Where multiple electronic venues are available, our Instantaneous Best Execution model can identify the venue offering the best price, for a particular size of order, net of all direct costs (including commission, taxes, exchange transaction fees, ticket costs, clearing and settlement costs).
Where an order is larger in size than the volume on the best offer (or
bid) our Volume Weighted Average Best Net Bid and Offer benchmark (VWABNBO)
makes use of market depth information. Having identified the cheapest venue
on this basis, the system routes directly to that venue and logs all the
market information responsible for the trading decision.