Solutions : Reg NMS

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Selero’s Reg NMS Solution is a component of Selero’s Smart Order Routing and Best Execution Technology (SORBET). It routes orders in compliance with the Order Protection Rule. In addition to Reg NMS compliance, SORBET also provides access to dark pools, advanced liquidity taking and making, intermarket sweep orders, hybrid routing processes composed of multiple routing strategies, etc.

Selero Reg NMS Solution provides both:

Outbound routing for stock exchanges

Reg NMS is a regulation aimed at U.S. stock exchanges that charges them with the responsibility for insuring all orders matched in exchanges are matched at the National Best Bid or Offer price (NBBO) across all exchanges. To meet this need, Selero provides outbound NBBO order routing to exchanges.

NBBO routing for broker dealers

Many broker dealers are also choosing to route orders according to the guidelines of the Order Protection Rule. They view this as a service for their customers that will minimize execution cost and latency, and that will maximize the percent of orders that find matches. In addition, many brokers are using NBBO-driven intermarket sweep orders (ISO), crossing networks, and dark pools to provide Reg NMS-compliant best execution to their customers. To meet these needs, Selero provides NBBO order routing and other advance routing options to broker dealers.

Agency brokerage

Selero can make agency brokerage services available to its customers through Nunami Services, LLC, Member FINRA, www.nunami.net.

Full, flexible, reliable functionality

• Easily implemented on Selero Dominet, or otherwise, as required
• Connected to all markets protected under Reg NMS
• Connected to dark pools
• Market data tick plants
• NBBO order routing
• Intermarket Sweep Orders
• ADF data driven routing
• Flexible destination preferencing
• Rapid network connectivity
• Supports on-the-fly NBBO routing optimization
• Audit trail
• Built-in reliability
• Depth of book market data

Free Tabb Report Reg NMS: Launching the Next Arms Race Click here to download

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