Unlike other routers, Smart Routing never routes and forgets about your order. It continuously evaluates fast changing market conditions and dynamically re-routes all or parts of your order seeking to achieve optimal execution and maximize your rebate.
Smart Routing represents each leg of a spread order independently and submits each leg at the best possible venue.
Smart Routing re-routes your US options order in the case of an exchange malfunction, with CCG undertaking the risk of double executions.
To help provide price improvement on large volume and block orders and take advantage of hidden institutional order flows that may not be available at exchanges, CCG includes eight dark pools in its Intelligent Routing logic.
Our Intelligent Router takes into account transaction costs along with the fee or rebate for taking/adding liquidity when determining where to route your marketable order when the inside market is shared by multiple exchanges. For clients who want even more control of their orders, CCG Trader clients can specify stock and options smart routing strategies for non-marketable orders. For stocks, clients with the Cost Plus pricing structure can elect to have their non-marketable orders routed to:
The exchange with the highest rebate.
The listing exchange on the symbol.
The highest volume exchange that has a rebate for adding liquidity.
The highest volume exchange that charges the lowest fee for taking liquidity.
For options, clients can choose to send their non-marketable Intelligently routed orders to the exchange offering the highest rebate. These routing directives can be set on a per-order basis from the “Misc” tab of the Order Ticket, or as a global default setting from the Intelligent Routing configuration page.