Smart Order Routing News items from Automated Trader

July 8th, 2008 - STTP Delivers Electronic Trading Service that Sources Liquidity from CNCE’s Internal Pricing Engines and Distributes Liquidity to 17 Caisses d’Epargne

July 4th, 2008 - Chi-X® Europe Limited, has published its trading statistics for the second quarter of 2008.

July 2nd, 2008: Landsbanki Kepler, a European investment bank operating in seven countries, has been working closely with GL TRADE, global provider of multi-asset trading software solutions for international financial institutions, to implement the bank’s strategy for trading in the post-MiFID European equity market environment.

July 2nd, 2008 - Onix Solutions has announced that Pipeline Trading Systems has commenced the roll out of both FIX trading and FAST marketdata suppost in conjunction with Onix Solutions

July 2nd, 2008 - TraderTools to Introduce Smart Trade Solution for Liquidity Aggregation and Smart Order Routing to its Global FX Client Base.

July 1st, 2008: Liquidity management in the FX market can only be met with adaptive complex-event processing (CEP) technologies designed specifically for trading. This is according to Ali Pichvai, CEO of Quod Financial, the leading provider of advanced execution technology for the global capital markets.

23 June 2008 - Fidessa group plc has announced that Société Générale Corporate & Investment Banking has successfully gone live with Fidessa's Smart Order Routing service to provide best execution for its clients across the European markets.

May 13th, 2008 - Canadian Trading and Quotation System Inc. (“CNQ”) and ITS Online Ltd (“ITS”) has announced the immediate launch of the “Pure Compass” order router, which now offers clients the opportunity to connect to Canadian marketplaces with a single point of access that efficiently meets their regulatory and client best execution obligations with a high capacity/low latency application. This initiative represents a significant enhancement to the services offered by the Pure Trading marketplace.

June 12th, 2008 - National Stock Exchange, Inc. (NSX) will use SunGard’s Brass Liquidity Services’ dual routing infrastructure to route all traffic NSX directs to other venues for best execution obligations.

June 11th, 2008 - Chi-X Canada ATS Limited has announced it has completed the rollout of its SmartRouter technology to subscribers

June 10, 2008 — Tervela today announced version 3.0 of its messaging solution. The release introduces the Tervela Message Network™ platform, which includes new product lines for high-performance messaging, persistence and common extensible application services.

June 9th, 2008 - Firm finds it has delivered clients an average of 3.08 basis points in savings since introduction of MiFID

June 9th, 2008 - Thanks to the new RTS-to-UL BRIDGE plug-in, RTS users can now access more than 300 buy- and sell-side counterparties worldwide.

June 3rd,2008 - New Algorithm Will Simultaneously Navigate Select Dark Pools and Quoted Markets to Provide Clients with Access to the Most Natural Liquidity Possible.

May 28th, 2008 - Thomson Reuters and Credit Suisse today announced the addition of Credit Suisse’s Advanced Execution Services (AES) foreign exchange algorithms to the Reuters Trading for Foreign Exchange (RTFX) platform. This move supports the increasing use of programmatic trading in the foreign exchange (FX) industry.

May 21st, 2008 - Fidessa group today announced the addition of Knight Link as a new trading venue for Fidessa users seeking off-exchange liquidity.

May 6th, 2008 - Atrium Networks, providers of smarter connectivity for the financial community, announced today that it is offering connectivity to Turquoise, the multi-lateral trading facility established by nine leading European investment banks.

April 16th, 2008 - London’s ‘FORUM’ Delegates Urge Business and Technology Functions to ‘Speak the Same Language’ for Cost-Effective Back-Office Processing

April 16th, 2008 - Börse Berlin Equiduct Trading is targeting the highly competitive equity trading market with low and transparent charges. The price model has been announced for Equiduct Trading, which will be launched in the middle of the year. In contrast to other trading platforms, Equiduct Trading will dispense with percentage based calculations and will instead be offering a very clear and simple fee model with fixed sums for trade value bands.

April 14, 2008 – Smart Trade Technologies today announced the launch of LiquidityOrchestrator™, a smart order router that, when combined with an aggregator, internal matching engine and connection to multiple liquidity sources within the expanding landscape of exchanges, dark pools and multi lateral trading facilities (MTFs), empowers traders at sell-side and buy-side firms to achieve an infinite number of trading execution strategies.

April 7th 2008 - Chi-X® Europe Limited today marked the passage of its inaugural year as the first and only live, pan-European equity Multilateral Trading Facility (MTF). Since officially launching on 30 March 2007 by trading, clearing and settling the component stocks of the AEX 25 (Dutch) and DAX 30 (German) indices with the help of Fortis’ European Multilateral Clearing Facility (EMCF), Chi-X Europe has added the FTSE 100 (British), CAC 40 (French), SMI 20 (Swiss) and OMX Stockholm 30 (Swedish) indices, which represent Europe’s most significant markets by volume and turnover.

March 31st 2008 – Instinet, a global securities firm and wholly-owned subsidiary of Nomura Holdings, Inc., and Samsung Securities Co., Ltd., Korea’s leading investment bank, today announced the launch of KoreaCross™, a neutral platform available to institutional investors for the anonymous, zero-market impact trading of Korean equities. KoreaCross, which is scheduled to go live on April 7, will be the Korean market’s first securities crossing network.

