mostly… fixed income and cross product eTrading

July 8, 2007

Order Routing Execution Services

Filed under: etrading, OMS / EMS — holky @ 8:13 pm

When the Pilot Stocks Phase of Reg NMS goes into effect the entire securities industry exchanges, brokers and market makers must be capable of routing orders for the 250 pilot stocks to most exchanges and ECNs under Reg NMS’ best price requirements.

Rather than build the necessary connectivity to all 10 required equity market destinations, many firms are turning to third-party vendors – and so far, the vast majority of exchanges have chosen Order Execution Services (OES) and Lava Trading (part of Citi Electronic Trading Solutions) to provide the connectivity and smart-order routing to sweep the various destinations.

With Lava believed to be using OES to reach some of the destinations, and the EMS vendors also using them for the ‘market connectivity’ they offer too, WSJ poses the question of whether too many eggs are now in these two baskets – OES and Lava…


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