Introduction of Smart Order Routing

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ch allows the brokers trading engines to systematically choose the execution destination based on factors viz. price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. 2) Upon examination of the proposal, feedback of the stock exchanges and based on the recommendations of the Technical Advisory Committee, it has....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... b. Provide the features of the Smart Order Routing to stock exchange. iv. Stock exchange shall communicate its decision to the broker within 30 calendar days of the date of receipt of application by the exchange. v. Stock exchange shall ensure that brokers adhere to the best execution policy while using Smart Order Routing. vi. Smart Order Routing facility shall be ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed out by the brokers as may be specified by the exchange and certificate in this regard shall be submitted to the exchange. xi. Stock exchange shall ensure that Smart Order Routing is not used to place orders at venues other than the recognised stock exchanges. xii. The stock broker shall carry out appropriate validation of all risk parameters before the orders are placed in the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....exchange shall strengthen investor grievance cell in order to address complaints, if any, received with regard to Smart Order Routing. Further, in case of any disputes or complaints, stock exchanges shall share necessary data as and when required in order to facilitate necessary examination. xviii. Stock exchange shall synchronise their system clocks with atomic clock before the start of ....