Mapping Out the Future of SORs

DWT: How would you describe the current generation of smart order routing (SOR)?
Choël, SunGard: In Europe, the current generation of smart order routers mainly deals with displayed liquidity and these have not yet completely integrated with other algorithms that are driving trading. We think this will change dramatically in the near future given the developments in the U.S. and the progress of the underlying technology. As firms develop multi-listed trading algorithms and integrate dark

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