Everything Old Is New Again
The Daly Close
Currently, there are only two operating multilateral trading facilities in production-Chi-X and Nyfix's Euro Millennium. And it's no surprise that only a handful of the bulge-bracket firms-depending on whom you ask, the number is about six-have deployed their own smart order routers.
Bringing a smart order router online is a complex task. Integrating all of the market data feeds from the various venues, incorporating the venue-specific order capabilities and developing the routing algorithms is
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