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Routing strategies
External Routing is supported on EDGA and EDGX, so:
- EDGA = Order will execute internally within EDGA only.
- EDGX = Order will execute internally within EDGX only.
- ROUT = Marketable orders are eligible to be routed externally to all destinations.
- ROUX = Marketable orders are eligible to be routed to displayed external liquidity but will not be routed to any IOI destinations.
- ROUZ = Marketable orders will be routed to IOI destinations but will not be routed to displayed liquidity.
- RDOT = Order is DOT routing eligible. Will be eligible to be routed to all destinations.
- RDOX = Order is DOT routing eligible. Will not be eligible to be routed to any IOI destinations. Will not route externally via DOT.
Listed stock orders routed via DOT (Direct Order Turnaround System of the New York Stock Exchange) mean routed to the appropriate specialist's post on the floor of the NYSE or the AMEX. The specialist in that stock executes (or stops) the order if priced at market or at the bid or offer or puts the order in the limit order book if priced between the spread, below the bid or above the offer. The DOT routing is entirely automated and the only human intervention is by the specialist to work the order, execute the order or put it into the limit book for subsequent execution.
- ARDOX = EDGA RDOX strategy.
- ASRDOT = EDGA Super aggressive cross of RDOT routing.
- ASROUT = EDGA Super aggressive cross of ROUT routing.
- ASROUX = EDGA Super aggressive cross of ROUX routing.
- ASURDOX = EDGA Super aggressive uncross of RDOX routing.
- ASUROUT = EDGA Super aggressive uncross of ROUT routing.
- ASUROUX = EDGA Super aggressive uncross of ROUX routing.
- RDOX = EDGX RDOX routing.
- SRDOT = EDGX Super aggressive cross of RDOT routing. Order will be removed from the book and routed out to any market participant’s quote crossing or locking the order.
- SRDOX = EDGX Super aggressive cross of RDOX routing.
- SROUT = EDGX Super aggressive cross of ROUT routing. Marketable orders are eligible to be routed externally to all destinations (EDGX OTC or Listed).
- SROUX = EDGX Super aggressive cross of ROUX routing. Marketable orders are eligible to be routed to displayed external liquidity but will not be routed to any IOI destinations (EDGX OTC or Listed).
- SURDOX = EDGX Super Aggressive Uncross of RDOX routing.
- SUROUT = EDGX Super Aggressive Uncross of ROUT routing.
- SUROUX = EDGX Super Aggressive Uncross of ROUX routing.
New execution venue for US equity orders from BATS Trading:
- BATS = BATS ECN (routing out allowed)
- BATSWEEP = BATS Inter-market Sweep (IOC + ignore NBBO)
- BATSONLY = BATS Post Only (routing out not allowed)
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