Sterling Pro order routes help

Discussion in 'Order Execution' started by ronin266, Feb 4, 2012.

  1. Hello, I´m using Sterling Pro for trading, and lately there appeared a LOT of new routes, that I do not know nothing about, now they´re more than 100, and I can´t find anything online about that.

    I´ve asked my dat provider, but they only have info about the main ones (arca, bats, edgx, xfinder, nite, etc), and sterling support says that they do not have any organized database that would help :/ . Does anyone knows where can I find info about this stuff?. Google doesn´t help.... Here is a list of some of them:


    Some I can understand from the name that are some kind of midpoint seekers, dark pools, and liq scaners, but I would like to get specific info about them to know what tools do I've there to use.

    A site or anything will be helpful.

    Thns for your help :)
  2. There's a long list on this site:

    AMEX - American Stock Exchange
    ARCA – Archipelago ECN
    ARCA= - Archipelago ECN Post No Preference
    ATD – Auto Desk
    ATDALG – Auto Desk Algorithmic
    BATS – Order can route out
    BATSARCA – Routable to ARCA only
    BATSALIQ – Route “add liquidity only” orders exclusively
    BATSCINX – Routable to NSX Blade only
    BATSNSDQ – Routable to NSDQ only
    BATSONLY – BATS post only (routing out not allowed)
    BATSWEEP – BATS Inter-market sweep (IOC + ignore NBBO)
    BOSX – Boston Stock Exchange
    CHX – Chicago Stock Exchange
    CINX – Cincinnati Stock Exchange
    EDGA – Direct Edge A (old ATTN)
    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.
    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.
    EDGX – Direct Edge X (old NOCI)
    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
    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
    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.
    NY/AM - Will route to either AMEX or NYSE based on where the symbol is listed
    NYSE – New York Stock Exchange
    NYSE+ - NYSE Direct Plus
    PHLX – Philadelphia Stock Exchange
    PIPE - Pipeline Alternative Trading System (ATS)
    TSES – Toronto Stock Exchange
    TRAC – Track ECN
  3. hitnrun



    save yourself some trouble & hit the buy or sell hotkey with using market orders lol.

    the way is used to be for traders. now it's what route to use & get a rebate or reduce the comm bs
  4. Occam


    Ask the broker -- Sterling's routes are highly broker dependent; even the obvious ones may only be partially implemented. As I understood it, some Sterling "routes" are even one-offs for a single client. Caveat emptor.
  5. thnx for the data, now I know a little more about this stuff.

    Occam, you mean that some routes can be working against customers? (depending of the broker that asked for them?)
  6. From Torontotrader2's post it sounds to me like they create new routes to avoid having more configuration flags...
    Many of those sound like they're the same route with one of the supported FIX options changed from one to another... Sounds like a pretty messy approach...
  7. Ok I´ve found a lot of these routes. Thnx to the chinese guys :D

    Anyone know what ones are floor routes? (nyse or floormid??)
  8. There is only one route to the floor broker. NYFB
    Hes a nyse floor broker. I would only use it if you are sending out market on open/close orders on NYSE stocks. He charges more if your just routing thru him. Use RDOX to just route to nyse.
  9. You can go the Edgex, Bats, Arca sites and they will explain what each order type means and does. How it routes thru the venues. All kinds of good info.
  10. Thanks, I already lurked all exchanges sites for info about their routes and executions. Found a lot of interesting things :).
    The main problem are the dark pool and floor routes, there is almost nothing about them out there, even in the dp sites :/.
    #10     Feb 27, 2012