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Can you explain the different trading routes available in tymoraPRO?

Solution

Trading routes depend upon each broker, and each type of asset you are trading.  Also be aware that each route may incur additional fees (or rebates) to add or remove liquidity.  These fees change frequently, and may also be different for each stock type (ie. NYSE versus NASDAQ), or even by stock price (ie. < $5/share).  In addition, tymoraPRO generally implements routes on a "best-efforts" basis, if it is deemed to provide true added value for traders.  Also, names may be mapped to near equivalent routes.  You can always compare orders and executions to your broker's platform and clearing reports to be absolutely certain of which routes are being used, and the current costs associated with using them.

Note that this page is a work-in-progress, as available routes are constantly changing.

 

STOCK ROUTES

AMEX - American Stock Exchange

ARCA – Archipelago ECN

ARCA= - Archipelago ECN Post No Preference

ARCAMPL - NYSE Arca Mid-point Liquidity (MPL)

ARCAMPLA - NYSE Arca MPL order, but will only ADD liquidity.

BATS – Order can route out

BATSARCA – Routable to ARCA only

BATSALIQ – Route “add liquidity only” orders exclusively

BATSCINX – Routable to NSX Blade only  (maps to "NSX")

BATSNSDQ – Routable to NSDQ only

BATSONLY – BATS post only (routing out not allowed)

BATSWEEP – BATS Inter-market sweep (IOC + ignore NBBO)

BATY - BATS Y-Exchange (or "BYX")

BLZ - Belzberg NYSE access

BOSX – Boston Stock Exchange (or "BSX")

CBSX - CBOE Stock Exchange (warning! charges for *adding* liquidity, rebate for *removing*)

CHX – Chicago Stock Exchange

CINX – Cincinnati Stock Exchange / National Stock Exchange (or "NSX")

EDGA – Direct Edge A (old ATTN)

EDGX – Direct Edge X (old NOCI)

EDGXMPM - Direct Edge EDGX mid-point

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.

SOES - Nasdaq legacy SOES / SuperSOES, now routes to NSDQ 

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.

SDOT - NYSE SuperDOT (sometimes also routes to "BLZ")

VFILL - Essex-Radez V-Fill Liquidity Solution

IRESS – IressKTG

NITE - Knight

TRIM – Knight Capital TRIMARK

MLNM - Millennium

MLNMDOT – Millennium DOT

NSDQ – NASDAQ Singlebook

NSDQADOT – Try all available ECNs first then route to DOT

NSDQBX - Routes to BSE (Boston Stock Exchange) via Nasdaq

NSDQBXALIQ - Same as NSDQBX but add liquidity only

NSDQDDOT – Routes directly to NYSE or AMEX without checking NASDAQ book.

NSDQMDOT – Try available market centers then post to NASDAQ book, route to DOT when marketable

NSDQNDOT – Try NASDAQ book first then route to DOT

NSDQPDOT – Try available market centers then post to NASDAQ book for a predetermined amount of time, then route to DOT

NSDQPX - Routes to PHS (Philly Stock Exchange) via Nasdaq

NSDQPXALIQ - Same as NSDQPX but add liquidity only

NSDQIO – NASDAQ Imbalance only orders.

NSDQMOPP – Order will sweep the market upon entry and post the balance on the NASDAQ book. Order will only route to destinations for their displayed size.

NSDQSCAN – Try available market centers then post to NASDAQ. Once on NASDAQ book, the order will proactively route again

NSDQSMART – If order is sent for a listed stock use DOTN strategy, else use STGY strategy

NSDQSTGY – Try available market centers then post to NASDAQ book.

NSX - National Stock Exchange / Cincinnati Stock Exchange (or "CINX")

NYFIX - NYFIX

NYSE – New York Stock Exchange (generally directed to SDOT or BLZ)

NYSE+ - NYSE Direct Plus

PHLX – Philadelphia Stock Exchange (also "PHS")

PIPE - Pipeline Alternative Trading System (ATS)

TSES – Toronto Stock Exchange

TRAC – Track ECN

 

WTS SPECIALIZED DARK POOL ALGORITHMIC ROUTES

(for more information visit http://www.wtsprop.com/fusion-dma-trading-platform/)

 

WTS AGRESSIVE ALGORITHMIC ROUTES

CSA (0.00125) - A Credit-Suisse order type that is aggressive exclusively within CSFB's Crossfinder matching engine. CSA lets you find the other side of your order without displaying liquidity or routing out to other venues.

AGG (0.0015) - A WTS order type that will aggressively seek out dark liquidity from a wide array of dark pools. This order type will intelligently sweep and probe dark pools for hidden liquidity.

NIXD (0.0020) - NIX DARK is a BNY order type that will access a diverse selection of dark liquidity. NIX DARK will touch approximately 15 dark pools; your order will dynamically rebalance based on where executions are occurring.

BOXP (0.0020) - BOX PLUS will access JPM's internal liquidity pool. These orders will seek out contra-party orders and can take place anywhere between the NBBO.

AXFND (0.0025) - AXFINDER will seek out liquidity up to your limit while scanning and scraping 40+ dark venues and IOI destinations. AXFINDER executions can result in midpoint executions when there is liquidity available.

 

WTS PASSIVE ALGORITHMIC ROUTES

LEVL (0.0010) - Your order will post on the LEVEL ATS and be exposed to a diverse pool of liquidity. LEVEL's innovative pricing model leads to high fill rates when posting within their ATS.

CSP (0.00125) - This order type will passively post your order within Crossfinder's deep and expansive matching engine. This order type will never cross the spread to access liquidity.

POSTP (0.00125) - POST PLUS is JPM's dark pool aggregator; your order will passively post across multiple undisplayed venues.

PASS (0.0015) - A WTS order type that will passively seek out dark liquidity from a wide array of dark pools. This order type will intelligently post your order across multiple dark pools.

DB9 (0.0020) - A WTS order type that provides seamless access to approximately 10 dark liquidity sources. Your order will intelligently post on specific destinations based on historical trade data giving you efficient and above average fill rates.

MLNM (0.0020) - An order sent using this order type will result in you passively posting within Millennium's crossing network.

 

WTS MIDPOINT ALGORITHMIC ROUTES

CSN (0.00125) - A Crossfinder neutral order. This order will send your midpoint order to Crossfinder's matching engine.

MIDP (0.0013) - MIDPLUS will utilize JPM's midpoint aggregator. Fills will come back at the midpoint or better.

SMID (0.0015) - SMARTMID is a WTS midpoint route that accesses a large pool of both market makers and dark liquidity at the midpoint of the NBBO.

HALF (0.0015) - Your midpoint order will touch numerous dark pools in a sequential manner


FUTURES

GBX - CME Globex

 

FOREX

SWFX - Dukascopy Swiss FX Marketplace

FXCM - Forex Capital Markets

 

 
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Article ID: 28
Category: tymoraPRO tradeSCAN
Date added: 2020-09-18 07:31:40
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