Routing out HO's via Venue?

Discussion in 'Order Execution' started by Bloomburger, Aug 3, 2012.

  1. I have a few questions.

    I have a trader that wants to hit all the liquidity in the market whenever he puts an order out, but wants his order to remain hidden. In other words, a hidden market sweep (using IOC’s to keep the orders hidden in non-dead pools, I think)


    This includes hitting dead pools and regular exchanges.


    Great, so why not use our various brokers’ Smart Order Ready (SOR) algos? Well, we don’t think their algos have been hitting all the liquidity available.


    So we decided to use a venue to route our orders out. Thing is, apparently some brokers don’t allow this due to policy (NAMURA for example). They were routing to a venue (ARCA for example), and not allowing said venue to route our orders out after they swept their books.


    Is my only hope to just deal with it and use my many brokers’ SOR’s. How can my trader hit ALL the liquidity in the market, while staying completely hidden?