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Research method

Order routing

Order routing is a canonical archive-taxonomy method; this registry entry defines its inputs, output and use boundary.

Output
Research filter
Input
Order book, spread, volume, auction and trading costs
Horizon
Seconds to the order life cycle
Best use
Choose an executable order and account for implementation cost.

Registry evidence level: replicated. This is a navigation record, not a performance claim.

  • Input: Order book, spread, volume, auction and trading costs.
  • Output: filter.
  • Use boundary: Choose an executable order and account for implementation cost.
The graph5

How the method is built, and where it has been read

Depends on

Read in the archive24 of 65 readings

1986Open outcry hand signals as order routingOrder types and routing1988Why instant basket routing overwhelms specialist liquidityLiquidity and costs1989Finishing a market order in a first index-pit sessionOrder types and routing1995Canceled prints versus executable fillsOrder types and routing1999Direct access routing and the visible bookOrder types and routing1999How order routing changes market and limit fillsOrder types and routing2000Treat an open limit book as an execution filterAuction and volume2000Direct access, intelligent order routing, and visible book depthOrder types and routing2001Retail routing and market versus limit fillsOrder types and routing2001Ticket charges, internalization, and hidden size on the tapeLiquidity and costs2001Displayed size, venue rules, and execution costsLiquidity and costs2002Market-order routing across linked venuesOrder types and routing2002Market-order routing, internalization, and displayed sizeOrder types and routing2003Cheaper access still left a routing and cost problemLiquidity and costs2003Listed open order routing and the short-sale tapeOrder types and routing2004Direct access order routing after the display rulesOrder types and routing2004Retail forex tickets as implementation-cost contractsOrder types and routing2004Listed-stock limit envelopes versus market-order routingOrder types and routing2004Session volume-weighted average for limit placement and listed routingLiquidity and costs2005Limit orders, routing paths, and commission tradeoffsOrder types and routing2005A two-gate liquidity filter for futures order routingLiquidity and costs2005Read the tape, name the liquidity job, then route for priceLiquidity and costs2006Manual after-hours routing and open-outcry fill riskOrder types and routing2006Fill entitlement, hybrid routing, and pairs sequencingOrder types and routing
This registry entry describes a research method. It is not investment advice and does not make a performance claim.