A means to an end? Smart order routing has emerged as a must-have capability for brokers and execution vendors whose clients find themselves in an ever more electronic and fragmented liquidity environment. But does smart order routing really provide a co

The extent to which smart order routing technologies have gone from cutting-edge electronic trading tools to commoditised means to the end of accessing multiple liquidity venues depends largely on how smart order routing is fundamentally defined. If, at its most basic function, smart order routing entails electronic connectivity to multiple execution venues, then the argument that these offerings have become less differentiated from one another, especially in instances where smart order