Navigating Fragmented Markets: The Strategic Imperative of Smart Order Routing
The Trading Problem: Complexity in Fragmented Markets For many institutional and sophisticated retail traders, the relentless pursuit of optimal execution often feels like navigating a labyrinth. The modern financial landscape is characterised by extreme fragmentation, with orders potentially executable across numerous exchanges, multilateral trading facilities (MTFs), systematic internalisers (SIs), and dark pools. This dispersion of […]