Smart Order Routing (SOR)

Smart Order Routing (SOR) – An automated system that routes orders across multiple liquidity venues or providers to achieve the best price/execution. SOR analyzes market depth and prices at different venues, then splits or directs the order accordingly. In a fragmented Forex environment (multiple ECNs/brokers), SOR helps capture the best available quotes. For example, a professional FX platform might use SOR to fill a large order by sweeping prices across several ECNs. In a robot context, SOR could refer to how the broker’s infrastructure handles the order; some APIs allow sending orders to different providers.

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