BATS’ Thousands of “Unique Order Type Combinations”
January 10, 2013
For instance, BATS has both a TRIM and a SLIM set of instructions for routing. TRIM routes an order to predefined “low-cost” trading venues. SLIM routes to all markets, but starts with the lowest-cost venues and moves on.
“You start with: Is it a limit or a market order? Then you have all these attributes, all of which have to be done right,” said Isaacson. “Eventually, if you adjust for all of those variables, in all of their natural permutations, you start getting to this large factorial, you get to 2,000 permutations.”
