ARQA Technologies developed a new solution to automate order routing for best execution – QUIK SOR (Smart Order Router)
Solutions for Smart Order Routing (SOR) have been widely spread within the world financial market community in the past few years. Today many brokers use it as a principal technology for building trading strategies. Following the tendency as well as meeting client needs, the specialists of ARQA Technologies have developed Module of Smart Order Routing QUIK SOR used to automate broker operations at several trading venues to achieve best execution.
The module functionality includes forming an aggregate Level2Qutes table for several trading venues (sources of liquidity), broadcasting the best quotes for given volumes and executing of sent orders at available trading venues. The module is connected to sources of liquidity both through standard interfaces available in the QUIK server as well as through the FIX protocol.
At the moment QUIK SOR is applied to currency market instruments only and supports two asset classes – simple and compound. The simple class consists of currency pairs traded at available venues (e.g. USD/RUB). The compound class is a set of instruments which consists of currency pairs from the simple class of SOR instruments (a currency pair USD/EUR may be defined through the pairs USD/RUB and EUR/RUB). On receiving quotes a client is able to send limit and market orders. If required the module functionality can be expanded for equities market instruments.
QUIK SOR may be used both for prop trading and client servicing.
To build more sophisticated technological infrastructures other products by ARQA Technologies could be used - the QUIK Matching Engine, the Module of Automated Order Processing and the FIX Program Interface. These modules are intended for adding such functionality as quick matching of client orders, connection of additional liquidity sources through the FIX-protocol etc.
Purchase and testing requests are to be addressed to ARQA Technologies Sales&Marketing Department: +7 383 219–1619, firstname.lastname@example.org.