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NeoNet Launches MiFID Smart-Routing Algorithms

NeoNet, the global DMA agency broker and trading technology provider, today announced the launch of its suite of Smart-Routing Algorithms for MiFID. The new algorithms add routing functionality to NeoNet's existing suite of algorithms and will be available to all users through either FIX or the NeoNet Trader application.

The new combination of advanced routing functionality and existing smart-order types creates a strong market offering from NeoNet, and comprehensively meets the new challenges posed by the Markets in Financial Instruments Directive (MiFID), which came into force this November. The directive imposes new requirements for achieving and proving best execution, while encouraging competition by allowing new liquidity venues competing with the national exchanges. With new venues such as Chi-X already active on the NeoNet platform, and numerous others on the horizon, the ability to route orders to the most suitable venue at each given time becomes an increasingly important issue. NeoNet's new Smart-Routing Algorithms meet this challenge.

"We will continue to connect to new alternative trading venues, as we did recently with Chi-X," says Simon Nathanson, CEO and president of NeoNet. "However, as more venues emerge under MiFID, the ability to route orders quickly and efficiently to the best venue is becoming increasingly complex. Consequently, we have enhanced our smart-routing capabilities and, together with our expanded market connectivity, created a strong MiFID offering for our clients," concludes Nathanson.