Tactical Order Routing (TOR)
Tactical Order Routing (TOR) is UNX's flexible order routing solution that provides institutional clients and broker-dealers greater control of execution strategies through the Catalyst Portal, various Order Management Systems (OMS) or directly via FIX. With TOR, institutional clients and broker-dealers have the freedom to trade under their firm's MPID, or UNX's at any given venue, dark or visible.
TOR essentially begins with a Tactic which is a discrete set of routing and order instructions. UNX provides clients with the ability to create custom Tactics (or use any of the hundreds of predefined Tactics already provided by UNX), and stack them into a framework of parameters, triggers and conditions to create Plans. Clients can also commission UNX's Service Team to build advanced TOR Plans.
Unlike most algorithmic offerings, UNX's Tactics and Plans offer clients full transparency and rapid customization, exposing all the underlying parameters and conditions which drive them, as well as the location of every single execution. This granularity allows execution performance data for both complete Plans as well the individual Tactics to be evaluated by the client. This valuable information can be used with UNX's or third-party TCA products to assist in modifying and further automating the client's execution strategy without requiring endless development cycles. This combination of the data and flexible parameters delivers to clients the ability to easily automate unique trading strategies that can be adjusted in real time, delivering a new degree of agility and efficiency in the design of trading strategies. When properly integrated into the trader's workflow, UNX's TOR can help firms more effectively use their valuable trading resources where it matters most.