RegNMS Internalization Solution


A global institutional asset manager was looking for a Reg NMS compliant internalization solution to provide block crossing capability to their customers. Reg NMS allowed for orders to be matched outside the NBBO provided that the top of book was swept across all NMS market centers. The firm initially looked to an NMS market center to provide this capability but ultimately settled on the Enodia Financial Technology DMA & internalization solution which satisfied the following key requirements:

         Satisfying SEC and FINRA Rules for Reg NMS and Trade Reporting

         Deploying a complex FIX-compliant order type in a single message

         Managing a complex order type in real-time

         Superior execution quality due to low-latency ticker plant and order handling and routing

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