Order Routing

Order routing is a process by which an order goes from the end user to an exchange. An order may go directly to the exchange from the customer, or it may go first to a broker, who then routes the order to the exchange. One of the specific case for order routing is, Smart Order Routing, which is an automated process used in online trading that follows a set of rules for executing an order. Smart order routing attempts to achieve best execution of trades while minimizing market impact.