The On Point STING routing logic uses empirical data to determine which destination will yield the optimal execution. On Pointâs proprietary options routing algorithm interacts with liquidity pools with preferences defined according to best price, and past performance of how the provider interacted with order flow. STING then monitors all existing market centers for execution quality and applies this data to determine the most efficient execution venues to route orders. It has the ability to garner more liquidity by analyzing the intricate pricing and decision-making logic of market participants so as to provide superior execution quality and added value to On Point customers.
STINGâs unique electronic âsweepâ function can buy all posted offers or sell all posted bids in a virtual instant and ensures that customerâs orders can interact with non-electronic and electronically posted liquidity pools on multiple exchanges simultaneously. STING captures all available liquidity while at the same time minimizing market impact. This results in clients achieving better than expected execution quality with STING than with any other industry execution offering. STING is FIX 4.2 compliant and can be accessed through EMSX.