Order Routing
Transcend provides a comprehensive selection of execution venues designed to give traders access to a deep liquidity pool for trading equities, options, futures or bonds. See the lists below for a complete view of the various execution venues we offer access to for our clients.
A potentially significant benefit that Transcend provides clients is access to a proprietary smart router that can reduce execution costs and enhance liqudity rebates while simultaneously offering potential price improvement and faster execution speed than traditional execution routes.
Equity & Option
| Venue | Equities | Options | Notes |
|---|---|---|---|
| Archipelago ECN |  |
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| AMEX | |
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| Barclay's Capital | |
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This includes DMA routes as well as Barclay's proprietary algorithmic order routing. |
| BATS Exchange | |
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| Boston Exchange | |
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| CBOE | |
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| Credit Suisse | |
Includes routes to the CSFB AxFinder, CrossFinder and PathFinder. | |
| DirectEdge | |
Includes both EDGA and EDGX routes. | |
| Global Execution Venues | |
Learn more here. | |
| Hudson Securities | |
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| ISE | |
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| ITG (Investment Technology Group) | |
Access to the POSIT dark pool | |
| Knight | |
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Includes access to the NITE market maker route, FAN and Covert algorithms. |
| Lampost | |
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| Lava FLOW | |
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| Level ATS | |
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| MND Partners | |
MND Partners is an NYSE floor broker. | |
| Nasdaq | |
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| Nasdaq OMX PHLX | |
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| Nexa Technologies | |
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Includes access to the MNGD, QIKD and QUIK routes. |
| New York Stock Exchange | |
Including access to multiple floor brokerage relationships. | |
| Onpoint | |
STING smart router access. | |
| PDQ | |
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| Pacific Stock Exchange | |
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| Perdiue Securities | |
Perdiue is an NYSE floor broker. | |
| Transcend (TRSDARCA) | |
The TRSDARCA smart router offers clients potential price improvement and enhanced execution speed over traditional execution routes. And instead of standard ECN fees, Transcend passes through a rate more advantageous to clients - a rebate of $0.0022/share for adding liquidity and a $0.0027/share charge for removing liquidity*. | |
| Transcend (TRSDMID) | |
The TRSDMID smart router attempts to fill client orders at the midpoint between a stock's current bid/ask spread, thus potentially saving you at least $0.005/share on each execution. TRSDMID will never hit the bid or ask directly, instead it always seeks liquidity at the midpoint. If the order is not filled it will post at the midpoint invisibly; the order price may float at the bid or ask if the securities' price changes. Pricing is a flat rebate of $0.0005/share for adding liquidity executions, and a charge of $0.0023 for orders that remove liquidity*. | |
| Transcend (TRSDOPT) | |
The TRSDOPT smart router always seeks to fill your order in the NBBO markets that result in the most efficient, quality execution. | |
| UBS | |
Futures
| Venue | Futures | Notes |
|---|---|---|
| ECBOT | |
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| CME | |
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| Nymex | |
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| Eurex | |
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| Liffe | |
Including ENXT Liffe |
| ICE | |
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| NYBOT | |
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| DME | |
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| KCBOT | |
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| Minneapolis | |
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| Winnipeg | |
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| Non-electronic markets | |
Transcend may receive payment for orderflow depending on the default order routing setup of a software platform. Click here to learn more about the default routing setup for each platform we offer.
TRANSCEND CAPITAL | Rise above.