March 25th 2008 – SunGard has announced that the SunGard Transaction Network’s (STN’s) trading and connectivity solutions are now available to corporate treasurers and asset managers in the United Kingdom, following STN’s recent approval by the Financial Services Authority. As an authorized U.K. broker, STN will exercise passporting rights, allowing the company to trade and conduct brokerage business in 30 European countries, bringing integration, automation and connectivity to the international trade lifecycle.

March 24th 2008 – Chi-X Canada ATS Limited has announced that all TSX-listed securities, approximately 2,200 stocks, are now available for trading on the system. The symbol migration was completed ahead of schedule after starting with the initial release of 10 names on February 20.

March 20th 2008 – Chi-X Europe Limited has announced the appointment of Tony Whalley, Investment Director at Scottish Widows Investment Partnership, as Non-Executive Director.

March 5th 2008 - The U.S. financial markets are not just in flux, they are in full-out, no-holds-barred, free-for-all radical change. Not only have the national exchanges become fully electronic, but, according to TABB Group in a new industry study published today, "U.S. Equity Market Structure: Driving Change in Global Financial Markets," there are more than 55 different venues vying to match buyers and sellers and trade U.S. equities electronically.

February 26th 2008 - Aleri Inc. and Lab49 have announced a partnership to provide advanced tools for consolidating, analyzing and visualizing market information. Based on Aleri’s Market Liquidity Analysis (MLA) engine, these tools are designed to address key challenges when competing in today’s fragmented market. Benefits include order book consolidation, quote records and market analytics, as well as compliance and best execution.

January 22nd 2008 - Progress Software Corporation has announced the launch of the Progress® Apama® Smart Order Router (SOR) Accelerator. With the Apama SOR Accelerator, traders can now create proprietary order routing strategies that intelligently select execution venues from among the many Exchanges, Multi-Lateral Trading Facilities (MTFs) and Dark Liquidity Pools. The Accelerator helps both sell-side and buy-side firms address the stringent and complex regulatory demands within Europe’s MiFID and the USA’s Reg NMS for ‘best execution’.

December 11th 2007 - AEMS has announced the selection of Atrium Network as provider of extranet solutions connecting the financial community. Using Atrium Network’s secure connectivity, AEMS will be able to offer clients secure and easy access via a single extranet provider to AEMS’ front and back office applications.

December 11th 2007 – Selero, Inc., has announced that version 2.1 of Selero Smart Order Routing will be released in January 2008. The product will provide intelligent access to dark pools and protected markets for all types of requirements, ranging from high frequency trading to block trading.

December 4th 2007 - virt-x Exchange Limited and NYFIX, Inc. have announced the signing of an agreement to jointly deliver a non-displayed block trading service for Swiss Blue Chip Equities. The service will be owned and operated by virt-x and powered by NYFIX Euro Millennium, the neutral multi lateral trading facility to be launched early next year by NYFIX International Limited.

December 4th 2007 - Aleri Inc. has announced the launch of its new Market Liquidity Analysis (MLA) engine. The new MLA engine provides traders and brokers with the ability to consolidate order books across multiple exchanges in real-time to create a single virtual order book that represents the liquidity of the visible market.

November 26th 2007 - GL TRADE and its MiFID offering have been chosen by Landsbanki Kepler. GL TRADE supplies Landsbanki Kepler with the functions for compliance with the directive but also enables it to benefit from opportunities brought about by market fragmentation: real-time market data aggregation, smart order routing (execution optimization and automation) and execution audit and benchmarks.

November 5th 2007 - innerExchange has announced that it now offers connectivity to Chi-X Europe, a pan-European equity alternative trading system (ATS).

November 7th, 2007 – OES MarketGroup has announced that it has continued the global expansion of its customer base with the addition of RTS Realtime Systems Group (RTS), a German-based leading independent software vendor (ISV).

September 10, 2007 - EdgeTrade today unveiled a white paper outlining causes and ramifications of market fragmentation. The white paper, “From Fragmentation to FAN: Intersection of Reg NMS/MiFID, Dark Pools and Charting a Clear Path to Actionable Liquidity,” is authored by the firm’s CEO, Joseph Wald, and President, Kyle Zasky. Smart order execution, a term EdgeTrade coined in 2005, is a next-generation algorithm designed to optimally and anonymously fill orders electronically through high-speed market connections, coupled with dynamically streaming and interactive quantitative, analytical and adaptive (to real time executions) methodologies. Clients of EdgeTrade, of which there are more than 220, include hedge funds, mutual funds, asset management firms and broker-dealers in North America, Europe and the Far East.

September 6, 2007 – Investment Technology Group today announced the successful launch of ITG Net, which combines the sophisticated technology of ITG’s existing routing network with the Macgregor Financial Network (MFN) global connectivity and proven client service and support model. In addition to being available to existing ITG clients, ITG Net is also available to clients with non-ITG trading systems.

September 4, 2007 - On Point Executions today announced that optionsXpress Holdings has selected On Point as one of its execution destinations.

July 16, 2007 - On Point Executions, an execution consulting firm providing equity-option smart-order routing solutions, today announced the launch of STING, its next generation options smart-order router and liquidity matching engine for options markets.

May 10, 2007 – FlexTrade Systems, a in multi-asset algorithmic execution management systems, today announced that its FlexTRADER Reg NMS compliant smart router is certified with outbound routing services from Order Execution Services (OES).