On Point Executions LLC, an agency broker-dealer, announced that its smart option order routing system, STING, is now accessible via Bloomberg's EMSX, which is expanding its capabilities as a multi-broker options execution management system (EMS).
The On Point STING routing logic uses empirical data to determine which destination will yield the optimal execution, according to the firm's release. On Point's proprietary options routing algorithm interacts with liquidity pools with preferences defined according to best price, and past performance of how the provider interacted with order flow. STING's "sweep" function can buy all posted offers or sell all posted bids in an instant and ensure that customer orders interact with non-electronic and electronic ally posted liquidity pools on multiple exchanges simultaneously. STING then monitors all existing market centers for execution quality and applies this data to determine the most efficient execution venues to route orders, according to the release. It has the ability to garner more liquidity by analyzing the intricate pricing and decision-making logic of market participants so as to provide superior execution quality and added value to On Point customers, stated the agency broker in the company's release.
The release of On Point's availability on the Bloomberg coincides with Bloomberg building out the options broker network, according to company information. Bloomberg now allows users to directly access more than 20 options execution destinations, connecting to brokers' electronic execution systems including algorithms, smart order routers and sales desks. Bloomberg users can hit OMON
