Sterling
Financial Systems, Inc.
225 West Washington Street, Suite 1014
Chicago, Illinois 60606
(312) 346-9600
Announcement: BRUT
Order Routing Changes in
Sterling
February 7, 2006
ANNOUNCEMENT
– TO ALL STERLING CLIENTS
Sterling
is pleased to announce an extension to
BRUT order routing functions available in the Sterling Trader® system. Users of
the
Sterling
system will be able to take full
advantage of the extended BRUT routing types. This feature is available to users
of both Sterling Trader® Pro and Sterling Trader® Manager platforms. In order
to direct an order to BRUT,
Sterling
users
need to indicate in the order entry window (Level I or Level II) the following
selections: 1) ‘BRUT in the destination field, and 2) an optional value in the
Preference field to indicate routing type as supported by BRUT. Please refer to
table below that shows existing BRUT route types. Note that newest route types
are highlighted.
| Route
Description |
Preference Field Value |
| BRUT book only |
BRUT book only |
| BRUT Hunter |
BRUT Cross |
| BRUT Cross |
BRUT Directed Cross to SuperDOT
direct touching NASDAQ, BRUT, INET,
and ARCA books first |
| BRUT Post Only |
Listed symbols are routed to
BRUTDOT
OTC symbols are routed to BRUTX |
BRUT Aggressive Cross |
ACROSS |
BRUT Super Aggressive Cross |
SACROSS |
Directed Cross Routing |
BRUT Directed Cross to NYSE via
ITS |
X-NYSE |
BRUT Directed Cross to AMEX via
ITS |
X-AMEX |
BRUT Directed Cross to BOSX via
ITS |
X-BOSX |
BRUT Directed Cross to CINX via
ITS |
X-CINX |
BRUT Directed Cross to CHX via
ITS |
X-CHX |
BRUT Directed Cross to PSEX via
ITS |
X-PSEX |
BRUT Directed Cross to PHLX via
ITS |
X-PHLX |
BRUT Directed Cross to SuperDOT
direct touching NASDAQ, BRUT and INET books first |
X-ADOT |
BRUT Directed Cross to SuperDOT direct touching NASDAQ,
BRUT, INET, and ARCA books first |
X-ADOTA |
BRUT Directed Cross to specific
<mmid> |
X-<mmid> |
BRUT Directed Cross SUMO (Super
Montage) |
X-SUMO |
Through Routing |
Through BRUT to NYSE via ITS (no
touching ECN books) |
NYSE |
Through BRUT to AMEX via ITS (no
touching ECN books) |
AMEX |
Through BRUT to BOSX via ITS
(no touching ECN books) |
BOSX |
Through BRUT to CINX via ITS
(no touching ECN books) |
CINX |
Through BRUT to CHX via ITS (no
touching ECN books) |
CHX |
Through BRUT to PSEX via ITS (no
touching ECN books) |
PSEX |
Through BRUT to PHLX via ITS
(no touching ECN books) |
PHLX |
Through BRUT to SuperDOT direct
(no touching ECN books) |
ADOT |
Through BRUT to specific
<mmid> (no touching ECN books) |
<mmid> |
Through BRUT to Super Montage
(no touching ECN books) |
SUMO |
IMPORTANT NOTE:
All limit orders routed to NYSE (not AMEX) that stay on the
specialist book will be automatically cancel-replaced to avoid billable
charges. This feature is internally supported by BRUT order engine, not the
Sterling system.
An appropriate release level of
the Sterling OMS software (FIX Handler 4.1.27 or later) is needed to support BRUT
extended order routing. You must check with your
Sterling
system support representative before using this feature.
For further information about the
BRUT order routing types, please go to the following link:
http://www.nasdaqtrader.com/trader/tradingservices/productservices/productdescriptions/brutdescription.stm
Sterling Trader® is a registered Trademark of Sterling
Technologies, Inc. – All Rights Reserved |
