Smart Order Routing
a.k.a. SOR
Software that automatically sends each order to whichever venue or liquidity provider offers the best…
In plain English
Software that automatically sends each order to whichever venue or liquidity provider offers the best price and fill.
Smart order routing (SOR) is a traffic controller for orders. When liquidity is spread across many venues and providers, SOR software scans them all in milliseconds and sends your order, or slices of it, wherever the price and available size are best.
It is standard in stock trading and increasingly common in forex and crypto. Good routing can mean tighter fills and less slippage; poor routing can quietly cost you on every trade.
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