FIX Order Routing

About FIX Order Routing

The Financial Information eXchange (FIX) protocol was developed in 1992 to enable electronic communication of trading data between market participants. It is now the messaging standard for pre-trade, trade and post-trade communication in global equities, derivatives, fixed income and FX.

R.J. O’Brien supports direct inbound FIX connectivity for multiple asset classes, and covers most global markets in futures, options and equities. This coverage is available using a single FIX connection to RJO regardless of the asset class or market traded. RJO’s internal technology will take care of routing the order to the execution venue seamlessly. Choose from multiple options to connect to RJO, whether using a direct link (via VPN or direct line) or using a FIX order-routing network such as Bloomberg FIX, ULNet, IRESS or Fidessa.

Electronic Trading Methods at R. J. O’Brien

Direct Electronic Access (DEA)

Our low-latency FIX order-management system will route the order directly to your desired execution venue efficiently, and will ensure that the order is subject to the appropriate risk controls before being released in the market. For clients who desire even lower latency, several co-location options also are available.

Algorithmic Execution

Our execution staff can take your order that we receive electronically and apply an execution algorithm that best navigates through the volatility of that product as well as avoids heavy market impact or implementation shortfall. The following suite of generic execution algorithms are available for futures and options products*:

  • ARRIVAL
  • VWAP
  • ICEBERG
  • IF_TOUCHED
  • TIME_SLICE
  • TIMED
  • PEGGING

*Algorithms also are available for equity products.

Although it is customary for all market access providers to empower their clients with generic execution algorithms to use on their platform of choice, R. J. O’Brien takes it one step further. We’ll work with you to generate a dedicated, custom- tailored algorithm based on your needs to ensure you get an effective tailor-made solution to achieve best execution.

Electronic Execution Desk

We encourage clients to submit orders electronically instead of via phone, chat or email. When you do, your order is handled by our team of experienced execution traders who receive the order to their terminal and place the order in accordance with your demands. Then, they monitor the order through to completion, relaying all fill prices back to you electronically. These fills can be reported back in real time, or after order completion on an Average Price Settlement (APS) basis. The execution desk works around the clock, with 24-hour support and execution.