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An Introduction to Trading in the Financial Markets: Global Markets, Risk, Compliance, and Regulation by R. Tee Williams

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3

Step 3: Order Routing

For the initial attempt to execute a portion of the total order of 80,000 shares of ITEN, the role of order routing involves only the mechanical process of transmitting the order from Anderson to Exchange A using an order-routing network provided by George Smedley and Sons, Ltd. (see Figure 5.3).

image

Figure 5.3 Order routing involves the role of the intermediary and also provides the physical linkage between a buy-side customer and the markets.

However, as we continue to examine the process, we learn that Smedley is actually providing more support than we initially see. Moreover, we see that Smedley and specifically Clive Beckford, ...

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