Sterling Trader Pro Routes

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SDARK

DAY and IOC orders. Intelligently seeks liquidity at all dark destinations up to the trader’s limit. If the trader sends a DAY order, any unfilled balance will be allocated dynamically in dark pools using proprietary technology that attempts to maximize fill probability.

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SDARKS

DAY and IOC orders. An enhanced version to SDARK, accessing more liquidity.

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SEXTRA

This route is the next enhancement to our proprietary Smart Order Router, SSMART. It sources Lit and Dark liquidity from all venues, Lit and Dark and the Select direct market making relationships we have, taking all liquidity up to the trader’s limit. This new version includes additional logic and signals that interact with extra sources of liquidity based on the market’s initial reaction to the order.

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SFREE

DAY and IOC orders. This route provides access to new Select sources of liquidity with providers that are exclusive business relationships between our firms. This gives us the ability to pass executions to anyone using this route at no cost.

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SCHEAP

DAY and IOC orders. This route incorporates all the liquidity of SFREE, plus our proprietary dark liquidity routing strategy.

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SLIT

DAY and IOC orders. Takes the lit venues first, eliminating any latency and reducing probability of missing displayed liquidity by avoiding dark pools during the first iteration. If there is any unexecuted quantity it looks for additional liquidity in dark pools and posts the remaining quantity across multiple lit rebate-paying exchanges in order to maximize fill probability.

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SMAX

DAY and IOC orders. The purpose of this route is to maximize liq capture through minimizing market signaling and minimizing latency

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SMID

DAY and IOC orders. Intelligently seeks mid-point or better liquidity at all dark destinations, pegging the market at mid within the NBBO up to the trader’s limit. If the trader sends a DAY order, any unfilled balance will be allocated dynamically in dark pools using proprietary technology that attempts to maximize fill probability.

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SMIDXTRA

DAY and IOC orders. Intelligently seeks mid-point or better liquidity at all dark destinations and hidden liquidity on exchanges, pegging the market at mid within the NBBO up to the traders limit. If the trader sends a DAY order, any unfilled balance will be allocated dynamically in dark pools using proprietary technology that attempts to maximize fill probability

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SPEG

Algo that will peg an order to the passive side of the market, so for example a buy order will always join the best bid and will never cross the spread. It will always generate a rebate.

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SPHIT

DAY and IOC orders. Intelligently seeks liquidity in Lit exchanges & Dark pools up to the trader’s limit. It has explicit price points based on where the order gets executed. If it’s a DAY order, any non-marketable quantity will be posted at the limit across all the major rebate paying exchanges for rebate.

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SPOST

DAY orders (IOCs are supported, will take liquidity like SSMART). It will spread the order across multiple lit exchanges, including inverted exchanges and dark pools where the order will be posted at a cost, in order to maximize fill probability. This route does not provide passive rebates, but is focused on the highest possible fill-rates for passive, liquidity providing orders.

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SREBATE

DAY orders (IOCs are supported, will take liquidity like SSMART). Post any non-marketable quantity at the limit across all the major rebate paying exchanges. It will spread the order across multiple lit rebate-paying exchanges in order to maximize fill probability.

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SSMART

DAY and IOC orders. Intelligently seeks liquidity in Lit exchanges & Dark pools up to the trader’s limit. If it’s a DAY order, any non-marketable quantity will be posted at the limit across all the major rebate paying exchanges. Will post any non-marketable balance for rebate.

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SEXTHRS

Incorporates all the liquidity of SSMART, additionally accepting orders pre and post market