ProcessIntermediate
Smart Order Routing (SOR)
syn. SOR
An automated algorithm that analyzes multiple liquidity venues in real time to route each order to the source offering the best available execution.
Last updated: February 1, 2026
1
The SOR engine continuously monitors quotes from all connected liquidity providers.
2
When a client order arrives, the SOR evaluates available prices, depth, and latency across venues.
3
The algorithm selects the optimal LP or combination of LPs for execution.
4
For large orders, the SOR may split the order across multiple LPs to minimize market impact.
5
Execution is completed and confirmed to the client, with the SOR logging all routing decisions.