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Fox Smart Order Router

A strategy designed to provide intelligent liquidity-taking logic that adapts to a variety of real-time factors such as order attributes, market conditions, and venue analysis. Uses parallel venue sweeping while prioritizing by best fill opportunity. Routing reaches all major lit and dark venues.

Field Name

Description

Valid Values/ Default Value

Effective Time

Optional. Set the time to begin the order.

Between market open and market close, and prior to Expire Time (if set).

Defaults to immediately.

Expire Time

Optional. Time/date for the order to expire.

Between market open and market close, and after Effective Time (if set).

Defaults to market close if not set.

Sweep Type

Optional.

Sweep - Default setting that sweeps lit markets price-point by price-point up to the limit price. If there is not enough size at a price point it seeks out hidden and dark liquidity.

Sweep-post - Same as sweep, but posts remaining portion of the order at the limit price in the lit markets where it should have the best chance to fill. Not valid for IOC orders.

Flashlight - Sweeps the dark markets at each price point first, and then goes to lit markets when dark liquidity is exhausted.

Flashlight-post - Same as flashlight, but once all liquidity is exhausted posts remainder to lit market.

Flashpoint -

Dollar Certain Limit

Optional. The maximum acceptable dollar amount of the trade, including Dollar Certain Commission. Used to trade by dollar amount.

>0

Dollar Certain Commission

Optional. The commission cost on a cents-per-share basis, e.g. 0.1 = 1 cent

>0

Dollar Certain Execution checkbox

Optional. Check to determine the order quantity by dollar value. Must be checked for other "Dollar Certain" fields to be valid.

If checked, Dollar Certain Limit at least must be defined.

Important Disclosures