Smart Order Routing & MiFID


A European MTF operating under the MiFID regulatory environment was seeking to expand revenue opportunities in an increasingly competitive European market by creating a dark pool aggregation service that would leverage their native non-displayed mid-point order book for equities. The MTF chose the Enodia Financial Technology Smart Order Routing solution which was originally developed for US markets in the context of the Regulation NMS environment. The solution included a number of proprietary algorithms designed to allow customers to trade anonymously in the dark while satisfying MiFID rules while ultimately increasing overall MTF liquidity. The solution included the following key features:

         Anti-gaming and leakage prevention

         Customizable order allocation algorithm

         Execution fee optimization through real-time preferences and internalization

         Real-time monitoring and feedback of execution quality

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