Smart order routing
Appearance
Smart Order Routing (SOR) is a process used in trading application to execute incoming liquidity into liquidity providers following routing rules. The routing rules usually follow business needs like Best execution or internalization)
Technology
Smart Order Routing implementation has becomed a key technology for banks and brokers in the last 10 years for all asset classes. Some banks developped their own Smart Order Router or bought existing product from technology vendors such as the LiquidityOrchestrator from smartTrade.