Smart Router

Fully customize your orders with smart routing.

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Canadian Equities | Trading

FULLY CUSTOMIZE YOUR ORDERS WITH SMART ROUTING

With custom strategies, you can:

  • Choose one or more ping destinations to capture hidden mid-point liquidity
  • Choose one or more posting destinations
  • Use directed strategies to route directly to all other major market centers
  • Customize the routing table
  • Choose Dynamic Re-spray to pullback resting orders to take tradable liquidity at away markets

Custom Routing Fee to post at these destinations:

  • Omega
  • Lynx
  • CSE (Pure)
  • Aequitas
  • Alpha
  • Match Now

FREE STRATEGIES

CXC

See below for free strategies related to CXC.

SMART CXC - Ping CXD AON, spray all protected markets, post any remaining on CXC.

SMART CXC DYNAMIC - Ping CXD AON, spray all protected markets, post any remaining on CXC, dynamic re-spray.

SMART CXC DARK - Ping CXD, CX2 Dark, CXC Dark, ping Match Now, spray all protected markets, post any remaining on CXC.

SMART CXC DARK DYNAMIC - Ping CXD, CX2 Dark, CXC Dark, ping Match Now, spray all protected markets, post any remaining on CXC, dynamic re-spray.

SWEEP AND CROSS - Allows participants to sweep all protected quotes and print a cross order in one step by sending IOC bypass orders to all protected venues before printing the cross on CXC.

FEE SENSITIVE - Ping CXD AON, route based on best execution fee, posting any residual quantity to CXC.

DEPTH-FINDER - Takes advantage of price improvement opportunities by taking liquidity with an iterative depth-of-book spray, capturing hidden portion of iceberg orders. Any residual is posted to CXC.

SWEEP AND POST - Aggressively takes liquidity with a depth-of-book spray in a single pass and books any residual to CXC.

CX2

See below for free strategies related to CX2.

SMART CX2 - Ping CXD AON, spray all protected markets, post any remaining on CX2.

SMART CX2 DYNAMIC - Ping CXD AON, spray all protected markets, post any remaining on CX2, dynamic re-spray.

SMART CX2 DARK - Ping CXD, CX2 Dark, CXC Dark, ping Match Now, spray all protected markets, post any remaining on CX2.

SMART CX2 DARK DYNAMIC - Ping CXD, CX2, CXC Dark, ping Match Now, spray all protected markets, post any remaining on CX2, dynamic re-spray.

TSX

See below for free strategies related to TSX.

SMART X - Ping CXD AON, spray all protected markets, post any remaining on TSX.

SMART X DYNAMIC - Ping CXD AON, spray all protected markets, post any remaining on TSX, dynamic re-spray.

SMART X DARK - Ping CXD, CX2 Dark, CXC Dark, ping Match Now, spray all protected markets, post any remaining on TSX.

SMART X DARK DYNAMIC - Ping CXD, CX2, CXC Dark, ping Match Now, spray all protected markets, post any remaining on TSX, dynamic re-spray.

Multi-Post

See below for free strategies related to Multi-Post.

CXC & TSX - Nasdaq Canada Smart Router will attempt to split the shares evenly between CXC & TSX.

CXC & ALPHA - Nasdaq Canada Smart Router will attempt to split the shares evenly between CXC & ALPHA.

CXC, TSX & ALPHA - Nasdaq Canada Smart Router will attempt to split the shares evenly between CXC, TSX & ALPHA.

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