Smart Order Routing (SOR) has been one of the most significant trading-related developments for both buy- and sell-side organisations over the past three to four years. Gone are the days when issues were listed on a single exchange or just a handful of exchanges. In the North American, Western Europe and U.K. markets there is keen competition between execution venues, both displayed and dark, which has unquestionably benefited market participants. However, it poses challenges for market participants to meet their best execution mandates.

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