Broadway Technology made its first appearance at the Sell-Side Technology Awards in this category last year and has returned to reclaim its title as the best smart order routing provider. The key to the product’s success lies in its flexibility—it is an asset class-agnostic tool, designed to automatically and optimally handle all order types across trading venues according to all desired execution strategies and routing policies.
Flexibility and functional richness underpin the Broadway Order Router, a turnkey solution with out-of-the-box capabilities that can be heavily customized as required, allowing users to stay on top of fluctuating business and regulatory demands.
The Broadway Order Router has evolved alongside demands in trade order routing, not least with the new requirements on best execution that will be introduced under Mifid II in January 2018. Increasing demands from clients also means stronger competition among providers in the order routing and execution space, resulting in Broadway undertaking an extensive enhancement program to boost the Order Router’s capabilities.
The most significant enhancement made to the product over the course of the last year has been the addition of rules-based meta-strategies, a set of reusable instructions that can be used to specify when to follow different trading strategies. While the Broadway Order Router includes a number of out-of-the box strategies—exclusive/full size, iceberg/reserve (including Sniper), market peg, pay up, stop limit, sweep, and time-weighted average price (TWAP)—customization has become a key focus for the platform’s users who are increasingly looking to create bespoke order routing strategies backed up by real-time data analytics.
Broadway Order Router’s data analytics capabilities have recently been given a boost with an expanded menu of turnkey options covering liquidity provider performance, customer performance, execution analysis, algorithm and market analysis, and expectation analysis. Centralized, permissioned strategy sharing has also been introduced, with more than 30 parameters available to users to determine router behavior on an order-by-order basis. Bundles of parameter settings as named strategies that were historically designated by users for personal use can now be shared to ensure optimal practices across different user types.
Order routing has become an important focus for sell-side firms (and their buy-side clients) as liquidity continues to fragment globally, while regulatory demands around order transparency and trading practices continues to exert pressure on all capital markets firms. Broadway Technology has once again set the standard in this space by way of its outstanding Broadway Order Router.
The founder and CEO of Imperative Execution looks at how trade execution is changing and what that means for the buy side.Subscribe to Weekly Wrap emails
- Waters Rankings 2019: All the Winners
- Mizuho Finds New Ways to “Activate” its Data Using AI
- Barclays Nearly Finished with First Major Quantum Computing Experiment
- Banks, Asset Managers Turn to Web Scraping to Generate Alpha
- The AI Ethics Dilemma: Banks Find a Fine Line Between New Tech and 'What's Right'