Bloomberg Tradebook
SOAR has embedded within
it a series of smart quoting
and smart routing algorithms
and intelligently decides how
to represent passive orders.
In single exchange
markets, SOAR may layer
orders and use different
representation techniques in
order to preserve queue
position. In fragmented
markets, SOAR is supported
by sophisticated statistical
engines that determine the
most suitable venue.
SOAR contains extensive
dark pool logic and anti-gaming
techniques to
minimise information leakage
in both lit and dark markets.
Access and algorithmic integration
SOAR can be accessed via
Tradebook”s DMA and
algorithmic trading strategies.
The algo engine uses
sophisticated mathematics to
determine trading strategies.
Destinations
SOAR is customised for all of
the 70+ developed and
emerging equity markets it
accesses across Europe, the
Americas, the Middle East
and Asia.
Order types and client reporting
SOAR leverages all exchange
order types as well as
Bloomberg Tradebook”s
proprietary order types.
Tradebook has a full suite
of trading analytics that
disclose the lit and dark
execution venues in realtime.
Full audit trails can be
accessed from the blotter,
which gives full
transparency, step-by-step
order handling details
including limits, order types
and venue. Third-party
independent transaction cost
analysis (TCA) reports and
Bloomberg TCA reports are
available.
Data feeds
Tradebook maintains its own
proprietary ticker plants with
direct exchange data feeds.
The statistical engines that
determine routing priorities
use both real-time and
historical information.
Routing logic
The router has different
latencies varying by
geography and venue type.
SOAR is a configurable and
scalable structure that runs
at an average of 30% capacity so that it is stable
during periods of high
volume and volatility.
Routing is based on prices,
market depth, historical
volumes, and real-time
volume. SOAR uses heat
maps and orders can be
dynamically routed based on
new information.
For dark venues, SOAR
combines information from
historical liquidity and realtime
fills, which can be
aggregated for similar trading
securities (i.e. clusters).
Tradebook has the ability
to configure specific routing
behaviour market
microstructure settings to
achieve a particular trading
style. SOAR dynamically
monitors the failure rate of
routes to each venue; if the
failure rate to a particular
venue exceeds a threshold
then the venue is placed on
standby until the problems
have been resolved.
Future plans
In the next 12-18 months,
Tradebook plans to improve
sourcing of liquidity in dual
listed securities across
multiple countries.