ProcessIntermediate
Order Routing
The mechanism by which a broker directs client orders to specific liquidity providers or execution venues based on predefined rules.
Last updated: February 1, 2026
1
Client submits an order through the trading platform.
2
The broker's order management system receives and validates the order.
3
Routing rules determine the destination: single LP, multiple LPs, or internal book.
4
The order is transmitted to the selected venue(s) via FIX protocol or proprietary API.
5
Execution report is received from the venue and relayed back to the client.